Historically (Jan 1 – May 19): $429.9M of JitoSOL, jupSOL, and mSOL has been deposited as collateral across 8,499 txs by 2,261 wallets. JitoSOL leads at $252M (58.6%), then jupSOL ($99.6M) and mSOL ($78.4M). $624.4M of cumulative real borrow flow.
Currently open: $159M across 1,807 obligations from 1,099 cohort wallets — $135M deposited, $85M open debt. Most historical borrow flow has been repaid; the open snapshot tells the cleanest structural story.
Three different strategies show up clearly at the obligation level (see Open Positions tab):
• JitoSOL — SOL-looper. 74.6% of open debt is TARGET_LST → SOL (Multiply). 64.1% of cohort deposit exposure sits in >85% LTV positions. Overall LTV 71.1%, the most aggressive cohort.
• jupSOL — mixed. Top pattern is OTHER (mostly PRIME) → STABLE at 45.6%, then TARGET_LST → SOL at 21.2%. The most distributed user base (top 5 wallets = only 58.9% of deposits).
• mSOL — conservative whale book. 89.4% of open debt is TARGET_LST → STABLE (mSOL collateral against PYUSD/USDC). Overall LTV 28.9%, median lev 1.33× on Vanilla. Top 5 wallets = 94.6% of all cohort deposits.
One whale dominates PYUSD borrowing: top wallet alone = 43.8% of all PYUSD borrow flow ($61.2M). Combined with the mSOL cohort's 5-wallet concentration, a small number of whales drive much of what we see.
Each wallet is mapped to its primary LST (the LST it deposited the most $ of). This tab shows each cohort's full historical Kamino collateral footprint — what these wallets have put up across all their positions, current and past. For the snapshot of currently-open positions only, see the Open Positions tab — the picture differs especially for the mSOL cohort.
| Category | JitoSOL cohort | jupSOL cohort | mSOL cohort | Notes |
|---|---|---|---|---|
| Target LST | 59% | 52% | 10% | The cohort's primary LST (JitoSOL / jupSOL / mSOL) |
| Other LST | 7% | 1% | 5% | BSOL, DSOL, INF, LANTERNSOL, VSOL, EZSOL, PSOL |
| SOL (WSOL) | 8% | 15% | 5% | Idle or wrapped SOL collateral |
| Subtotal: SOL-yielding | 74% | 68% | 20% | LST + other LST + SOL |
| Stablecoin | 13% | 16% | 71% | USDC, USDT, USDG, PYUSD, USDS, USDe, USD1, CASH, others |
| BTC (cbBTC, XBTC) | ~2% | ~2% | ~3% | BTC-denominated collateral |
| ETH (WETH) | ~1% | ~1% | ~1% | Ether collateral |
| Other (JLP, PRIME, ONYC, etc.) | ~9% | ~12% | ~4% | Long-tail assets, LP tokens |
| Unknown (NULL token) | ~1% | ~1% | ~1% | Flipside indexing gap, ~1.4% of rows overall |
| Total | 100% | 100% | 100% |
Looking at the full historical Kamino collateral the 222 mSOL-cohort wallets put up, ~$257M (71%) was in stablecoins — only ~$36M (10%) was actual mSOL. That reflects cumulative all-time activity. Currently-open positions show the opposite — 95% MSOL collateral, 71% stablecoin debt — meaning most of the historical stablecoin-collateral activity has been closed. See Open Positions for the live picture.
The JitoSOL cohort puts up 74% of its Kamino collateral in SOL-yielding form (LST + other LST + SOL), and jupSOL 68%. These wallets are structurally long SOL and use Kamino to either lever that exposure (WSOL borrow) or extract stables against it. Cross-LST diversification is real for JitoSOL (7% in other LSTs) but minimal for jupSOL (1%).
Across the dashboard, "borrow flow by LST cohort" means "what these LST-depositor wallets borrow on Kamino, regardless of which specific collateral the borrow is secured by". It is not "what gets borrowed against the LST" — Kamino positions are obligation-level, and these users post multiple collateral types.
