Tokenizing an asset solves ownership. It does not solve financing. A tokenized Treasury, stock, or NFT can move onchain in seconds, but until someone will lend against it, it just sits there. Traditional markets fixed this long ago through repo, securities lending, and collateralized borrowing.
Crypto has done it only for a handful of liquid tokens like SOL and BTC, leaving most onchain assets tradable but not financeable.
In this edition, we look at why lending is becoming the next layer of tokenization, how Jupiter Offerbook works, and where it fits in Solana’s RWA growth.
The first wave of onchain RWAs was about existence by converting Treasuries and money-market funds into tokens. Today, tokenized equities grew into one of Solana’s fastest categories, with the network’s RWA value passing $2.8B in May while Solana captured 97% of cumulative onchain tokenized-equity spot volume.
Ownership is only half of a financial system. The moment an asset exists onchain, people want to borrow against it, earn on it, or post it as collateral elsewhere, and those secondary markets are what turn a token into infrastructure.
Jupiter@JupiterExchange
Thousands of tokens, NFTs, and TCG cards on @solana now have access to a worldwide, permissionless credit desk. Jupiter Offerbook is now in Public Beta, which means you can borrow against anything at a fixed rate and for a fixed term. Offerbook is different from every lending
3:46 PM · May 27, 2026 · 180K Views
137 Replies · 191 Reposts · 895 Likes
Most lending protocols works by approving the deposit collateral into a shared pool, and if its value drops below a threshold, automated liquidators sell it instantly to protect lenders.
That works for SOL or BTC, where prices update every block and liquidity is deep enough to absorb a forced sale.
Jupiter@JupiterExchange
Long-tail assets are ignored by DeFi. Offerbook creates a new market for them. Traditional lending protocols require multiple price feeds from oracles and deep DEX liquidity. This severely limits the assets that can be used for credit. For Lenders, Offerbook enables Fixed Rate
3:46 PM · May 27, 2026 · 5.36K Views
2 Replies · 2 Reposts · 43 Likes
This isn’t ideal for tokenized equities, private assets, collectibles, and long-tail tokens, which often have no reliable oracle price and too little liquidity for a liquidation to clear without crashing the market. So most tokenized assets end up tradable but not financeable, and that is the gap Offerbook targets.
Jupiter is the largest trading app on Solana, and Offerbook is its new lending market, in public beta since late May and built on RainFi, a peer-to-peer lender Jupiter acquired late last year that had already processed more than 230,000 loans.
Jupiter@JupiterExchange
The @Rainfi_ team is officially joining Jupiter! This is a huge step for onchain lending. We are upgrading lending from simple borrowing to a full-fledged money market that supports every type of asset. Historically, it's been impossible to get off-chain, niche, or long-term
9:04 PM · Dec 15, 2025 · 194K Views
120 Replies · 109 Reposts · 671 Likes
It replaces price-based lending with time-based lending: a borrower and lender agree directly on the USDC amount, the collateral, the rate, the LTV, and a fixed term of 1-30 days, and those terms hold for the life of the loan. The collateral is never repriced, and nothing gets liquidated on a market move so long as the loan gets repaid on time.
Removing the price feed and the liquidation engine widens the collateral set. Offerbook only needs a willing lender to name a value which lets a tokenized stock, an RWA, an NFT, or a trading-card token back a loan, the kinds of assets pooled markets skip. It runs alongside Jupiter Lend, the vault product launched in August 2025 for liquid, well-priced assets.
Offerbook’s target is the assets pooled markets cannot hold, and its bet is that a fixed term plus a willing lender can substitute for the oracle and the deep order book those markets require.
If there is proven demand, every asset Solana tokenizes next arrives with a financing venue already able to take it, so tokenization and credit stop being sequential phases and start happening together. The question is whether there are willing lenders showing up to quote the long tail, since Offerbook is still in beta with no published volume and the demand is unproven.
Become a Premium member and get the full Alea platform.
Join thousands of sharp crypto investors & traders using Alea to evaluate opportunities and deploy with conviction. For just $149/month, Premium unlocks:
Full report suite: Deep Dives, Perspectives, Blueprints, Theses, Benchmarks, Memos & Pulse.
Protocol Data Rooms: Standardized due diligence portals with live analytics, risk matrices, and governance tracking across 24+ protocols.
Podcast Digest & Summit Digest: Key takeaways from the conversations shaping markets, so you don’t have to listen to every pod.
Governance Tracker: Live proposal feeds and voting activity across major protocols.
Full access to the historical research archive.
Comments
Nothing yet. Say the first thing.
Sign in to join the conversation.