Jupiter (JUP): From Solana aggregator to omni-chain DeFi super app

What is Jupiter?

Founded in October 2021 by an anonymous developer known only as “Meow,” Jupiter quickly became the go-to DEX aggregator on Solana. A DEX aggregator compares offers from various decentralized exchanges based on price and slippage, ensuring users the best trading conditions.

Within just a few years, Jupiter grew into a Solana giant, especially after a massive airdrop that rewarded users who kept engaging with the blockchain during the challenging post-FTX period. But Jupiter didn’t stop at its initial functionality, far from it.

In 2022, Jupiter introduced major upgrades to its aggregator, such as improved slippage management and the introduction of limit orders, which is a first on Solana.

In 2023, Jupiter expanded into two new markets: Jupiter Perps, a perpetual contracts trading platform that has generated over $340 billion in volume to date, and JupSOL, a liquid staking token with a capitalization of over $1 billion.

In 2024, Jupiter added Dollar-Cost Averaging (DCA) functionality to its main app, enabling gradual purchases of tokens on Solana. Later, it launched Ape Pro, an advanced memecoin trading terminal. This year also saw the launch of the JUP token via a $575 million airdrop and one of the largest ever at the time.

In 2025, Jupiter consolidated its status as DeFi’s “super app” with the launch of Jupiter Studio, allowing users to easily create tokens. The protocol also surpassed 85% DEX aggregator market share by volume on Solana, and executed a second JUP airdrop worth $616 million.

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Analysis of Jupiter’s Core Products

The DEX Aggregator

At the heart of Jupiter’s product ecosystem lies its liquidity aggregator: a platform enabling users to swap tokens on Solana at optimal prices while minimizing slippage risk.

Despite a drop in activity since the memecoin peak in January 2025, Jupiter still processes over $1 billion in daily volume. Since the start of 2025, the aggregator has generated approximately $66 million in annualized revenue.

JupSOL

JupSOL is Jupiter’s liquid staking token (LST), letting users benefit from Solana staking yields while maintaining asset liquidity. Its key differentiator: yields are boosted by validators capturing MEV (Maximal Extractable Value).

MEV refers to profits earned by blockchain validators thanks to builders who order transactions within blocks. While sometimes controversial (with some practices harming users), MEV also plays a crucial role in block optimization.

By redistributing 100% of MEV to JupSOL holders, Jupiter sets itself apart, demonstrating a rare commitment to value sharing in the ecosystem.

JupSOL currently offers an annual yield of 8.1%, ranking among the top-performing LSTs on Solana, with no additional fees except a 0.1% deposit fee to limit arbitrage. It represents 10.5% of Solana’s LST market share, ranking fourth.

Jupiter Perps

Launched in 2023, Jupiter Perps is a major perpetual contracts trading platform. It experienced steady growth in 2024, capturing much of Solana’s derivatives volume, rising from 2% to over 20% market share by November, before the Hyperliquid airdrop, then settling around 10% by year-end.

Hyperliquid’s entry disrupted incumbent protocols like dYdX, RabbitX, and Vertex, which saw their volumes drop significantly. Despite this, Jupiter Perps was the only protocol to grow both volumes and dominance throughout 2024.

As of writing, Jupiter Perps holds a 5.2% market share, behind Hyperliquid (80%), ahead of RabbitX (4%), and especially Drift Protocol (1.6%), its main Solana competitor. Removing Hyperliquid from the equation better highlights its dominance (see chart above):

Jupiter DCA

The DCA (Dollar-Cost Averaging) product allows users to invest gradually in tokens, mitigating volatility risk. This is a popular investment approach, but one rarely available outside of centralized exchanges.

Launched in October 2024, Jupiter’s DCA saw high activity from November 2024 to January 2025, averaging $450 million in volume. Activity has since declined but remains around $120 million weekly, producing $10 million in annualized revenue.

While less dominant, this product shows Jupiter’s ability to diversify and meet evolving DeFi user needs.

Ape Pro

Launched in October 2024, Ape Pro is a trading platform focused on user experience, offering advanced features for memecoin trading, portfolio tracking, and new asset monitoring.

Facing competition from Axiom, which dominates this segment, Ape Pro has struggled to find its audience. Despite technical promise, it has not differentiated itself in a saturated market, limiting its impact on Jupiter’s overall revenue.

Jupiter Studio

Launched just before Pumpfun’s PUMP token, Jupiter Studio targets Solana’s launchpad market, dominated by Pumpfun and Letsbonk. Despite a strong start, it only represents 1% of new tokens created—overshadowed by Letsbonk’s growth.

With $7 million in annualized revenue, Jupiter Studio remains an emerging product, with future potential depending on innovation and market capture.

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Outlook

JupLend

As discussed earlier, Jupiter is strengthening its “super app” positioning. Recently, it announced JupLend, a lending and borrowing platform developed with Fluid.