The Open Positions tab resolves this ambiguity for the current snapshot by mapping deposits and debt within the same obligation. There: 89% of mSOL cohort open debt really is TARGET_LST → STABLE, with the cohort currently sitting on $52M of mSOL collateral and $14.6M of (mostly PYUSD) open debt. The historical "stablecoin-collateral whales" interpretation reflects past activity that has largely been closed.
This tab is a snapshot of currently-open Kamino obligations held by cohort wallets — the actual collateral-to-debt mapping right now, not historical flow. 1,807 obligations across 1,099 wallets. The flow data (other tabs) is cumulative since Jan 1; this is what hasn't been closed yet.
Each obligation is classified by its dominant collateral category and dominant debt category. Pattern share = % of cohort's open debt $.
Top patterns (by open debt $):
74.6% TARGET_LST → SOL · 203 obligations · $43.6M dep / $38.5M debt
Classic Multiply: deposit JitoSOL, borrow SOL, loop into more JitoSOL.
10.7% TARGET_LST → STABLE · 213 obligations · $15.1M dep / $5.5M debt
Stablecoin extraction against JitoSOL collateral.
5.0% STABLE → STABLE — yield stack on stables.
329 Multiply obligations · median leverage 3.04× · most aggressive cohort.
Top patterns (by open debt $):
45.6% OTHER → STABLE · 101 obligations · $10.0M dep / $8.0M debt
Mostly PRIME ($8.4M deposited by cohort) borrowing stables.
21.2% TARGET_LST → SOL · 141 obligations · $5.2M dep / $3.7M debt
jupSOL Multiply looping.
17.4% TARGET_LST → STABLE · 89 obligations.
258 Multiply obligations · median lev 3.21× · meaningful PRIME-collateralized stable book.
Top patterns (by open debt $):
89.4% TARGET_LST → STABLE · 45 obligations · $52.0M dep / $14.6M debt
mSOL collateral against PYUSD/USDC. Low LTV.
3.9% TARGET_LST → SOL — small Multiply tail.
3.4% OTHER_LST → SOL.
Only 110 Multiply obligations · 96.8% of dep $ in Vanilla positions · median 1.33× leverage · the cohort is mostly under-leveraged whales holding mSOL with modest stable borrows.
| Token | JitoSOL $ | JitoSOL % | jupSOL $ | jupSOL % | mSOL $ | mSOL % |
|---|---|---|---|---|---|---|
| SOL (WSOL) | $42.9M | 80.4% | $4.4M | 27.1% | $0.9M | 5.5% |
| USDC | $3.8M | 7.1% | $4.9M | 29.7% | $4.3M | 26.8% |
| PYUSD | $3.1M | 5.8% | $4.9M | 30.2% | $10.9M | 67.2% |
| USDG | $1.4M | 2.6% | $0.9M | 5.7% | $0.02M | 0.2% |
| USDS | $1.3M | 2.5% | $0.2M | 1.4% | $0.01M | 0.0% |
| USDT | $0.2M | 0.5% | $0.6M | 3.9% | $0.01M | 0.1% |
| Other (CASH, BTC, ETH, etc.) | $0.6M | 1.1% | $0.4M | 2.1% | $0.04M | 0.3% |
| Total open debt | $53.4M | 100% | $16.4M | 100% | $16.2M | 100% |
| LTV bucket | JitoSOL n | JitoSOL dep $ | jupSOL n | jupSOL dep $ | mSOL n | mSOL dep $ |
|---|---|---|---|---|---|---|
| < 30% (conservative) | 129 | $3.3M (4.7%) | 83 | $6.8M (22.8%) | 36 | $18.8M (34.0%) |
| 30–50% | 249 | $14.1M (20.0%) | 112 | $5.7M (19.0%) | 56 | $34.7M (62.8%) |
| 50–70% | 199 | $3.6M (5.1%) | 125 | $3.9M (13.1%) | 42 | $0.4M (0.8%) |
| 70–85% | 112 | $4.3M (6.1%) | 94 | $1.9M (6.3%) | 42 | $0.5M (0.8%) |
| > 85% (high-risk) | 58 | $45.2M (64.1%) | 41 | $11.5M (38.7%) | 24 | $0.9M (1.6%) |
| Total / median LTV | 747 | 49.8% | 457 | 56.0% | 200 | 55.0% |
64.1% of JitoSOL cohort deposit exposure sits in high-LTV positions (above 85%). These are looped Multiply books running close to their liquidation threshold — a SOL price drop hits them hardest. Median leverage 1.98× across all debt-having obligations, 3.04× among Multiply positions specifically.
