If you want to earn interest on your Solana assets or borrow against them without touching an exchange, two names come up more than any others: Kamino and Save (the protocol formerly known as Solend). Both let you lend, borrow and build real yield onchain. But the way each one approaches lending, the risks you take, and the fees you pay are different in important ways.
This is a full head-to-head Kamino vs Save review for 2026, with current TVL data, fee breakdowns, pros and cons, and a clear verdict for different kinds of users.
TL;DR: Which Is Better in 2026?
If you want the short version:
- Kamino wins for most users in 2026. It has roughly 15x more TVL, a far broader product suite (lending, leveraged LPing, and SOL yield looping), and a polished UI that still feels current.
- Save is still a solid pick if you prefer simplicity. It is lighter, more focused on pure lending and borrowing, and it has one feature Kamino does not: an Eclipse deployment for users exploring that chain.
- Both protocols have been audited and are considered battle-tested by Solana DeFi standards, though Save (as Solend) survived a well-known governance incident in 2022 that is worth understanding before you deposit.
Visit Kamino if you want the most features and the deepest liquidity on Solana today. Visit Save if you want a cleaner, pure lending venue.
Kamino vs Save at a Glance
Here is a quick side-by-side look at the key numbers for both protocols as of October 2026.


What Is Kamino?
Kamino is a Solana-native DeFi protocol that bundles lending, concentrated liquidity provision, and leveraged strategies into a single product suite. The team originally built Kamino as an automated vault layer on top of Orca and Raydium concentrated liquidity pools, then added K-Lend, the lending primitive that now holds the lion’s share of its TVL.

According to DeFiLlama, Kamino currently holds about $1.31 billion in K-Lend TVL, with roughly $1.38 billion across the full protocol stack. That makes it, by a wide margin, the largest lending venue on Solana in 2026 and one of the top five lending protocols in all of DeFi.
Core products inside Kamino include:
- K-Lend: A peer-to-pool lending market with isolated markets, segregated collateral, and risk-adjusted LTVs per asset.
- Multiply: A looping product that lets you leverage staked SOL (JitoSOL, mSOL, bSOL) or LP positions in one click, so you can earn multiples of base staking yield without manually looping.
- Long/Short: One-click leveraged long or short positions on major Solana assets, built on top of K-Lend.
- Liquidity Vaults: Automated concentrated liquidity vaults on Orca and Raydium that rebalance for you.
Kamino’s native token, KMNO, is used for governance, boosted points, and fee rebates for larger users.
What Is Save (Formerly Solend)?
Save is the rebranded version of Solend, the first serious money market built on Solana. The team rebranded to Save to reflect a sharper focus on being a permissionless savings account for crypto, with lending and borrowing as its only two primary features.

Save currently holds around $83.75 million in TVL across Solana and Eclipse, according to DeFiLlama. That is a fraction of Kamino’s TVL, but Save still has a strong user base that values its simpler model and longer onchain history.
Save’s main pools include:
- Main Pool: A single large market where most blue chip Solana assets are deposited and borrowed against each other.
- Isolated Pools: Specialized markets for higher-risk or niche assets, so a single bad asset cannot drain the main pool.
- Eclipse Deployment: Save is one of the few Solana-era protocols that has launched on Eclipse, an SVM rollup, giving users exposure to a newer execution environment.
Its native token, SLND, is used for governance and fee discounts.
Features Deep Dive
Lending and Borrowing
On both platforms, the core workflow is the same: deposit a supported asset to earn variable yield, then optionally borrow another asset against that collateral up to a specified loan-to-value (LTV) ratio.
Kamino K-Lend runs several markets, including a Main Market, a Jito market, and an LRT market for Solana restaking assets. Each one has its own isolated risk parameters. You will typically find higher LTVs on blue chip assets like SOL, USDC, USDT, JitoSOL, and JLP, and tighter LTVs on long-tail tokens. Interest rates adjust with utilization using a standard kinked curve.
Save keeps things simpler. There is a main pool for blue chip assets and a set of isolated pools for niche or riskier assets. The UX is cleaner because there are fewer markets to pick from, but you lose some of the fine-grained risk control that Kamino offers.
Winner: Kamino, for depth of markets and flexibility. Save, for pure ease of use.
