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

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.