Jupiter Lend Partners with Bitwise to Launch Ethena Lending Market for Institutions
In a significant step towards enhancing the institutional adoption of onchain finance, Jupiter Lend has announced its collaboration with Bitwise Asset Management to create the Ethena lending market. This initiative marks a pivotal moment in the evolution of decentralized finance (DeFi), as it allows traditional asset managers to curate a lending market focused on effective yield generation.
The Ethena market is structured to cater to billions in institutional capital, leveraging Fluid's advanced onchain lending infrastructure. The platform aims to provide scalable yields specifically for institutional investors, signaling a shift in the way onchain lending is approached within the crypto assets space. According to Jonathan Man, Head of DeFi Strategies at Bitwise, this collaboration is indicative of the maturation of DeFi and its ability to attract traditional financial entities.
Since the beginning of 2023, the total value locked (TVL) in DeFi has skyrocketed by 238%, reflecting a growing interest among institutional investors to delve into onchain finance. The integration of Ethena with Solana further reinforces this growth, aligning perfectly with Bitwise’s belief in the forward momentum of onchain finance.
Key Highlights:
- The Ethena lending market is dedicated to providing USDe lending services, specifically structured for institutional participation at a large scale.
- Bitwise has been chosen as the inaugural curator, highlighting a broader trend of inviting traditional finance players into the DeFi space.
- The infrastructure provided by Fluid is noted for its ability to enhance liquidity and incorporate sophisticated risk management strategies, which are fundamental for successful institutional engagement.
Jupiter Lend aims to unify the operational landscape of institutional lending by employing a structure where Jupiter Lend provides the marketplace, Bitwise curates it, Ethena supplies the digital dollar asset, and Fluid manages the underlying infrastructure. This marks the first time these components have been synchronized at such an expansive scale in a live onchain market.
Kash Dhanda, COO of Jupiter, emphasized the critical importance of risk management within DeFi as the ecosystem advances. He stated, "Partnering with Bitwise, who brings extensive expertise and credibility, is crucial for scaling onchain lending from a niche space to being the preferred method of financial operation. Working alongside Ethena and Fluid, two of the most innovative teams in the sector, we are excited to offer an unparalleled product experience."
Guy Young, Founder and CEO of Jupiter, reiterated that USDe is designed as an institutional-grade savings product, perfectly suited for large-scale adoption. The synthesis of Jupiter's advanced lending mechanisms with Bitwise’s profound asset management experience aims to forge an efficient USDe market fully prepared for DeFi’s acceptance amongst institutional players.
Samyak Jain, Co-Founder and CEO of Fluid, stressed the uniqueness of their lending protocol, which offers innovative features such as dynamic limits and discrete risk parameterization—capabilities that distinguish their platform from others in the marketplace. He pointed out that the convergence of sophisticated risk management with institutional capital expertise is essential for evolving DeFi solutions that can cater to a broader audience beyond the crypto community.
About Jupiter Lend: Established in August 2025, Jupiter Lend has swiftly emerged as a leader in onchain finance, reaching $500 million in total value locked within its first day of operation. It has become synonymous with high-value lending, providing borrowers with attractive loan-to-value ratios and a reliable liquidation engine that ensures minimized risk during market fluctuations.
About Ethena: Founded in 2023, Ethena is a DeFi protocol issuing USDe, which has rapidly gained traction as a leading digital dollar alternative. With backing from major financial institutions, it serves a global user base of over 1 million, striving for an effective, censorship-resistant alternative to traditional stablecoins.
About Bitwise Asset Management: Bitwise has firmly established itself as a prominent global crypto asset manager, managing $11 billion in assets and offering a wide array of investment products tailored for private and institutional investors.
About Fluid: Operating across major chains, Fluid exemplifies a new standard in decentralized finance by integrating lending, borrowing, and trading in a highly efficient framework, solidifying its relevancy within the evolving financial ecosystem.
The Ethena market is structured to cater to billions in institutional capital, leveraging Fluid's advanced onchain lending infrastructure. The platform aims to provide scalable yields specifically for institutional investors, signaling a shift in the way onchain lending is approached within the crypto assets space. According to Jonathan Man, Head of DeFi Strategies at Bitwise, this collaboration is indicative of the maturation of DeFi and its ability to attract traditional financial entities.
Since the beginning of 2023, the total value locked (TVL) in DeFi has skyrocketed by 238%, reflecting a growing interest among institutional investors to delve into onchain finance. The integration of Ethena with Solana further reinforces this growth, aligning perfectly with Bitwise’s belief in the forward momentum of onchain finance.
Key Highlights:
- The Ethena lending market is dedicated to providing USDe lending services, specifically structured for institutional participation at a large scale.
- Bitwise has been chosen as the inaugural curator, highlighting a broader trend of inviting traditional finance players into the DeFi space.
- The infrastructure provided by Fluid is noted for its ability to enhance liquidity and incorporate sophisticated risk management strategies, which are fundamental for successful institutional engagement.
Jupiter Lend aims to unify the operational landscape of institutional lending by employing a structure where Jupiter Lend provides the marketplace, Bitwise curates it, Ethena supplies the digital dollar asset, and Fluid manages the underlying infrastructure. This marks the first time these components have been synchronized at such an expansive scale in a live onchain market.
Kash Dhanda, COO of Jupiter, emphasized the critical importance of risk management within DeFi as the ecosystem advances. He stated, "Partnering with Bitwise, who brings extensive expertise and credibility, is crucial for scaling onchain lending from a niche space to being the preferred method of financial operation. Working alongside Ethena and Fluid, two of the most innovative teams in the sector, we are excited to offer an unparalleled product experience."
Guy Young, Founder and CEO of Jupiter, reiterated that USDe is designed as an institutional-grade savings product, perfectly suited for large-scale adoption. The synthesis of Jupiter's advanced lending mechanisms with Bitwise’s profound asset management experience aims to forge an efficient USDe market fully prepared for DeFi’s acceptance amongst institutional players.
Samyak Jain, Co-Founder and CEO of Fluid, stressed the uniqueness of their lending protocol, which offers innovative features such as dynamic limits and discrete risk parameterization—capabilities that distinguish their platform from others in the marketplace. He pointed out that the convergence of sophisticated risk management with institutional capital expertise is essential for evolving DeFi solutions that can cater to a broader audience beyond the crypto community.
About Jupiter Lend: Established in August 2025, Jupiter Lend has swiftly emerged as a leader in onchain finance, reaching $500 million in total value locked within its first day of operation. It has become synonymous with high-value lending, providing borrowers with attractive loan-to-value ratios and a reliable liquidation engine that ensures minimized risk during market fluctuations.
About Ethena: Founded in 2023, Ethena is a DeFi protocol issuing USDe, which has rapidly gained traction as a leading digital dollar alternative. With backing from major financial institutions, it serves a global user base of over 1 million, striving for an effective, censorship-resistant alternative to traditional stablecoins.
About Bitwise Asset Management: Bitwise has firmly established itself as a prominent global crypto asset manager, managing $11 billion in assets and offering a wide array of investment products tailored for private and institutional investors.
About Fluid: Operating across major chains, Fluid exemplifies a new standard in decentralized finance by integrating lending, borrowing, and trading in a highly efficient framework, solidifying its relevancy within the evolving financial ecosystem.
Topics Financial Services & Investing）
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