97% of mSOL cohort deposit $ sits below 50% LTV; only 1.6% above 85%. Combined with the 28.9% overall LTV and median leverage of just 1.33× on Vanilla positions, mSOL holders treat Kamino as a low-risk borrowing venue, not a leverage casino. The $52M of MSOL collateral generating only $14.6M of debt is the structural signature here.
The single largest jupSOL-cohort obligation pattern is OTHER (mostly PRIME) → STABLE — $8.0M of open debt against $10.0M of mostly-PRIME collateral. PRIME ($8.4M) is bigger than jupSOL ($14.2M) only by a factor of ~1.7× in this cohort's current deposit mix — these users diversify well beyond their primary LST.
Top mSOL cohort wallet holds 60.8% of cohort deposits; top 5 = 94.6%. Almost the entire mSOL Kamino book is 5 wallets. Compare to JitoSOL top 5 = 74.1% and jupSOL top 5 = 58.9% — jupSOL is by far the most distributed user base.
Each deposit is bucketed by the time from deposit to the same wallet's next Kamino borrow. 82.4% of $ is levered within a day (atomically or in a follow-up tx). Only 6.7% is genuinely never borrowed against.
| Journey bucket | JitoSOL $ | JitoSOL % | jupSOL $ | jupSOL % | mSOL $ | mSOL % | Total $ | Total % |
|---|---|---|---|---|---|---|---|---|
| Active at deposit (atomic borrow / Multiply) | $24.5M | 9.7% | $16.5M | 16.6% | $10.3M | 13.2% | $51.4M | 12.0% |
| Levered within 1 day (deposit → borrow same day) | $197.7M | 78.5% | $56.3M | 56.5% | $48.6M | 62.0% | $302.6M | 70.4% |
| Levered within 1 week | $6.0M | 2.4% | $17.8M | 17.9% | $0.9M | 1.1% | $24.7M | 5.7% |
| Levered within 1 month | $20.2M | 8.0% | $0.8M | 0.8% | $0.5M | 0.6% | $21.5M | 5.0% |
| Levered later (>30 days) | $0.6M | 0.2% | $0.2M | 0.2% | $0.2M | 0.3% | $1.0M | 0.2% |
| Never borrowed after | $2.9M | 1.2% | $8.0M | 8.0% | $17.8M | 22.8% | $28.8M | 6.7% |
| Total | $252.0M | 100% | $99.6M | 100% | $78.4M | 100% | $429.9M | 100% |
Across all three LSTs, the modal user deposits then borrows within hours. JitoSOL is the most extreme (78.5% same-day) because of its institutional/repeat-Multiply user base. jupSOL has more spread-out activity (17.9% in the 1–7d window), suggesting more episodic position adjustments.
mSOL's 22.8% never-borrowed figure ($17.8M) is misleading — $16.2M (91%) is a single wallet (5y52LN8m…Am9nnL) that holds an existing PYUSD loan from before its mSOL top-ups. Excluding this wallet, mSOL's never-borrowed share collapses to ~2%, in line with the other LSTs.
Borrow flow here is what the LST-cohort wallets borrow on Kamino — not what is secured by the LST specifically. For JitoSOL and jupSOL cohorts this is close to "borrows backed by the LST" (60%+ of their collateral is in LSTs / SOL). For the mSOL cohort, most borrows are likely secured by their stablecoin collateral pile, not by mSOL. See Cohort Profile for the full collateral mix.
