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Solana Stablecoin Yield Options Compared: Kamino vs Save vs MarginFi vs Lulo (2026)
Bottom line: Kamino, Save, and MarginFi are Solana's three major direct stablecoin-lending markets, Lulo is an aggregator that auto-routes across them, and each layer — direct lending, aggregation, and curated/leveraged vaults — adds a different kind of risk on top of yield
Holding USDC or USDT on Solana without putting it to work leaves yield on the table, but "yield" is not one product — it is at least three different risk layers stacked on top of each other, and the protocols behind those layers each have their own history worth knowing before you deposit.
Key takeaways
- Kamino (K-Lend) is one of Solana's largest money markets; supplying USDC or USDT earns a variable APY that moves with borrow demand — check Kamino's own app or DefiLlama for the live rate before depositing.
- Save (formerly Solend, Solana's original blue-chip lending protocol, which once held over $1B in TVL) rebranded on July 24, 2024, launching alongside it the SUSD stablecoin and the SaveSOL liquid-staking token.
- MarginFi also offers direct lending, but its history is rockier: founder Edgar Pavlovsky resigned in April 2024 amid an internal dispute, TVL fell sharply from an $811M 2024 peak, and in late 2025 the team rebranded the project to Project 0, a "decentralized prime broker," migrating MarginFi points to Project 0 points 1:1.
- Lulo doesn't lend directly — it's an aggregator that automatically splits and rebalances your stablecoin deposit across protocols like Kamino, Save, MarginFi, and Drift roughly every hour, chasing the best available rate, and offers an optional no-extra-premium coverage feature ("Lulo Protect") against protocol hacks or failures.
- None of this is investment advice, and none of these APYs are fixed — check each protocol's own app or a live tracker like DefiLlama before depositing anything.
The three risk layers, from simplest to most complex
Stablecoin yield on Solana isn't one thing — it's three layers, and each one adds a risk on top of (not instead of) the layer below it.
Layer 1 — Direct lending markets (Kamino, Save, MarginFi)
You deposit USDC or USDT straight into a single protocol's lending pool and earn whatever the current supply APY is. Your risk here is that protocol's smart contracts, plus utilization risk — if most of the pool is borrowed out, you may not be able to withdraw instantly until utilization drops or new deposits arrive.
Layer 2 — Aggregators (Lulo)
Instead of picking one protocol yourself, an aggregator like Lulo splits your balance across several lending markets and rebalances roughly every hour to chase the best combined rate. This diversifies away some single-protocol risk, but it adds the aggregator's own smart-contract risk on top — you're now trusting two programs (the router, and whichever markets it allocates to) instead of one.
Layer 3 — Curated and leveraged vaults (e.g., Kamino Earn / Multiply)
Some protocols also offer actively managed vaults. Kamino's "Earn" vaults, for example, are curated by outside risk teams and rebalanced across multiple markets toward a target risk profile, while its "Multiply" vaults use borrowing loops (boosted exposure in some configurations) to lift the yield on a deposited asset. These can out-earn plain lending, but add curator risk and — for leveraged vaults — liquidation risk on top of the base smart-contract risk. This layer isn't appropriate for anyone who hasn't first understood layers 1 and 2.
If you're brand new to Solana DeFi in general, start with our beginner primer before touching layers 2–3.
Comparing the four options
| Type | What it does | Known risk history | |
|---|---|---|---|
| Kamino (K-Lend) | Direct lending | One of Solana's largest money markets; supply USDC/USDT for a variable APY | No major protocol-level incident reported to date; still carries standard smart-contract + utilization risk |
| Save (formerly Solend) | Direct lending | Solana's original blue-chip lender ($1B+ TVL at its Solend peak); rebranded July 24, 2024 with a new SUSD stablecoin and SaveSOL liquid-staking token | Long operating history predates the rebrand |
| MarginFi | Direct lending | Also offers USDC/USDT markets, sometimes at a higher rate reflecting higher utilization | Founder resigned April 2024, TVL fell sharply from an $811M peak, project rebranded to Project 0 in late 2025 |
| Lulo | Aggregator | Auto-splits and rebalances deposits across Kamino/Save/MarginFi/Drift roughly hourly; optional "Lulo Protect" coverage | Adds router-level smart-contract risk on top of whichever markets it allocates to |
Rates on all four move constantly with on-chain borrow demand — verify the live number on the protocol's own app or on DefiLlama's Solana lending page before depositing anything.
