Kamino tops Solana DeFi TVL

Kamino just edged past Jupiter on Solana with about $1.855 billion locked, while Jupiter sat at about $1.845 billion when DefiLlama updated the rankings on April 11, 2026. The gap was tiny, but it flipped the top spot inside one of crypto’s busiest trading chains. (defillama.com 1) (defillama.com 2) That number is called total value locked, which is just the dollar value of crypto sitting inside a protocol’s smart contracts. Think of it like deposits at two neighboring banks: if one bank pulls in a little more cash, it jumps ahead even if nothing else changes. (defillama.com 1) (defillama.com 2) Kamino got there by being a place where users park tokens like Solana, USD Coin, and Jupiter Perpetuals Liquidity Provider tokens and let vault managers spread that money across lending markets. Kamino’s own docs say depositors receive vault shares that rise in value as interest accrues, so the product works more like an auto-reinvesting savings account than a trading app. (kamino.com 1) (kamino.com 2) Jupiter grew from the other direction. Its core business is routing swaps across Solana exchanges to find the best price, and its docs describe it as infrastructure for swaps, lending, recurring buys, and perpetual futures rather than a single lending venue. (docs.jup.ag) (dev.jup.ag) That difference matters because locked value does not measure the same thing for both protocols. Kamino’s pile is mostly capital sitting still to earn yield or back loans, while Jupiter’s business leans much more on moving orders through markets and collecting fees from activity. (kamino.com) (defillama.com) The fee numbers show that split. DefiLlama listed Kamino at about $55.38 million in annualized fees and $8.87 million in annualized revenue, while Jupiter was at about $202.38 million in annualized fees and $60.24 million in annualized revenue on April 11, 2026. (defillama.com) (defillama.com) So Kamino taking first place does not mean Jupiter suddenly got smaller as a trading machine. It means more capital is choosing lending-style parking spots on Solana at this moment, even while Jupiter still handles large swap and perpetual futures flows. (defillama.com) (dev.jup.ag) The chain-level backdrop makes the move easier to read. DefiLlama’s Solana page showed about $5.5 billion in decentralized finance value locked this week, so Kamino and Jupiter together accounted for roughly a third of the chain’s total locked capital. (defillama.com) (defillama.com) (defillama.com) Kamino’s own dashboard also showed about $1.091 billion borrowed against its deposits, which tells you this is not idle money sitting in a vault for optics. A large share of that capital is being used as credit inside Solana’s onchain economy, where traders and funds borrow against posted collateral instead of selling their tokens. (defillama.com) The cleanest way to read the ranking change is not “new money flooded into Solana today.” It is “money already on Solana moved toward the protocol built to warehouse collateral and route it through lending reserves,” and that was enough to push Kamino a few million dollars ahead. (kamino.com) (defillama.com) (defillama.com)