The Solana community has been in an uproar recently—the risk issues with Jupiter Lend have been exposed.

It all started when SolanaFloor reported that Samyak Jain, co-founder of Fluid, personally admitted that Jupiter Lend’s treasury, in order to improve capital efficiency, engages in re-pledging, and that “it’s not fully segregated.” As soon as this was revealed, Kamino’s co-founder Marius fired back: this is nothing like the “no risk contagion” that Jupiter has been touting.

Here’s how it actually works: after users deposit SOL...

(Wait, halfway through the story I suddenly realized) isn’t this just a classic case of “marketing rhetoric” versus “actual mechanism”? The protocol team emphasizes secure segregation in their public messaging, but the underlying architecture sacrifices some independence for efficiency. To put it bluntly, the risk exposure is bigger than users think.

What the community is most concerned about now is: how many other lending protocols are playing these word games? Where is the transparency in DeFi?