Read next
- New to Solana DeFi? → DeFi getting-started guide
- Comparing two of these lenders head-to-head → Kamino vs MarginFi
- Just holding stablecoins, not yield-farming them? → Solana stablecoin comparison
FAQ
Q: Which Solana stablecoin lending protocol has the highest APY? A: It changes constantly with on-chain borrow demand — there is no fixed "highest." Aggregators like Lulo exist specifically to chase whichever underlying protocol currently pays the most, but "highest" is never guaranteed to stay highest. Check each protocol's live app or DefiLlama before depositing.
Q: What happened to Solend? A: Solend, Solana's original blue-chip lending protocol (over $1B TVL at its peak), rebranded to Save on July 24, 2024, launching the SUSD stablecoin and the SaveSOL liquid-staking token alongside the name change.
Q: What happened to MarginFi? A: MarginFi's founder, Edgar Pavlovsky, resigned in April 2024 amid an internal dispute, which was followed by a sharp TVL decline from an $811M 2024 peak. In late 2025 the team rebranded the project to Project 0, a "decentralized prime broker," migrating existing MarginFi points to Project 0 points on a 1:1 basis.
Q: Is using a yield aggregator like Lulo safer than lending directly? A: Not automatically. It diversifies you across several lending markets, which can reduce the impact of any single protocol having a problem, but it also adds the aggregator's own smart-contract risk on top. It's a different risk profile, not simply a lower one.
Q: Do stablecoin yields on Solana carry more risk than just holding the stablecoin? A: Yes. Holding USDC or USDT carries issuer and depeg risk only (see our stablecoin comparison); lending it out adds smart-contract and utilization risk on top of that, and aggregating or leveraging it adds further layers again.
Sources
- Kamino Finance Guide — Eco Support: https://eco.com/support/en/articles/15083163-kamino-finance-guide
- Kamino Docs — Multiply "How it works": https://docs.kamino.finance/products/multiply/how-it-works
- Decrypt — "Solana Protocol Solend Rebrands as 'Save'" (July 2024): https://decrypt.co/241709/solend-save-rebrand-susd-savesol-dumpy-fun
- SolanaFloor — "Solend Rebrands to Save, Announcing Diversified New Product Suite": https://solanafloor.com/news/solend-rebrands-to-save-announcing-diversified-new-product-suite
- CryptoPotato — "MarginFi TVL Drops $120 Million Following Founder's Resignation": https://cryptopotato.com/marginfi-tvl-drops-120-million-following-founders-resignation/
- The Defiant — "MarginFi CEO Resigns Amid Points Controversy and SolBlaze Dispute": https://thedefiant.io/news/defi/marginfi-ceo-resigns-amid-points-controversy-and-solblaze-dispute
- Project 0 — "Introducing Project 0: Product, Timeline, and Token": https://blog.0.xyz/blog/introducing-project-0
- MEXC News — "Lulo Review: Simplifying Stablecoin Yields on Solana": https://www.mexc.com/news/1097229
- DefiLlama — Solana lending protocols: https://defillama.com/protocols/lending/Solana
Disclaimer
This article is for general information only and is not investment advice. Depositing stablecoins into any lending market, aggregator, or vault carries smart-contract risk, utilization/liquidity risk, and (for leveraged products) liquidation risk, on top of the underlying stablecoin's own issuer and depeg risk. APYs quoted anywhere are not fixed and change constantly with on-chain demand. Verify current rates and terms directly on each protocol's own app before depositing, and only use funds you can afford to lose.
Sources
FAQ
- Which Solana stablecoin lending protocol has the highest APY?
- It changes constantly with on-chain borrow demand — there is no fixed "highest." Aggregators like Lulo chase whichever underlying protocol currently pays the most, but check each protocol's live app or DefiLlama before depositing.
- What happened to Solend?
- Solend, Solana's original blue-chip lending protocol (over $1B TVL at its peak), rebranded to Save on July 24, 2024, launching the SUSD stablecoin and the SaveSOL liquid-staking token alongside the name change.
- What happened to MarginFi?
- MarginFi's founder, Edgar Pavlovsky, resigned in April 2024 amid an internal dispute, followed by a sharp TVL decline from an $811M 2024 peak. In late 2025 the team rebranded to Project 0, a decentralized prime broker, migrating MarginFi points to Project 0 points 1:1.
- Is using a yield aggregator like Lulo safer than lending directly?
- Not automatically. It diversifies you across several lending markets, reducing the impact of any single protocol's problem, but adds the aggregator's own smart-contract risk on top — a different risk profile, not simply a lower one.
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