Solana Foundation calls out Jupiter and Kamino: Stop fighting among yourselves, the lending market is only $5 billion

2025-12-07 07:44:22

On December 7, Lily Liu, head of the Solana Foundation, suddenly posted a thought-provoking message, directly @-mentioning borrowing protocols Kamino and Jupiter.

She started with a set of numbers: the entire Solana lending market is currently capped at $5 billion. Ethereum? About 10 times that. As for the collateral market in traditional finance, the scale is astronomical. Then she shifted her tone—“Instead of infighting and mocking each other, why not think about how to grab a bigger slice of the crypto pie and eventually take on the hard nut of traditional finance?”

Her message was clearly pointed. Recently, Jupiter’s COO, Kash Dhanda, was pressured by the community into admitting fault, acknowledging that their previous claim of “zero contagion risk” when promoting Jupiter Lend vaults was not rigorous enough. Previously, they had confidently stated they used an “isolated risk” architecture, ensuring no cross-contamination between trading pairs, but later quietly deleted related content.

Last week, things escalated further. Kamino directly shut down Jupiter Lend’s migration tool, citing concerns that Jupiter’s risk model could mislead users. Their co-founder also publicly criticized Jupiter for playing word games regarding risk disclosures.

Now, with Lily Liu’s comments, it seems she’s hit the pause button on this dispute—reminding everyone that the industry’s landscape is what it is, and infighting is pointless.

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FOMOrektGuy

· 5h ago

5 billion is too little, ETH’s side is really ruthless, we still need to stick together. --- Lily’s words were pretty blunt, there’s really no point in fighting internally. --- Feels like with the current momentum of Jupiter and Kamino, cooperation is way better than infighting. --- The real cake is in traditional finance, stop fighting over your own plate. --- Sounds nice, but the problem is, who will back down first? --- A 10x gap is kind of ridiculous, we need to pick up the pace. --- The Solana Foundation is starting to play the middleman, that’s interesting. --- Instead of blaming each other, might as well really team up; this time Lily’s laying all her cards on the table. --- The scale of the collateral market... we really need to get in on that. --- With things said this clearly, it’ll be really awkward if they don’t cooperate now.

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ETHReserveBank

· 14h ago

To be honest, Lily is just laying her cards on the table this time. 5 billion is really too small. Jupiter and Kamino are still fighting each other, not realizing that the Ethereum lending market has already crushed them. All they can do now is compete internally. As for Kash being forced to admit fault, it seems Jupiter is feeling a bit insecure too.

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GasFeeCryBaby

· 12-07 23:29

Tsk, who is Lily subtly referring to? It's obvious at a glance, haha. Well, that's why the foundation is the foundation—whenever they speak, it's always about the big picture. But in reality, the protocols are still fighting over the pie. What's $5 billion? Not even enough to fill the gaps between our teeth. Wait, did Jupiter really admit fault? I didn't see it anywhere, and no one in the group mentioned it. Alright then, anyway, someone has to say this kind of thing every month. I'll just treat it as a story. If we really want to join forces to take a bite out of traditional finance, we need to finish what’s in our own bowls first. That’s the real joke.

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FundingMartyr

· 12-07 08:14

$5 billion is still being tossed around with everyone shirking responsibility. It's unbelievable. In the end, it all comes down to who can break out of the circle first.

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OnchainArchaeologist

· 12-07 08:13

50 billion really isn’t enough; the SOL ecosystem still needs to unite internally before it can go global. --- So Lily is basically saying Jupiter and Kamino should stop poaching each other's users and focus on external competition—I just find that funny. --- That “bone” of traditional finance? We’re still busy fighting among ourselves internally, what are we even thinking about? --- Ethereum lending is at 50 billion? That gap really is a bit awkward, no wonder the foundation is getting anxious. --- Kash’s move really embarrassed the SOL lending ecosystem, and this time Lily called them out directly—a real wake-up call. --- To put it bluntly, just stop exposing and reporting each other. Why not focus on making money instead? --- Still caring about who’s poaching whose users? Wait till you actually hit a hundred-billion scale before getting cocky.

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NFTDreamer

· 12-07 08:10

A $5 billion market isn’t exactly big or small, and Lily Liu really hit the nail on the head with her comment. Instead of tearing each other down, it’s better to band together and grow the pie. Jupiter and Kamino really need to reflect on this—infighting within the ecosystem is pointless. If we really want to take a bite out of traditional finance, the Solana lending ecosystem needs to unite first. Right now, it’s still too young.

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PensionDestroyer

· 12-07 08:07

Haha, now Lily Liu is coming out to smooth things over, it's actually pretty interesting. To be honest, the SOL lending market is really too small, only $5 billion and they're still fighting among themselves, you'd have to be crazy. Jupiter and Kamino need to wake up, seriously.

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