Mike Hale Nexus Mutual has extended its DeFi coverage to Solana, the first non-EVM blockchain the onchain insurance protocol has ever supported, with live listings for Kamino, Raydium, Orca, and Jupiter that together cover roughly 90% of Solana lending deposits. The mutual has paid out on 100% of valid claims across more than $7 billion in cover written over seven years, and until now all of it sat on Ethereum and other EVM chains.
Solana handled 54% of all spot DEX volume in the first half of 2026, sees about 2.2 million active addresses daily, and has pulled in over $1 billion through Solana ETFs since their October 2025 launch. Tokenized real-world assets on the network are approaching $2 billion, and lending protocols hold $2.2 billion in deposits, led by Kamino Lend at $1.04 billion and Jupiter Lend at $925 million.
What Solana hasn't had is a way to insure any of it. The gap has been visible since October 2022, when an attacker manipulated the price oracle behind Mango Markets and drained $116 million. $47 million of that was never returned, and depositors ate the loss.
"We've been underwriting Solana risk privately for institutional funds and knew we had to bring this protection to the wider market."
— Hugh Karp, Founder, Nexus Mutual
What's Covered at Launch
The initial listings target the protocols where most Solana DeFi capital sits:
Kamino: Solana's largest credit market, with over $1 billion in deposits across lending, automated liquidity vaults, and leveraged yield strategies.
Raydium: the network's original exchange, live since 2021, with roughly $800 million in pools. Cover spans AMM v4, CLMM, and CPMM pools plus Raydium Perps.
Orca: about $230 million in pools, including concentrated liquidity positions in Whirlpools.
Jupiter: multi-product cover across Swap v6, Jupiter Lend, Perpetuals, and Offerbook.
Each listing is priced and purchased individually through the Nexus Mutual app, so a user with deposits in Kamino and LP positions on Orca buys separate policies sized to each position.
Protocols that want their own listing can request an assessment at nexusmutual.io/contact. Nexus Mutual's risk team reviews the codebase, audit history, track record, and team background before a product goes live.
How Does Nexus Mutual Coverage Work?
Nexus Mutual is a member-owned discretionary mutual rather than a traditional insurance company. Members pool capital together, and that shared capital pool backs every policy the mutual writes. To buy cover you become a member, pick a listed protocol, choose a cover amount and duration, and pay a premium up front. Pricing scales with how much risk the mutual's stakers have signaled on that protocol: members stake NXM, the mutual's token, on protocols they believe are safe, and more staked capacity generally means cheaper cover.
Cover protects against the failures that drain DeFi protocols: smart contract exploits, oracle manipulation, and severe economic attacks. It doesn't pay out for market losses. If a token you deposited drops in price, the mutual owes you nothing.
When something does go wrong, the holder files a claim and members who stake as claims assessors vote on whether it meets the cover terms. The "discretionary" label means members decide claims by vote rather than a court enforcing a contract. In practice the track record is the argument for it: seven years, over $7 billion covered, and every valid claim paid.
Why This Matters for Solana DeFi
Institutional desks have been hesitant to hold size in Solana DeFi without a hedge against protocol failure, and Karp's line about underwriting Solana risk "privately for institutional funds" suggests the demand was already there before the public listings.
The protocols being covered see it the same way.
"Robust risk management remains fundamental to how we build. Nexus Mutual bringing independent cover to Solana adds another layer of protection for Kamino users."
— Cheryl Chan, Head of Strategy & Growth, Kamino
For builders, a listing is now something to pursue: an independent underwriter reviewing your codebase and putting capital behind it carries more weight than a self-audit.
If you're holding meaningful size in Kamino, Raydium, Orca, or Jupiter, you can now put a price on protecting it. Start at the Nexus Mutual app, pick your protocol, and size the cover to your position.