Stablecoin lending rates and utilization surge across multiple Solana protocols, with Jupiter Lend USDC utilization soaring to 99%

BlockBeats reported that on April 20, following the KelpDAO rsETH hack incident, the ripple effects across the entire DeFi ecosystem began to emerge. Several lending protocols within the Solana ecosystem saw increases in stablecoin lending rates and utilization. Among them:

On Jupiter Lend, USDC supply stands at $421 million, with $340 million lent out. After excluding protocol reserve liquidity, utilization skyrocketed to about 99%, with nearly all available liquidity borrowed, and the current lending rate sits at 4.36%.

On Kamino Prime Market, total USDC supply is around $186.8 million, with approximately $178.8 million lent out, putting utilization close to 96%, and the current lending rate at 8.92%. On Kamino Main Market, total USDC supply is around $172 million, with about $164 million lent out, resulting in a utilization rate of roughly 95.75%, and the current lending rate at 10.2%.

Save Finance (formerly Solend) saw lending utilization rise above 70%, with the current lending rate at 3.9%.

On Marginfi, USDC lending utilization increased to 88.32%, and the current lending rate is 7.65%.