93.5% of real borrow flow happens in a separate tx after deposit. Only 6.5% is atomic (Multiply or in-tx borrow-and-swap). Flash borrows are excluded — they are Multiply's intra-tx looping mechanism, not net new debt.
| Token | Category | JitoSOL $ | jupSOL $ | mSOL $ | Total $ | % of all |
|---|---|---|---|---|---|---|
| USDC | stablecoin | $66.8M | $33.7M | $92.2M | $192.7M | 30.9% |
| PYUSD | stablecoin | $36.4M | $37.2M | $66.2M | $139.8M | 22.4% |
| WSOL | SOL leverage | $74.2M | $18.6M | $43.2M | $136.0M | 21.8% |
| USDG | stablecoin | $9.5M | $14.1M | $49.1M | $72.8M | 11.7% |
| USDS | stablecoin | $6.0M | $2.7M | $9.0M | $17.8M | 2.8% |
| USDT | stablecoin | $4.1M | $1.8M | $9.4M | $15.3M | 2.5% |
| CASH | stablecoin | $6.3M | $4.5M | $0.3M | $11.1M | 1.8% |
| XBTC / cbBTC | BTC leverage | $1.2M | $0.2M | $11.4M | $12.7M | 2.0% |
| USD1 | stablecoin | $4.3M | $1.2M | $0.5M | $6.0M | 1.0% |
| NULL token (Flipside gap) | — | $2.5M | $0.8M | $12.5M | $15.8M | 2.5% |
| Other (WETH, USX, LST-cycle, EURC) | mixed | $2.4M | $0.6M | $1.4M | $4.4M | 0.7% |
| Total real borrow flow | $213.8M | $114.6M | $295.9M | $624.4M | 100% |
PYUSD ($139.8M, 22.4%) sits just behind USDC ($192.7M, 30.9%) and ahead of WSOL ($136.0M, 21.8%). For jupSOL it's #1 ($37.2M, 32.4%). The base is extremely concentrated: top wallet = 43.8% of all PYUSD volume ($61.2M); top 3 = 57.1%; top 10 = 80.2%. PYUSD activity is driven by a small set of programmatic whales, not retail.
USDC dominates total borrow flow ($192.7M, 30.9%). WSOL is third at 21.8% — meaningful but smaller than the deposit-tx-only view suggested. mSOL has the largest single USDC borrow base ($92.2M); JitoSOL is USDC-leaning ($66.8M, 31.2% of its own flow). Stablecoin extraction is the dominant strategy on every LST.
| Cohort | Borrow $ | % of all flow |
|---|---|---|
| Top 1 wallet | $244.5M | 39.2% |
| Top 5 wallets | $339.6M | 54.4% |
| Top 10 wallets | $403.3M | 64.6% |
| Top 25 wallets | $500.8M | 80.2% |
| Top 50 wallets | $551.0M | 88.2% |
| Remaining 1,793 wallets | $73.4M | 11.8% |
| Total (1,843 borrowers) | $624.4M | 100% |
| Metric | JitoSOL | jupSOL | mSOL | Total |
|---|---|---|---|---|
| Total deposited (USD) | $252.0M | $99.6M | $78.4M | $429.9M |
| Total deposited (token) | 2.10M JitoSOL | 956K jupSOL | 626K mSOL | — |
| Deposit txs | 5,258 | 1,948 | 1,293 | 8,499 |
| Unique wallets | 1,550 | 662 | 351 | 2,261 |
| Median deposit size | $224 | $395 | $271 | — |
| Mean deposit size | $47.9K | $51.1K | $60.6K | — |
| Largest single deposit | $101.8M | $16.9M | $16.9M | — |
| Real borrow flow | $213.8M | $114.6M | $295.9M | $624.4M |
| Borrow events | 16,975 | 5,329 | 3,659 | 25,963 |
| Borrow / deposit ratio (flow) | 84.9% | 115.0% | 377.5% | 145.2% |
| WSOL share of borrows | 34.7% | 16.2% | 14.6% | 21.8% |
| Stablecoin share of borrows | 62.4% | 82.4% | 76.9% | 72.9% |
| Same-day-levered $ share | 78.5% | 56.5% | 62.0% | 70.4% |
58.6% of LST-collateral $. 1,141 borrowers.
