RainFi

RainFi, also written Rain.fi, was a peer-to-peer lending protocol on Solana. It is a different company from Rain, the stablecoin card company at rain.xyz. On RainFi, you could borrow against tokens or NFTs for a fixed term at a fixed rate. Your loan could not be liquidated if the collateral's price fell. It ended only when the term ran out. Jupiter JUP$0.260+4.4% bought RainFi in December 2025. The Rain.fi app has since shut down, and its team now builds Jupiter Offerbook, a lending market that works the same way.

Is Rain.fi still working? The RainFi shutdown and fund returns

No. The Rain.fi website now shows only a closing notice. It says the app and its services "have now been wound down" after Jupiter bought the company in December 2025.

The notice says user assets were sent back to their wallets automatically, so you do not need to do anything. The same notice appears on the Rain.fi app and on the Liquid site. It says the same team now builds Offerbook, and it names the @jup_offerbook account on X as the place for questions.

The old documentation site, docs.rain.fi, no longer resolves (checked November 2026). The notice gives no date for the returns and no list of affected positions. If you expected funds that have not arrived, the @jup_offerbook account is the contact the notice gives.

How RainFi peer-to-peer loans worked without price liquidations

RainFi loans ended on a date agreed at the start. A borrower and a lender agreed on the amount, interest rate and length up front. If the borrower repaid before the term ended, they got their collateral back. If they did not, the lender could claim it.

Most Solana lending apps work the other way. They watch the collateral's price, and they sell your position if that price falls too far. RainFi had no such trigger in the middle of a loan. A sharp but brief price drop could not wipe you out.

Lenders set up their own pools with their own rules. RainFi's LinkedIn page describes it as a protocol "for lending, borrowing, and leverage trading, without liquidation." Lenders could accept NFTs, DeFi tokens and tokenized real-world assets as collateral.

Here is what that meant in practice. Say you borrowed against an NFT for 14 days, and the NFT's floor price halved in week one. Your loan stayed open. You still had until day 14 to repay. The lender took on the price risk in exchange for the fixed interest.

RainFi token, NFT and leverage lending products

RainFi let you borrow against tokens and against NFTs. It also let you trade with leverage. Its LinkedIn page lists all three. Other apps could add RainFi loans to their own products too. RainFi sold this as a ready-made module for NFT projects, DeFi apps and firms that put real assets on chain.

The team also ran Liquid, which let you stake JUP and get a token, stJUP, that you could still use. New stJUP deposits stopped when the sale was announced, per ValueTheMarkets and cryptonews.net. stJUP holders were asked to unstake. A second product, stCOLLAT, was unaffected at the time of the sale. The Liquid site now carries the same closing notice as Rain.fi, saying funds were returned to wallets.

Did RainFi have a token? Droplets points and JUP rewards

RainFi never launched a token of its own. Instead it ran a points program called Droplets, which you earned by lending and borrowing on the protocol.

After the sale, the plan was to swap Droplets for JUP. A January 2026 review of Jupiter's airdrops lists a December 2025 Droplets snapshot linked to JUP rewards. It gives no amounts or snapshot rules.

We found no primary source confirming when or how that JUP was paid out. The Rain.fi closing notice does not mention Droplets.

Jupiter's acquisition of RainFi and the move to Offerbook

Jupiter said it had bought RainFi on 11 December 2025, per ValueTheMarkets and cryptonews.net. Our summary of Jupiter's Breakpoint 2025 keynote covers the deal. Rain said it was created to "scale and accelerate the credit market on Solana, powered by fixed-term loans," per cryptonews.net. The plan was to keep the Rain app open for a few months while its features moved to Jupiter.

RainFi had made more than 230,000 loans before the sale, says Alea Research. Alea adds that Jupiter's new lending market, Offerbook, is built on RainFi. The Rain.fi notice calls Offerbook "the next chapter of what we started here."

Offerbook opened to the public as a beta in late May 2026 (our coverage).

Offerbook works the way RainFi did, per Jupiter's Offerbook docs. Each loan has a fixed rate and lasts up to a month. No one can sell your collateral because its price fell.

USDC is the only asset you can borrow, according to the docs in November 2026. You can pledge tokens on Jupiter's verified list, tokenized stocks (xStocks) or NFTs from approved collections. If you don't repay by the end date, the lender can claim what you pledged. That claim is a manual step, so you can still repay until the lender makes it.

Who RainFi was for, and where those users go now

RainFi suited holders of long-tail tokens and NFTs who wanted cash for a set period without a price-triggered sale. It also suited lenders who were willing to price term risk in return for a fixed yield.

The catch was that you needed a lender willing to accept your asset. Thinly traded collateral could sit with no offers.

None of this applies to new users now, because RainFi is closed. If you liked how RainFi worked, Offerbook is its direct successor. Its menu is narrower, since it lends only USDC.

RainFi risks: audits, closure and the Rain name mix-up

The main risk now is thinking RainFi is still open. The official notice says the app has shut down. Treat any site that offers RainFi loans today as unofficial, since the notice sends users to Offerbook.

Halborn audited Rain's v2 code in mid-2025, per Halborn's report. The audit covered two programs, Bank and DeFi-Lending. It found no critical or high-severity issues, and the team fixed both medium ones.

That audit covers v2 only. We found no public audit of older RainFi versions. With the docs site offline, its own audit list can no longer be checked.

The Rain name also causes mix-ups. In late August 2026, an attacker took about $1.1 million from Rain, the stablecoin card company, through an old contract, crypto.news reported. That company has no link to RainFi. A search for "Rain crypto app" can also bring up Rain, a crypto exchange in the Middle East. That is a third, separate business.

RainFi alternatives: Jupiter Offerbook, Loopscale and Sharky

Jupiter Offerbook is the closest match. The RainFi team built it, and it uses the same fixed-term loans. Two other Solana apps also match a lender with a borrower directly.

Loopscale calls itself "a modular, order book–based lending protocol on Solana" in its docs. Its docs describe loans with a fixed rate and a fixed term. It takes many kinds of assets as collateral.

Sharky SHARK$0.00075+1.6% lets you borrow against NFTs and has run on Solana since March 2022, says its website. It is the narrower pick, for when your asset is an NFT.

For a newer example of the Offerbook model, see Jupiter's Loop USD* product on Offerbook.

RainFi team and history

RainFi started in 2022 and was based in Paris, says its LinkedIn page. The page lists a staff of two to ten. RainFi's own site did not name its team. The app ran on Solana until Jupiter bought it in December 2025. Then the team joined Jupiter to build Offerbook, per Alea Research.