Leverage and Looping
This is where Kamino pulls far ahead. Its Multiply product lets you deposit JitoSOL, mSOL, bSOL, or JLP and leverage up in a single click, so you can earn 2x to 5x base yield depending on the asset. Behind the scenes it is a looped borrow and redeposit, but the user never has to execute the loop manually.
Save does not have an equivalent one-click looping product in 2026. You can still manually loop by borrowing SOL against JitoSOL and redepositing, but that takes multiple transactions and more active monitoring.
Winner: Kamino, decisively.
Liquidity Provision
Kamino’s roots are in automated concentrated liquidity vaults on Orca and Raydium. These vaults rebalance LP ranges for you and compound fees back into the position. For users who want LP yield without actively managing ranges, Kamino is one of the best venues on Solana.
Save does not offer LP vaults. If you want to LP, you go to a DEX directly or use a dedicated vault manager.
Winner: Kamino, by default.
Chain Coverage
Kamino is Solana-only in 2026. All of its TVL and products live on Solana mainnet.
Save is deployed on both Solana and Eclipse. For users who want to use lending on the SVM rollup Eclipse while keeping a familiar UX, this is a real differentiator.
Winner: Save, if you care about Eclipse. Otherwise, a wash.
Fees and Pricing
Neither Kamino nor Save charges a flat trading fee. Both make money from interest spreads and protocol fees on borrowed assets. Here is the breakdown.
Kamino Fees
- Lending yield: Variable, driven by utilization. In October 2026 you can earn roughly 3 to 6 percent on USDC and 4 to 8 percent on SOL in K-Lend main market, depending on utilization.
- Borrow fees: Variable interest with a small protocol fee layered on top. Typical USDC borrow APRs sit between 6 and 11 percent at normal utilization.
- Multiply fees: A one-time swap fee plus the ongoing cost of looped borrow. Kamino does not charge a management fee on Multiply positions.
- Liquidation penalty: Varies by market, typically 5 to 10 percent of the liquidated collateral.
Save Fees
- Lending yield: Variable. USDC supply APR tends to run slightly lower than Kamino because of lower utilization. SOL supply APR is similar to Kamino at low utilization and lower at high utilization.
- Borrow fees: Standard kinked curve. USDC borrow APRs usually sit between 5 and 10 percent at typical utilization.
- Origination fee: Save historically applied a small origination fee on borrows in certain pools, usually around 0.1 percent. Check the UI for your specific pool before borrowing.
- Liquidation penalty: Typically around 5 percent in main pool, higher in isolated pools.
Winner: This one depends on the asset and the day. For USDC supply, Kamino typically pays slightly more because utilization is higher. For low-risk borrowers, Save’s rates can be competitive, especially in off-peak hours.
Security and Trust
Both protocols have been audited multiple times and have been live on mainnet for years. That said, their track records are not identical.
Kamino has two reported audits on DeFiLlama and additional ongoing engagements with firms like OtterSec and Offside Labs. Its K-Lend contracts handle the vast majority of its TVL and have not had a public exploit as of October 2026. Kamino also runs a bug bounty and a risk committee that regularly reviews listing proposals and LTV changes.
Save (Solend) is also multi-audited and was the first lending protocol on Solana to reach meaningful TVL. In 2022, as Solend, the protocol passed a controversial governance proposal to take over a whale account that threatened to trigger a cascading liquidation. The team quickly reversed the proposal and overhauled governance, but it is a moment worth knowing. Since then, Save has not had a significant security incident, and it has implemented more conservative risk parameters.
Winner: Kamino edges this one, mostly because of its larger risk team and more conservative asset listings. Save’s record is otherwise strong, but the 2022 governance episode still colors how some users think about it.
User Experience
Both apps are web-first and connect to any major Solana wallet, including Phantom, Backpack and Solflare.
Kamino’s UI is more dense but also more informative. You get real-time utilization data, LTV ratios, borrow and supply APRs, and a visual representation of your position health. The Multiply flow in particular is one of the smoothest leverage UX in all of DeFi.
Save’s UI is minimal by design. There is a main dashboard, a pools view, and a positions view. If you want to deposit USDC and earn yield, you can do it in two clicks. If you want to borrow, it is three. The tradeoff is that advanced risk metrics are a bit harder to find.
