Jupiter: Decentralized Finance Super App

Source: Messari; Compile: AIMan@Golden Finance

Key Points:

• Jupiter dominates in Solana DeFi, handling over 90.0% of the aggregated trading volume on Solana, and has a growing suite of products (such as Portfolio Tracker, Pro Dashboard, Jupiter Mobile, Perps DEX, etc.)
• The tokenomics of JUP prioritizes community ownership and autonomy, employs public token audits, did not allocate VC at launch, burned 3 billion tokens (accounting for 30.0% of the total supply, evenly distributed between the team and the community), and commits to using 50.0% of the protocol fees to accumulate JUP in the "Litterbox," which is a dedicated wallet for holding repurchased tokens on behalf of the community.
• The upcoming Jupiter Lend product introduces lending capabilities through backend integration with Fluid, expanding the team's vertical influence and targeting the second largest TVL sector on Solana.
• In addition to DeFi, the launch of JupNet will also eliminate the fragmentation between blockchain, wallets, and identity through a unified account-based system.
• In Q2 2025, Jupiter's product suite generated $38.4 million in trading activity revenue, with perpetual contracts (54.5%), super mode (30.8%), and DCA/regular orders (2.6%) accounting for the majority, along with contributions from RFQ (8.7%), limit orders (1.6%), developer API (1.0%), and jupSOL (0.9%).

Preface

Jupiter ( JUP ) was launched in October 2021 as a trading aggregator for Solana, aimed at routing trades to the most efficient paths by integrating liquidity from decentralized AMMs and order books, thus presenting optimal prices. As DeFi activity on Solana continues to expand, Jupiter has become the most actively used trading interface on the network, supporting hundreds of millions of transactions each quarter and integrating with over 100 partners across the ecosystem.

The Jupiter protocol continues to roll out a series of routing and trading upgrades, including the Metis routing engine, transaction fee prioritization, and the recently launched "Super Mode." This mode integrates real-time slippage estimation, dynamic priority fees, and optimized trade settlement functions, aimed at reducing backend execution costs. In addition to these optimizations, the team has also expanded its suite of features, including dollar-cost averaging, perpetual contract trading, mobile applications, and portfolio tracking, aiming to position itself as a more comprehensive DeFi platform.

In January 2024, the Jupiter governance token JUP was launched through an open liquidity pool and airdrop method, covering over 600,000 wallets, avoiding traditional venture capital distribution and over-the-counter trading. One year later, the Jupiter protocol burned 3 billion JUP, accounting for 30.0% of the total supply, with the burn amount equally shared by the community and the team, and 50.0% of the transaction fee income was used for token buyback, further strengthening its usage-oriented value appreciation model. As of July 2025, there are approximately 920,000 on-chain holders.

What is Jupiter?

Jupiter was launched in 2021 by co-founders Meow (pseudonym) and Siong Ong, aiming to address one of the biggest problems in early Solana DeFi: the fragmentation of liquidity between AMMs and order books. At that time, Solana's DEX landscape was pieced together by isolated AMMs and order books, each operating on its own island. Early on, the team focused on aggregating DEXs like Serum, which provided deep liquidity but lacked a user-friendly experience. Jupiter solved this issue by building an aggregator that stitched these venues together, routing orders between them to show the best prices. After the FTX collapse, as Solana users rushed to seek trust-minimized liquidity, Jupiter quietly found its product-market fit and became the most used swap aggregator on the network. As of June 30, 2025, the project ranked first in trading volume among all blockchain DEX aggregators (seven days, one month, and all-time ranges).

In just the second quarter of 2025, Jupiter facilitated over 1.4 billion transactions, with a transaction volume of approximately 80 billion dollars. Specifically, this accounted for over 90.0% of all aggregator activity on Solana, as well as 50.0% of the total aggregator activity across all blockchains.

But mere aggregation is not the ultimate goal. Jupiter has now developed into a full-stack DeFi platform; rather than being an exchange interface, it resembles an operating system more closely. It combines new routing optimization, an ever-expanding suite of internal products, and selective acquisitions to expand its influence within the Solana ecosystem. For example, to improve execution quality, the team launched Ultra Mode in January 2025, which is an optimization layer that can automatically estimate slippage, dynamic fees, and trade settlement, and provide this routing logic to partners via API.

Today, the team has a variety of products, including (i) Portfolio Tracker, (ii) Pro Trading Terminal, (iii) Jupiter mobile application, (iv) Perps DEX, and (v) token launch platform Jupiter Studio. In addition, they are expanding through the acquisition of complementary projects, such as (i) NFT platform DRiP; (ii) memecoin trading platform Moonshot; (iii) Cosmos aggregator Coinhall; (iv) block explorer SolanaFM; (v) tracking dashboard Sonarwatch; and (vi) self-custody DeFi mobile application Ultimate.

