Solana DEX aggregator Jupiter launches new lending protocol

According to the news from HashWorld, at the Solana Accelerate conference, Solana's decentralized exchange aggregator Jupiter launched a new lending protocol called Jupiter Lend. This protocol is realized through a collaboration with Fluid, which initially served as a liquidity layer on Ethereum. Jupiter was founded in 2021 by the anonymous developer Meow and is a core protocol in the Solana ecosystem, handling about 95% of DEX aggregator trading volume on Solana. Venturing into the lending space marks a significant step forward for the project into new relevant business areas. In January of this year, the project distributed approximately 700 million JUP tokens worth about $580 million to users, token holders, and contributors based on trading activity, and in 2023, it airdropped nearly 1 billion JUP tokens. The JUP token surged over 12% on Thursday, reaching $0.58. Jupiter Lend is described as the 'most advanced money market' on a technical level, with its protocol offering a loan-to-value ratio of 90%, while other areas in crypto are around 75%. It isolates risk by using a custom liquidation engine and 'dynamic limits'. The protocol allows users to obtain more credit with less collateral, meaning users can 'go further while paying less', with expected fees as low as 0.1%. Jupiter Lend has not yet launched but has opened a waiting list, planning to introduce two internally built protocols. The 'Lending Protocol' will unlock 'one-click' deposits, while the 'Vault Protocol' will allow users to borrow 'at excellent rates'. The team expects to expand functionality and introduce new features, inviting other teams to build on its fully composable platform. Finally, Dhanda quoted the popular slogan from the largest on-chain lending protocol Aave at the end of his speech: 'Just use Jupiter'.