Jupiter enables double earnings on dollar assets through Solana lending protocol

Jupiter, the dominant decentralized exchange aggregator on Solana, has expanded into lending with a mechanism that lets users earn yield on the same dollar twice. The protocol’s Multiply vaults automate a strategy that was previously the domain of DeFi power users: supply a stablecoin, borrow against it, resupply the borrowed funds, and repeat until your effective yield is multiples of the base rate. How Multiply vaults actually work The core concept behind Jupiter Lend’s Multiply vaults is recursive borrowing. A user deposits a dollar-pegged asset like USDC or JupUSD (Jupiter’s own stablecoin) into the lending protocol. The vault then automatically borrows against that deposit, redeposits the borrowed funds, and borrows again. Each cycle captures the difference between what the protocol pays depositors and what it charges borrowers. When that spread is positive, stacking multiple loops amplifies the yield considerably. Reported APYs on these strategies have reached as high as 31%, a figure that would make most traditional savings accounts look like they’re standing still. For context, a standard savings account at a US bank currently offers somewhere in the neighborhood of 4-5% on...