Collateral profile. 74% SOL-yielding (59% JitoSOL + 7% other LST + 8% SOL). 13% stablecoin. Genuinely LST-centric users.
Borrow profile. Most balanced borrow mix: 34.7% WSOL + 62.4% stables. Top borrows: USDC ($66.8M, 31.2%), WSOL ($74.2M, 34.7%), PYUSD ($36.4M, 17.0%). Largest single deposit $101.8M in March.
Behavior. Highest same-day-levered share (78.5%). Borrow/deposit ratio of 85% indicates positions are opened and held, not aggressively rotated. March peak at $97.5M borrow flow.
23.2% of LST-collateral $. 480 borrowers.
Collateral profile. 68% SOL-yielding (52% jupSOL + 1% other LST + 15% SOL). 16% stablecoin. Most single-LST-concentrated of the three (just 1% in other LSTs).
Borrow profile. Stablecoin-dominated (82.4% stables, only 16.2% WSOL). PYUSD #1 ($37.2M, 32.4%), USDC ($33.7M, 29.4%), USDG ($14.1M, 12.3%).
Behavior. Largest 1–7d cohort (17.9%) — more episodic rebalancers. Borrow/deposit ratio of 115%. April was peak.
18.2% of LST-collateral $ — but borrowers post ~$257M in stablecoin collateral. 222 borrowers.
Collateral profile. Only 20% SOL-yielding (10% mSOL + 5% other LST + 5% SOL). 71% stablecoin. Of cross-LST holdings, BSOL is most notable. These users are not "mSOL-leverage users."
Borrow profile. $295.9M borrow flow (47% of all flow) — but secured largely by their stablecoin pile, not their mSOL. 76.9% stables: USDC ($92.2M), PYUSD ($66.2M), USDG ($49.1M). Only 14.6% WSOL.
Behavior. Smallest wallet base but highest total borrowing. Sustained heavy flow every month — Feb peak $82.7M, never below $24M.
| Rank | Wallet | PYUSD borrowed | % of all PYUSD flow |
|---|---|---|---|
| 1 | 3XmgTpc3…ySxCEP | $61.25M | 43.8% |
| 2 | Ar1HrwUR…RgkUmi | $10.50M | 7.5% |
| 3 | 5y52LN8m…Am9nnL | $8.00M | 5.7% |
| 4 | 2eSB4Tqv…neoPhQ | $7.10M | 5.1% |
| 5 | AGWFP3vw…Jb4uYw | $6.98M | 5.0% |
| 6 | 7p6LQRCo…R2J1A5 | $4.74M | 3.4% |
| 7 | 8mhA2kF2…8SMZBa | $4.08M | 2.9% |
| 8–10 | Next three wallets | $9.44M | 6.7% |
| Top 10 total | $112.13M | 80.2% | |
| Remaining 328 wallets | $27.65M | 19.8% |
solana.defi.ez_lending_deposits joined with atomic events in the same tx and the first subsequent borrow by the same wallet.solana.defi.ez_lending_borrows filtered to borrowObligationLiquidity / …V2, joined to each wallet's primary LST.solana.defi.ez_dex_swaps — joined on tx_id only.solana.defi.ez_lending_flashloans does NOT cover Kamino — Kamino flash borrows use event_type='flashBorrowReserveLiquidity'.next_borrow_* columns only capture the first borrow after each deposit. Wallets that borrow many times against the same collateral are systematically undercounted.next_borrow_* for asset distribution would have produced $188M of borrow flow with WSOL at 45% and stables at 53%.| tx_behavior_class | Definition | Txs | USD | % of $ |
|---|---|---|---|---|
| deposit_only | No atomic borrow/flash in deposit tx | 5,729 | $378.5M | 88.0% |
| kamino_multiply | Atomic real borrow + flash borrow | 2,702 | $51.4M | 12.0% |
| borrow_hold | Atomic real borrow, no swap | 64 | $2.1K | 0.0% |
| flash_only | Atomic flash, no real borrow | 4 | $20 | 0.0% |
| Total | 8,499 | $429.9M | 100% |