Jupiter Lend’s $414M USDC Vault Has Almost Nothing Free to Withdraw

The headline number is the deposit base; the operative one is the near-zero free liquidity, which turns a lending vault into a queue. That matters less for the protocol's solvency than for its credibility as a place to park stablecoin liquidity, since exit access is the product being sold. Watch whether repayments or fresh deposits actually restore withdrawal capacity, and whether the market-conditions framing holds up as the constraint eases — the open question is whether this reads as a temporary crunch or a structural mismatch between promised liquidity and loan duration.