Jupiter, a global onchain finance platform with over $3 trillion in lifetime trading volume, the launch of an Ethena asset-focused lending market, curated with global crypto asset manager, Bitwise Asset Management, and powered by Fluid, the advanced onchain lending infrastructure provider of Jupiter Lend.
This marks the first time an institutional asset manager has curated a market for Jupiter’s lending product, Jupiter Lend, signaling continued development of institutional participation in onchain lending. The inaugural lending market offers deep, scalable yield at institutional scale, with capacity designed to grow into the billions of dollars. By opening curation to traditional finance asset managers for the first time, Jupiter Lend establishes a framework to bridge institutional capital and leading lending infrastructure.
For Bitwise, curating this market on Jupiter Lend is a reflection of how DeFi is maturing. With DeFi TVL growing 238% since January 2023, from $46 billion to $156 billion1, and institutional capital increasingly flowing onchain, Ethena’s expansion into Solana and its growing institutional ecosystem aligns with Bitwise’s conviction in the long-term trajectory of onchain finance.
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.”
Key Highlights
- Dedicated USDe lending market on Jupiter Lend, isolated from existing Jupiter Lend liquidity layer and structured for institutional capital at scale
- Curation framework extended to traditional asset managers, with Bitwise appointed as inaugural institutional curator
- Underpinned by Fluid’s unified lending infrastructure, the most advanced collateral and risk architecture in onchain finance
Until now, institutional capital and onchain lending have mostly operated in parallel. This launch puts them in the same structure where Jupiter Lend provides the market, Bitwise curates the market, Ethena supplies the asset, and Fluid runs the infrastructure. Each piece has been independently proven, and this is the first time they have been assembled together at an institutional scale in a live onchain market.
Kash Dhanda, COO of Jupiter, said, “Now more than ever, its imperative that we take DeFi risk seriously. That’s precisely why we’re so excited to partner with Bitwise, who bring both the expertise and the institutional credibility needed to help scale onchain lending from a niche into the default way to do finance. And by working with Ethena and Fluid, two of the most technically innovative teams in the space, we’re thrilled to be able to deliver a product experience like no other.”
Guy Young, Founder & CEO, said “USDe is an institutional grade savings product, built for scale. By combining Jupiter Lend’s advanced lending infrastructure with Bitwise’s asset management expertise, we’ve created an efficient USDe market ready for Defi and institutional adoption.”
“Today, we opened our infrastructure to Bitwise, the first institutional asset manager to curate on Fluid. We’ve built the most advanced lending protocol — enabling discrete risk parameterization, advanced oracle designs, and dynamic limits that aren’t available on any other platform. By combining advanced risk management infrastructure with institutional capital management expertise, we’re designing solutions capable of breaking out of DeFi and enabling institutional scale.”
— Samyak Jain, Co-Founder & CEO, Fluid
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