As the product ecosystem matures, its user base and tokens also grow. Early users received generous rewards, namely Jupiter's governance token JUP, which was initially airdropped to over 600,000 wallets. Subsequently, the "wealth effect" experienced by early adopters was also expected, and JUP has now become a metric for the growth of the Solana ecosystem.

However, unlike most governance tokens, JUP did not have a VC allocation and OTC trading at the time of launch. Additionally, Jupiter burned 3 billion JUP tokens (accounting for 30.0% of the total token supply), with half allocated to the community and half to the team. Furthermore, Jupiter has pledged to use 50.0% of the platform's fee revenue to continuously repurchase JUP from the open market, and these repurchased tokens will be accumulated in the "Litterbox" wallet, which is a wallet specifically for holding repurchased tokens, benefiting JUP holders directly. Users can check the status of burns, allocations, and repurchases in this community audit.

The latest usage and revenue data for Q2 2025 helps to understand the scale of activities of various products on the Bamboo Star Chain. Specifically, Jupiter's total revenue is $38.4 million, most of which comes from trading activities: perpetual contracts ($20.9 million, accounting for 54.5%), super mode ($11.8 million, accounting for 30.8%), DCA and regular orders ($996,400, accounting for 2.6%), and limit orders ($609,800, accounting for 1.6%). Other sources of revenue include RFQ ($3.4 million, accounting for 8.7%), developer-focused API ($393,600, accounting for 1.0%), and jupSOL staking ($336,600, accounting for 0.9%).

Other products and interfaces, such as Jupiter Pro, attracted 4.4 million unique users in the past 30 days, while its mobile app has a cumulative download of approximately 825,000 times. User engagement with the portfolio tool has also continued to grow, with an average monthly user count reaching 500,000.

The current question is, what will the next phase of Jupiter look like? So, where will they go?

Where will Jupiter go next?

Jupiter Lend, on-chain money market

Jupiter has attracted the most active users in the cryptocurrency space with its leading Solana token exchange aggregation interface, thus establishing its own brand. However, the lending business dominated by Kamino and MarginFi (which accounts for 15.0% of the total locked value TVL on Solana) is still underdeveloped. Introducing the lending business to the Bamboo Star Chain interface is expected to bring substantial annual revenue, a portion of which will benefit JUP token holders.

Therefore, Jupiter announced on June 6, 2024, a partnership with Fluid, one of the fastest-growing DeFi protocols on Ethereum, to launch the on-chain money market Jupiter Lend. Specifically, Jupiter will route lending transactions through Fluid's backend liquidity layer. For a more comprehensive understanding of Fluid and its unique technologies (such as the liquidation engine, smart debt, etc.).

Jupiter Lend will launch in mid-August 2025, offering over $1 million in rewards; the whitelist is here and has closed on the 28th.

Beyond DeFi, JupNet, Universal Aggregator

Jupiter does not stop at DeFi; the team recently announced JupNet, which is an infrastructure layer that unifies liquidity and identity layers in a single environment.

In short, Jupiter believes that the entire industry is moving towards a world with millions of chains, billions of users, and trillions of tokens. JupNet will aggregate these vast ecosystems, allowing users to no longer struggle with bridging assets, managing Gas fees, or dealing with dozens of wallets. Instead, JupNet will operate through an account-based system, similar to the brokerage account experience we are familiar with, ultimately transforming the current state of cryptocurrency UI and UX.

To this end, JupNet technology will consist of three main pillars:

• Decentralized oracle verification and execution (DOVE) Network: A peer-to-peer layer for data and liquidity interoperability.
• Omnichain Ledger Network: Aims to provide a unified ledger view across chains.
• Aggregated Decentralized Identity (ADI): A self-sovereign identity layer that links (i) wallet addresses, (ii) reputation, and (iii) cross-application user history, similar to traditional multi-factor authentication (MFA).

JupNet is currently in the internal testnet phase, with plans to launch the public testnet in early the fourth quarter.

Conclusion

Jupiter initially faced a narrow problem: efficiently routing token swaps within the fragmented Solana liquidity. The solution is an aggregation engine integrated into a seamless interface that can quickly find the product-market fit, currently responsible for the majority of swap activity on Solana. Jupiter accounts for over 90% of the aggregator traffic on Solana, as well as 50% of the traffic across the entire Solana blockchain, making it the leading DEX aggregator by trading volume.

But this is just the first phase. After that, Solana continued to expand its business scope, first through horizontal expansion, launching new features such as perps, launchpads, and mobile tools; followed by vertical expansion with the launch of Solana Lend. Now, with the upcoming launch of JupNet, the project shifts its focus inward, redefining the challenge not only in terms of user experience but also concerning core infrastructure. In the future of multi-chain and fragmentation trends, JupNet will aggregate execution, ledger state, and user identity into a single system designed to hide complexity from users.