Fluid is an Ethereum-native protocol combining DEX and lending features using a shared liquidity layer. This setup offers higher yield opportunities for users, and the partnership allows Fluid to expand to Solana.

JupLend offers attractive loan-to-value (LTV) ratios (90–95%) thanks to Jupiter’s decentralized infrastructure, ensuring a seamless user experience. With automated liquidity management and advanced interest algorithms, JupLend benefits from Fluid’s robust mechanisms.

With over 2.4 million wallets registered for early access, JupLend is attracting major interest and could redefine decentralized lending standards on Solana—reinforcing Jupiter’s central role.

→ Find our full Fluid overview here:

JupNet

JupNet is a particularly ambitious project that moves beyond the classic DeFi application model. It’s an omnichain Layer 1 blockchain aiming to aggregate liquidity from multiple chains into a unified ledger. Key innovations include:

• DOVE (Decentralized Oracles that Validate and Execute): nodes that combine validation, execution, and external data feeds.
• Jupiter SVM: an optimized version of the Solana Virtual Machine, with a BLS Merkle aggregator and data structures enabling interchain verification.
• Omnichain Ledger Network: a unified ledger offering risk- and liquidity-adjusted finality.
• Aggregated Decentralized Identity (ADI): a simplified, seedless authentication system using standard credentials (email, Google, 2FA), secured by EOA technology.

JupNet, now in testnet, is slated for public beta in late July or early August 2025, with mainnet launch expected by year-end. The goal: transcend Solana and become the ultimate liquidity aggregator for all blockchains.

Strategic Acquisitions

To realize its “super app” vision, Jupiter has made several strategic acquisitions in recent months:

• Moonshot (Jan 2025): a mobile trading app; Jupiter is now the majority shareholder.
• SonarWatch (Jan 2025): a portfolio tracking tool, fitting Jupiter’s super app vision.
• UltimateWallet (Apr 2025): an all-in-one asset management infrastructure.
• DRiP (Apr 2025): a content platform (e.g., NFTs) that boosts asset diversity and community engagement.

These acquisitions reflect Jupiter’s commitment to pooling blockchain services and assets into its application, cementing its place as a central hub for user-demanded services.

The GUM Vision

A central pillar of Jupiter’s vision is the “Giant Unified Market” (GUM), conceptualized by Meow, Jupiter’s founder.

The GUM aims to replace fragmented financial systems like SWIFT, FOREX, or SIBOR with a unified market where stocks, real estate, cryptocurrencies and even memecoins can coexist.

With the integration of tokenized assets via xStocks, a platform representing traditional assets on-chain, Solana is moving closer to a true “Nasdaq on-chain.” As the central hub, Jupiter plays a key role in connecting these tokenized assets to the blockchain ecosystem, enabling seamless exchange and management in a decentralized environment.

GUM is essential to Jupiter realizing its full potential. Beyond aggregating native assets, it positions Jupiter as a catalyst for blockchain’s transformation into a global financial infrastructure.

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Financials: Revenue, Buyback & Burn

In 2024, Jupiter’s revenues surged, peaking at over $31 million in February. However, this momentum slowed as Solana blockchain activity fell and trading volumes dropped fourfold within months.

Despite the contraction, Jupiter’s revenues did not decline as steeply as the underlying blockchain volume.

This resilience is due to Jupiter’s ability to diversify revenue streams. By continuously expanding its platform with new products, Jupiter has maintained strong financial performance.

These additions, though incremental, reinforce the platform’s ability to generate sustainable income, consolidating its status as Solana’s DeFi super app.

Annualizing 30-day revenue, Jupiter now achieves an impressive $228 million per year, a testament to its robustness and adaptability in volatile markets.

Since February 17, 2025, Jupiter has allocated 50% of its revenue to a JUP token buyback program. One of the largest in the Solana ecosystem, it has repurchased 70 million JUP (worth $38 million). This initiative shows Jupiter’s commitment to supporting its token’s value and investor confidence.

By redistributing a significant share of its revenues to buybacks, Jupiter cements its position as a Solana powerhouse while optimizing its financial structure for long-term growth.

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Conclusion

As 2025 unfolds, Jupiter accelerates development with the imminent launches of JupLend and JupNet, two flagship products designed to expand its influence across the blockchain ecosystem. JupLend, a decentralized lending platform, and JupNet, a network focused on interoperability and transaction efficiency, reinforce Jupiter’s role as the ultimate DeFi aggregator on Solana.

Combined with ongoing diversification, these innovations position Jupiter as an essential player, able to capture a growing share of DeFi activity.

If the crypto market regains momentum, Jupiter is ideally positioned to reach new highs in activity and profitability, consolidating its place as the central hub and reference aggregator in the Solana ecosystem, and soon beyond.