Winner: Kamino for power users. Save for first-time Solana DeFi users.
Pros and Cons
Kamino Pros
- Largest lending TVL on Solana at $1.31B, meaning deeper liquidity and tighter borrow rates.
- Best-in-class leverage product (Multiply) for SOL staking yield and LP positions.
- Rich concentrated liquidity vaults for automated LP yield.
- Multiple isolated markets with per-asset risk parameters.
- Active risk team and multiple audits.
- Clean integration with major Solana wallets and portfolio trackers.
Kamino Cons
- Solana-only in 2026, with no Eclipse or other chain deployments.
- UI can feel dense for first-time users.
- KMNO token price has been volatile.
- Looped positions still carry liquidation risk, especially for mSOL and bSOL.
Save Pros
- Simple, clean lending UX built around just lend and borrow.
- Available on both Solana and Eclipse.
- Long onchain track record as Solend going back to 2021.
- Isolated pools let riskier assets live without threatening main liquidity.
- Multiple audits and a sizable bug bounty.
Save Cons
- TVL is only about $84M, much lower than Kamino, which can mean shallower liquidity and more rate volatility.
- No one-click leverage or looping product.
- No native LP vaults.
- The 2022 Solend governance proposal is still a trust point that comes up in community discussions.
Who Should Use Which?
The best protocol depends on the kind of DeFi user you are.
Choose Kamino if you:
- Want to leverage your JitoSOL, mSOL, bSOL or JLP for 2x to 5x staking yield in one click.
- Want deep liquidity and the broadest set of markets on Solana.
- Are comfortable with a slightly denser UI in exchange for more data.
- Also want to earn LP yield through automated concentrated liquidity vaults.
Choose Save if you:
- Want the simplest possible Solana lending experience.
- Only care about pure deposit and borrow actions, with no bells and whistles.
- Want to use lending on Eclipse as well as Solana.
- Prefer a smaller, more focused protocol over a sprawling product suite.
If you are brand new to Solana DeFi, you may also want to read our Marinade vs Lido liquid staking comparison and our Aave review for context on how Solana lending stacks up against the EVM standard.
Verdict and Rating
Kamino is the better protocol for most Solana DeFi users in 2026. Its leverage and LP vault products are in a different league from Save’s, its lending liquidity is roughly 15x deeper, and the UX is more polished for anyone willing to spend a few minutes learning the dashboard.
Save is not dead though. It is the Solana lending protocol that stays out of the way, and that has real value if you simply want to park USDC or SOL for yield without touching leverage. The Eclipse deployment is also a meaningful differentiator for users who want to explore the SVM rollup ecosystem.
Our ratings:
- Kamino: 4.7 / 5
- Save: 4.0 / 5
Ready to try one? Visit Kamino or Visit Save.
FAQ
Is Kamino safe to use?
Kamino has been audited multiple times by firms including OtterSec and Offside Labs, and it has not suffered a public exploit as of October 2026. That said, no DeFi protocol is risk-free. Smart contract risk, oracle risk, and liquidation risk all apply. Deposit only what you are willing to lose, and keep an eye on your position health if you borrow.
Is Save (Solend) legit?
Yes. Save, formerly Solend, has been live on Solana since 2021 and is multi-audited. It has had no major exploits. The one episode worth knowing about is the 2022 governance proposal to take over a whale account, which was reversed within hours and led to a governance overhaul. That is historical context, not a live concern.
Which has better yields, Kamino or Save?
It depends on the asset and the moment. For USDC and SOL on main markets, Kamino typically pays slightly more because utilization is higher. For long-tail assets, yields are not directly comparable since each protocol lists different tokens. Always check live rates in both apps before depositing.
Can I borrow stablecoins on Kamino or Save?
Yes, both protocols let you post crypto as collateral and borrow USDC, USDT, or other supported stablecoins. The LTVs and interest rates differ, so check each app for live numbers.
Do I need KMNO or SLND to use these protocols?
No. Both protocols are fully usable without holding their native token. KMNO and SLND are governance tokens that unlock boosted rewards or fee discounts for larger users, but basic lending and borrowing work without them.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before interacting with any DeFi protocol.














