RainFi

RainFi is a peer-to-peer lending protocol built on the Solana blockchain that allows users to borrow, lend, and earn using tokens and NFTs as collateral. Unlike most DeFi lending platforms that rely on automated price-based liquidations, RainFi structures every position as a fixed-term loan — when a loan expires, the lender can claim the collateral, but no forced selling occurs simply because the collateral's market price has dropped. This fundamental design choice makes RainFi particularly attractive to borrowers who want capital access without the threat of sudden position wipeouts during volatile markets.

How It Works

At its core, RainFi connects borrowers and lenders directly without routing through a shared liquidity pool. Lenders deploy capital into custom lending pools they create and configure themselves, setting their own APR, loan-to-value (LTV) ratio, loan duration, and compounding terms. They can restrict pools to whitelisted addresses for private arrangements or leave them open to any borrower. Borrowers select from available pools and post tokens or NFTs as collateral in exchange for liquidity.

The fixed-term, no-price-liquidation model means loan outcomes are determined by time, not price action. If the market value of the collateral falls below the loan amount during the term, that is the lender's risk to manage — borrowers are not force-liquidated. If a borrower fails to repay by expiry, the lender simply claims the collateral. Borrowers can also extend their loan duration or sell the loan to another lender before expiry, adding flexibility to position management.

The protocol's program on Solana Mainnet (RainEraPU5yDoJmTrHdYynK9739GkEfDsE4ffqce2BR) has processed over 243,000 loans representing more than $474 million in total volume since launch in 2023.

Products

Token Lending and Borrowing is the core use case. Borrowers post SPL tokens as collateral and receive tokens from lender pools. More than 100 tokens are supported as collateral or loan currency, giving the protocol breadth that covers most major Solana assets.

NFT Financing extends the P2P model to digital collectibles. Borrowers can use NFTs as collateral and receive liquid tokens in return. RainFi also offers a "Buy Now, Pay Later" mechanism for NFT purchases, allowing buyers to acquire an NFT by funding only a portion of the price upfront and borrowing the rest, with the NFT itself serving as collateral during the repayment term.

Borrow-to-Trade combines borrowing with market exposure. A borrower can take out a loan and immediately swap the borrowed assets — effectively gaining leveraged exposure to a token without triggering traditional margin liquidation logic. If the trade moves against the borrower, the worst outcome is losing the collateral at loan expiry rather than being automatically liquidated mid-position.

Liquidity Pool Creation is how lenders participate. RainFi's pool builder lets lenders configure every parameter of their strategy — duration, APR, LTV, whether to compound interest, whether to accept private borrowers only, and which assets to accept as collateral. Lenders can also enable "Conditions," fine-grained filters that govern which borrowers can access their pool. This makes RainFi as much a tool for sophisticated capital deployers as it is for borrowers.

White-Label Integration is available for developers who want to embed Rain's lending module into their own applications. Integrating developers retain 30% of the fees generated through their interface, providing a revenue-share incentive to build on top of the protocol.

The application also aggregates competing lending offers from other Solana protocols such as Sharkyfi and Citrus, letting borrowers compare terms across the ecosystem in one interface.

V2 and Protocol Development

RainFi launched a major version upgrade in March 2025. The V2 release introduced improved pool management through a "Lite Mode" designed to simplify the lending experience for users who prefer a streamlined interface over full configuration control. Additional educational resources published in early 2025 — covering LTV selection, APR versus APR differences, and pool management — reflected an effort to broaden accessibility beyond DeFi power users. An April 2025 integration allowing staked JUP tokens (via Liquid staking) to be used as collateral demonstrated the protocol's continued expansion of supported collateral types.

Jupiter Acquisition

In December 2025, Jupiter, Solana's leading DEX aggregator overseeing more than $3 billion in TVL and $1 trillion in annualized trading activity, acquired RainFi in a move aimed at expanding Jupiter's DeFi product suite into the lending sector. The acquisition was announced on December 11, 2025, with a Droplets snapshot taken the day before on December 10. Droplets are RainFi's protocol-native points accrued by active users. All Droplets holders at the time of the snapshot were designated to receive JUP token rewards in early 2026, rewarding the RainFi community as the protocol enters the Jupiter ecosystem.

RainFi continues operating under its own brand during the integration period. Jupiter has indicated it plans to combine swapping and lending capabilities gradually, positioning the combined platform as a more comprehensive DeFi destination on Solana. The acquisition also coincided with new leadership at Jupiter, with Xiao-Xiao J. Zhu joining as president following five years at KKR managing digital asset strategy.

Positioning

RainFi occupies a distinct space within Solana DeFi. Where protocols like Marginfi and Kamino Finance operate around algorithmic interest rate pools with automatic liquidation engines, RainFi's P2P fixed-term model offloads collateral risk to individual lenders and removes the mechanical price-liquidation pressure that can amplify market downturns. With $474 million in lifetime volume across 243,000+ loans and now operating as part of the Jupiter ecosystem, the protocol has established a meaningful track record as a lending primitive that prioritizes borrower flexibility and lender customization.