SOL Under Scrutiny as Fluid and Kamino Warn Jupiter Lend Vaults Aren’t Fully Isolated, Exposing Nested-Loan Risks in the Solana Ecosystem

The Solana community is questioning the independence of Jupiter Lend‘s Vaults, citing potential cross‑asset exposure and capital efficiency gained through rehypothecation. The debate centers on whether true isolation exists across vaults and what that implies for risk governance within the Solana ecosystem.

Samyak Jain, co‑founder of Fluid, acknowledged that Jupiter Lend‘s Vaults utilize rehypothecation for capital efficiency and that assets across Vaults are not entirely isolated, drawing scrutiny toward Jupiter Exchange from the Solana community.

Marius, co‑founder of Kamino, noted that the project paused the Jup Lend migration tool after users reported confusion about design and risk. He added that disclosures of no asset interconnections are contested, and that a user supplying SOL and borrowing USDC could face exposure to recursive borrowers such as JupSOL and INF, amplifying risk in a cross‑vault environment.