Solana’s Jupiter Lend has launched its first institutional lending market, with Bitwise Asset Management curating a dedicated USDe pool. Summary The partnership marks the first time an institutional asset manager has curated a market on Jupiter Lend, which is powered by Fluid infrastructure. The USDe lending pool is isolated from existing Jupiter Lend liquidity and is designed to accommodate institutional capital at scale. Jupiter Lend reached $500 million in total value locked within its first 24 hours of public launch in August 2025. Jupiter announced the partnership on May 13 via X, describing it as a turning point for onchain lending. The new Ethena USDe market is structured as an isolated pool, separate from existing Jupiter Lend liquidity, and powered by Fluid, the decentralised finance infrastructure layer that underpins the platform. Bitwise Asset Management serves as the curator, applying its onchain asset management and risk oversight capabilities to the market’s parameters. “Jupiter and Fluid have built unique infrastructure for efficient lending markets,” said Jonathan Man, Head of DeFi Strategies at Bitwise. “Their design offers deep liquidity and thoughtful risk-mitigating features, making it a compelling foundation for an isolated USDe market on Solana. Bitwise is proud to serve as curator alongside Jupiter and Fluid, applying our onchain asset management and risk oversight capabilities to support institutional participation.” What the Bitwise partnership signals for onchain lending Jupiter Lend launched its public beta in August 2025 with over 40 vaults, loan-to-value ratios up to 95%, and liquidation penalties as low as 0.1%. The platform hit $500 million in TVL within the first 24 hours, one of the fastest launches in onchain lending history. This week’s institutional market is the first time an external asset manager has curated a dedicated pool on the platform, opening a template for future manager-led markets. Jupiter expanded steadily since its private beta, adding assets, composability features, and flash-loan-powered leverage loops. The Bitwise deal follows Jupiter integrating Polymarket prediction markets and reflects its broader strategy of positioning itself as Solana’s primary DeFi application layer for both retail and institutional capital. DeFi TVL has grown 238% since January 2023, reaching $156 billion globally, with institutional capital increasingly flowing onchain through structured products like USDe-backed yield strategies.
