#借贷协议风险 Seeing the vault isolation incident of Jupiter Lend, the first thing that came to my mind was the lesson from the DeFi summer of 2020. At that time, everyone was chasing high yields, with Liquidity Mining APYs easily reaching hundreds, and risk warnings were ignored. In the end, the layered risks exploded at a certain moment, trapping many passionate investors.

The situation with Jupiter this time is essentially the same old trick - using re-staking to build capital efficiency, using various vaults to make isolated commitments, but in the end, it turns out that there is no firewall as imagined. The most heartbreaking part is that Kamino's co-founder bluntly stated: Users think that providing SOL is just providing SOL, but little do they know that these assets have long been transferred into circular lending chains like JupSOL and INF. Once a certain link collapses, the entire nested structure will trigger a chain reaction like a domino effect.

I have been in this circle for so many years and have seen too many projects use "complete isolation" to dispel user concerns, but the result is just an illusion. True isolation requires on-chain verifiable mechanism design, not just promises. The Jupiter official has not yet come forward to clarify, which itself indicates the seriousness of the issue. History repeatedly tells us that when lending protocols begin to emphasize efficiency while downplaying risks, it is the moment for investors to be vigilant. This does not mean that participation is not allowed, but rather that one must understand what they are truly taking on.