Jupiter Lend's Reserve Questioned for "Incomplete Isolation," Fluid and Kamino Founders Speak Out

2025.12.07 00:16:27

**December 7th** Jupiter Lend’s vault independence is facing intense scrutiny from the Solana community, after co-founders of two Solana protocols—Fluid and Kamino—called out the platform for misstating its "full isolation" claim. Samyak Jain, co-founder of Solana lending protocol Fluid, confirmed Jupiter Lend’s vaults use rehypothecation to boost capital efficiency, noting assets in the vaults are "not completely isolated" from one another. Marius, co-founder of Solana liquidity protocol Kamino, added: *This week, Kamino banned the Jup Lend migration tool because users were misled and unaware of the protocol’s design and risks. Jupiter Lend has repeatedly claimed assets have no interrelation, and that "users won’t be affected if assets in different vaults face adverse events"—a claim that is completely unfounded. For example, if a user supplies SOL and borrows USDC, their SOL is lent to recursive borrowers (including JupSOL, INF, etc.). Users bear all risks of this recursive nesting or asset collapses.* Jupiter Exchange now faces heavy community backlash.

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