The lending market in the Solana ecosystem is experiencing new changes. Kamino's recent launch of fixed-term lending interest rate functionality has attracted attention, mainly for one simple reason—predictable cost structure. In comparison, Jupiter Lend experienced a 20% interest rate spike during the volatility in November this year, instantly amplifying the costs for risk-tolerant participants. Although Aave boasts a TVL of $5.5 billion, it still does not offer fixed interest rate options on the Solana chain, creating opportunities for innovators.

Currently valued at $186 million, Kamino is filling this gap by providing stable cost expectations for leveraged traders and borrowers. This differentiated positioning is especially important for institutional-level participants. Notably, traditional financial institutions like JP Morgan have recently expanded their on-chain settlement business, indicating that stable, predictable DeFi infrastructure is becoming increasingly critical. Those who can provide certainty in lending protocols will hold the gateway to institutional funds.