Jupiter Lend Onboards Bitwise to Curate Ethena Market

Jupiter Lend market offers deep, scalable USDe yield designed for billions in institutional capital, powered by Fluid’s unified liquidity infrastructure.

SINGAPORE, May 13, 2026 — Jupiter, a global onchain finance platform with over $3 trillion in lifetime trading volume, today announced 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 billion[1], 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

To learn more or access the Ethena market on Jupiter Lend, visit jup.ag/lend

About Jupiter Lend

Jupiter Lend is the most advanced money market on Solana, built in collaboration with Fluid. Launched in August 2025, Jupiter Lend reached $500 million in total value locked within its first 24 hours, making it one of the fastest-growing money markets in onchain finance history. Jupiter Lend provides borrowers with loan-to-value ratios up to 95% and a proprietary liquidation engine that processes all eligible positions in a single transaction, minimizing systemic risk. Jupiter is Solana’s leading DeFi Superapp, having processed over $1 trillion in total trading volume across spot, perpetual futures, prediction markets, and lending in 2025. For more information, visit jup.ag.

About Ethena

Ethena is a decentralized finance protocol built on Ethereum that issues USDe, the fourth largest digital dollar” Founded in 2023, Ethena has become the fastest growing digital dollar issuer, with a global audience of over 1 million users. Ethena’s products serve retail and institutional users across DeFi and CeFi, offering a censorship-resistant, scalable alternative to traditional stablecoins. Ethena has been backed by Dragonfly, Fidelity, Franklin Templeton, and major exchanges including Binance and Bybit. For more information, visit ethena.fi.

About Bitwise Asset Management

Bitwise Asset Management is a global crypto asset manager with $11 billion in client assets and a suite of over 70 investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 5,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 21 banks and broker-dealers. The Bitwise team of over 200 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London. For more information, visit bitwiseinvestments.com.

About Fluid

Fluid is Finance’s Liquidity Layer — a decentralized finance protocol that unifies lending, borrowing, and trading into a single capital-efficient architecture. The #2 DEX by volume on Ethereum and the fastest DEX ever to reach $100B in cumulative trading volume, Fluid also enables loan-to-value ratios up to 95%, liquidation penalties as low as 0.1%, and the most advanced risk controls in onchain finance. Fluid operates across Ethereum, Solana, and other major chains, and serves as the foundational lending infrastructure for Jupiter Lend. For more information, visit fluid.io.