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Kamino blocks users from refinancing through Jupiter Lend, causing controversy

Dec 04, 2025 09:55:30

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According to The Defiant, the Solana lending protocol Kamino has faced criticism for preventing users from transferring loans through Jupiter Lend's refinancing tool. Kamino manually blacklisted the on-chain address of Jupiter Lend's newly launched Refinance tool, blocking users from closing positions through that address.
Jupiter core contributor Kash Dhanda expressed dissatisfaction about this on X. Fluid co-founder Samyak Jain pointed out that Kamino directly added a check mechanism to lock users out, preventing them from moving to platforms with higher yields.
According to DefiLlama data, the total locked value in the Solana lending market is approximately $3.7 billion, with Kamino holding over 60% market share, but its TVL has dropped from $3.71 billion at the beginning of October to $2.33 billion currently, a decline of nearly 30% in two months. As of the time of publication, neither party has publicly responded to the matter.

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