Kamino holds 75% of Solana lending TVL ($3.6B); Jupiter Lend stacked $1.65B in eight months. Aave enters as the challenger, behind two protocols that already locked category leadership. Solana Foundation's USDT loan dropped right when Aave needed liquidity to absorb KelpDAO/rsETH exposure — Sunrise deployment looks like the back half of a quid-pro-quo, not standalone cross-chain ambition. AAVE bridging via Tether also means governance vote weight stays on L1; Solana holders hold a derivative.

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