jupiter-lend

Jupiter Lend Protocol

Jupiter Lend (powered by Fluid Protocol) is a lending and borrowing protocol on Solana. It offers Liquidity Pools, Lending Markets (jlTokens), and Vaults for leveraged positions.

The protocol uses two main SDKs:

• @jup-ag/lend-read: Read-only queries for all programs (Liquidity, Lending, Vaults)
• @jup-ag/lend: Write operations (deposit, withdraw, borrow, repay)

Agent usage

Example prompts you can use to demo Jupiter Lend integrations:

• Discover all available vaults and list them
• Fetch all vault positions for a user
• Deposit collateral and borrow in a single transaction
• Repay max debt and withdraw max collateral for a position
• Get user Earn (jlToken) positions and underlying balances
• Build a flashloan for arbitrage or liquidation
• Get liquidity rates and APY for a token
• Create a new vault position (positionId 0), deposit collateral, and borrow

SDK Installation

# For read operations (queries, prices, positions)
npm install @jup-ag/lend-read

# For write operations (transactions)
npm install @jup-ag/lend

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1. Key Concepts & Protocol Jargon

Understanding the architecture and terminology of Jupiter Lend will help you build better integrations.

Architecture: The Two-Layer Model

• Liquidity Layer (Single Orderbook): The foundational layer where all assets reside. It manages token limits, rate curves, and unified liquidity. Users never interact with this directly.
• Protocol Layer: User-facing modules (Lending and Vaults) that sit on top of the Liquidity Layer and interact with it via Cross-Program Invocations (CPIs).

Terminology

• jlToken (Jupiter Lend Token): The yield-bearing asset you receive when supplying tokens to the Lending protocol (e.g., jlUSDC). As interest accrues, the exchange rate increases, making your jlToken worth more underlying USDC.
• Exchange Price: The conversion rate used to translate between "raw" stored amounts and actual token amounts. It continuously increases as interest is earned on supply or accrued on debt.
• Collateral Factor (CF): The maximum Loan-to-Value (LTV) ratio allowed when opening or managing a position.
• Liquidation Threshold (LT): The LTV at which a position becomes undercollateralized and eligible for liquidation.
• Liquidation Max Limit (LML): The absolute maximum LTV limit. If a position's risk ratio exceeds this boundary, it is automatically absorbed by the protocol to protect liquidity providers.
• Liquidation Penalty: The discount percentage offered to liquidators when they repay debt on behalf of a risky position.
• Rebalance: An operation that synchronizes the upper protocol layer's accounting (Vaults/Lending) with its actual position on the Liquidity layer. It also syncs the orderbook to account for any active accrued rewards.
• Tick-based Architecture: The Vaults protocol groups positions into "ticks" based on their risk level (debt-to-collateral ratio). This allows the protocol to efficiently manage risk and process liquidations at scale.
• Dust Borrow: A tiny residual amount of debt intentionally kept on positions to handle division rounding complexities.
• Sentinel Values: Constants like MAX_WITHDRAW_AMOUNT and MAX_REPAY_AMOUNT that tell the protocol to dynamically calculate and withdraw/repay the maximum mathematically possible amount for a position.