Journal · 12 August 2026
Reading lending health before the utilization line moves
Four numbers, copied before the rate
Readers often arrive at the Juchon desk talking about the borrow rate. Minseo Park’s lending binder asks for four other figures first: the collateral’s posted value, the amount borrowed, the liquidation threshold the program publishes, and the utilization level at which the rate kink begins. The rate is a consequence of the last of those. It is a poor place to start.
The August sheet in the binder uses a desk example with illustrative figures. A reader has posted SOL valued on the sheet at 12,000,000 KRW and has borrowed the equivalent of 5,000,000 KRW in USDC. The program’s published liquidation threshold for that collateral is 75 percent. The sheet then shows a simple ratio: borrowed value divided by the collateral value that the program is willing to count. In the example that ratio sits near 56 percent, with room before 75. The room is the point of the exercise. The example is retired at the next parameter filing; it is there so a new reader can see the arithmetic without using their own numbers on the first pass.
What the kink changes, and what it does not
Utilization is the share of the pool that is already lent. The filed sheet for this example program shows a kink at 80 percent utilization. Below that line the borrow rate climbs gently. Above it, the published curve steepens. A reader who only watches the rate can mistake a crowded pool for a change in their own collateral. The two can happen on the same day. They are still different facts, and the packet gives them different lines.
The private risk reading stops at this distinction. Jae-won Choi will compute the example, then compute the visitor’s own three figures if they brought them. He will not say whether to repay, add collateral, or wait. The follow-up letter restates the ratio and the kink level that were on the sheet that morning, and it names the date of the filing so a later reader can see whether the sheet has gone stale.
A stale sheet is part of the risk
Solana lending programs change parameters in public posts and in on-chain accounts. The library copies those parameters onto paper and dates the copy. If a visitor’s sitting falls twelve days after the last filing, the letter says so in the first paragraph. Freshness is a library duty. Chasing every slot is not. Readers who want a number checked against the program’s own page are shown which page the sheet was taken from, and they do that checking themselves after they leave Seobu-ro.