Summary
Ketju does not approve Jupiter Lend: no one has verified that the deployed programs fix the three medium findings in Code4rena's July 2026 report, and Jupiter publishes no program source that would let anyone check. Code4rena runs a separate mitigation review after a sponsor deploys fixes, and Jupiter never commissioned one. The earlier memo said Ketju would not approve Jupiter Lend without proof of the fixes, and would record the verdict if the proof was still missing. It is missing, so we record the verdict now instead of at the review scheduled for 2026-11-30. One finding can make the liquidation engine fail at extreme ratios. Two accounting paths could credit suppliers more than borrowers fund and leave a reserve deficit. Jupiter Lend launched in August 2025 and grew faster than it has been tested. DefiLlama reported $925.7M TVL and $855.1M borrowed on 2026-08-14, after a $1.17B peak in March. Vaults inside the Jupiter Market share the same asset liquidity, so an “isolated vault” does not keep lender principal apart. Jupiter has not disclosed the live roles that control the Jupiter Market. The short history still counts against it, and it is no longer the only reason.
Review triggers
- Any exploit or bad debt event
- An oracle design change without a published migration
- TVL grows faster than the audit and review schedule
Facts
- Verdict
- Not approved
- Type
- Dollar lending
- Chains examined
- Solana
- Instruments
- USDC, USDT, SOL
- Reviewed
- Last confirmed