RainFi

RainFi was a peer-to-peer lending protocol on Solana that let users borrow against token and NFT collateral using fixed-term loans that settled by duration rather than collateral price. The protocol processed over 243,000 loans and $474 million in total volume during its active period. Jupiter JUP$0.316-1.3% (Jupiter) acquired RainFi in December 2025 and is integrating its lending capabilities; the standalone protocol is being wound down.

How RainFi's Lending Model Worked

The central design decision that distinguished RainFi from pool-based Solana lending protocols was the liquidation trigger. Traditional collateralized lending positions are closed when the collateral's market price drops below a threshold, exposing borrowers to forced sales during volatile markets. RainFi replaced that mechanism with loan duration: a borrower and lender agreed on a fixed term and interest rate at origination, and the loan settled at the end of that term regardless of what happened to collateral prices in between.

This arrangement shifted how risk was priced. Lenders evaluated duration-based exposure rather than monitoring real-time price ratios. Borrowers gained predictable financing windows without the risk of a sudden liquidation mid-position. When a loan reached maturity, the borrower could repay and recover collateral, extend the loan, or sell the collateral position to settle the outstanding balance.

Lenders built custom pools with parameters they controlled. A Lite mode enabled quick pool deployment with default settings, while a Pro mode provided granular control over loan-to-value ratios, acceptable collateral assets, interest rate bands, and per-borrower exposure caps. Lenders who chose not to actively manage positions could rely on fixed rates locked at origination.

Products

Token lending was the core offering. Borrowers deposited supported tokens as collateral to borrow any available currency at a fixed rate for a fixed term. The protocol supported over 100 tokens, including SOL, USDC, BONK, JUP, ORCA, ETH (via Portal bridge), WBTC (via Portal bridge), and a range of liquid staking derivatives.

NFT lending extended the same fixed-term mechanics to non-fungible assets. The protocol also offered a Buy Now, Pay Later flow for NFT purchases: a buyer could acquire an NFT by paying a fraction of the total price upfront, with the remainder due at the end of the loan term. At maturity, the buyer could pay the balance to keep the NFT, or sell it and use the proceeds to settle the loan.

Margin Swap was a third product that let traders take leveraged token positions by securing a Rain loan without depositing the full purchase amount first. The borrowed funds were then used to execute a swap against the desired asset, giving traders exposure to price appreciation on a position sized beyond their immediate capital.

White-label integration let third-party developers embed RainFi's lending engine into their own products. Integrators received 30% of protocol fees generated through their deployment.

Protocol Metrics

Over its active period, RainFi processed 243,256 total loans representing $474,941,398 in cumulative volume, according to counters displayed on the official site. By the time of the Jupiter acquisition in late 2025, total value locked had contracted to near zero as user activity wound down ahead of the transition. DefiLlama ranked the protocol at around #337 among tracked lending protocols by TVL at that point.

Jupiter Acquisition and Current Status

Jupiter announced the acquisition of RainFi on December 11, 2025. The stated rationale was accelerating the growth of on-chain credit markets on Solana by absorbing Rain's fixed-term lending model into Jupiter's broader platform. Rain had described its own mission in similar terms: scaling and accelerating credit market activity on Solana through fixed-term loans.

A Droplets snapshot was taken on December 10, 2025, the day before the announcement. RainFi had operated a points program called Droplets, which users accumulated through borrowing and lending activity on the protocol. Those Droplet balances were set to convert to JUP tokens in early 2026.

Following the acquisition announcement, new stJUP deposits through Rain closed, though existing deposits continued earning rewards through the following ASR cycle. The protocol's documentation domain (docs.rain.fi) became unavailable after the acquisition, a signal that the standalone product is being retired. Jupiter planned a gradual transition over several months with the Rain.fi application continuing to operate independently before full integration.

Background

RainFi launched in January 2023. The protocol ran on Solana mainnet under the on-chain program address RainEraPU5yDoJmTrHdYynK9739GkEfDsE4ffqce2BR. No security audit reports were publicly disclosed in the available project documentation. Team members were not identified in official project materials.