Source: Messari; Compiled by: AIMan@黄金财经
Key Points:
Jupiter dominates Solana DeFi, processing over 90.0% of the aggregated trading volume on Solana and has a growing product suite (such as Portfolio Tracker, Pro Dashboard, Jupiter Mobile, Perps DEX, etc.)
JUP’s token economics prioritize community ownership and autonomy, with public token audits, no VC allocation at launch, a destruction of 3 billion tokens (30.0% of the total supply, distributed equally between the team and the community), and a commitment to use 50.0% of protocol fees to accumulate JUP in the “Litterbox,” a dedicated wallet used to hold repurchased tokens on behalf of the community. The upcoming Jupiter Lend product introduces lending capabilities through a backend integration with Fluid, expanding the team's vertical reach and targeting Solana's second-largest TVL sector. Beyond DeFi, the launch of JupNet will eliminate fragmentation across blockchains, wallets, and identities through a unified account-based system. In Q2 2025, Jupiter's product suite generated $38.4 million in revenue from trading activity, with perpetual contracts (54.5%), Super Mode (30.8%), and DCA/Term Orders (2.6%) accounting for the majority, with contributions also coming from RFQs (8.7%), limit orders (1.6%), developer APIs (1.0%), and jupSOL (0.9%).
Foreword
Jupiter ( JUP ) launched in October 2021 as the Solana trade aggregator, aiming to route trades along the most efficient path, resulting in the best price, by aggregating liquidity from decentralized AMMs and order books. As DeFi activity on Solana continues to expand, Jupiter has become the network's most actively used trading interface, supporting hundreds of millions of trades per 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 recent launch of "Super Mode." This mode integrates real-time slippage estimation, dynamic priority fees, and optimized trade landing capabilities to reduce back-end execution costs. In addition to these improvements, the team has expanded its feature suite to include dollar-cost averaging, perpetual contract trading, a mobile app, and portfolio tracking, positioning itself as a more comprehensive DeFi platform. In January 2024, Jupiter's governance token, JUP, launched through an open liquidity pool and airdrop, reaching over 600,000 wallets, avoiding traditional venture capital allocation and over-the-counter trading. A year later, the Jupiter protocol destroyed 3 billion JUP, representing 30.0% of the total supply, with the community and team sharing the 50.0% share. 50.0% of transaction fee revenue was used for token buybacks, further strengthening its usage-driven value-added model. As of July 2025, there were approximately 920,000 on-chain holders. What is Jupiter? Launched in 2021 by co-founders Meow (a pseudonym) and Siong Ong, Jupiter aimed to address one of the biggest issues in Solana DeFi's early days: liquidity fragmentation between AMMs and order books. At the time, Solana's DEX landscape was a patchwork of isolated AMMs and order books, each operating in its own silo. Early on, the team focused on aggregating DEXes like Serum, which offered deep liquidity but lacked a user-friendly experience. Jupiter addressed this problem by building an aggregator that stitched these venues together, routing orders between them to surface the best price. Following the FTX debacle, as Solana users scrambled for trust-minimized liquidity, Jupiter quietly found product-market fit and became the network's most-used swap aggregator. As of June 30, 2025, the project ranked first among all blockchain DEX aggregators in terms of trading volume (seven-day, one-month, and all timeframes). In the second quarter of 2025 alone, Jupiter facilitated over 1.4 billion transactions, representing approximately $80 billion in trading volume. Specifically, this represents over 90.0% of all aggregator activity on Solana and 50.0% of all aggregator activity across all blockchains. But mere aggregation isn't the end goal. Jupiter has evolved into a full-stack DeFi platform, more like an operating system than an exchange interface; it combines new routing optimizations, an expanding internal product suite, and selective acquisitions to expand its reach within the Solana ecosystem. For example, to improve execution quality, in January 2025, the team launched Ultra Mode, an optimization layer that automatically estimates slippage, dynamic fees, and trade placement, and exposes this routing logic to partners via an API. Today, the team has a diverse portfolio of products, including (i) Portfolio Tracker, (ii) Pro Trading Terminal, (iii) Jupiter mobile app, (iv) Perps DEX, and (v) Jupiter Studio, a token launch platform. They have also expanded through acquisitions of complementary projects, such as (i) DRiP, an NFT platform; (ii) Moonshot, a memecoin exchange; (iii) Coinhall, a Cosmos aggregator; (iv) SolanaFM, a block explorer; (v) Sonarwatch, a tracking dashboard; and Ultimate, a self-custodial DeFi mobile app. As the product ecosystem matured, its user base and token grew accordingly. Early adopters were rewarded generously with Jupiter's governance token, JUP, which was initially airdropped to over 600,000 wallets. The subsequent "wealth effect" accrued to early adopters was unsurprising, and JUP is now a metric for the growth of the Solana ecosystem. However, unlike most governance tokens, JUP did not undergo any VC allocations or over-the-counter trading at launch. Furthermore, Jupiter destroyed 3 billion JUP tokens (30.0% of the total token supply), split equally between the community and the team. Furthermore, Jupiter has pledged to use 50.0% of platform fee revenue to continuously repurchase JUP from the open market. These repurchased tokens will accumulate in a "Litterbox" wallet, a dedicated storage facility for repurchased tokens, directly benefiting JUP holders. Users can review the destruction, distribution, and repurchase status in this community audit. The latest usage and revenue data for the second quarter of 2025 provides insight into the scale of activity across Jupiter Chain's products. Specifically, Jupiter generated $38.4 million in total revenue, with the majority coming from trading activity: perpetual contracts ($20.9 million, 54.5%), Super Mode ($11.8 million, 30.8%), DCA and term orders ($996,400, 2.6%), and limit orders ($609,800, 1.6%). Other revenue streams include RFQs ($3.4 million, 8.7%), developer APIs ($393,600, 1.0%), and jupSOL staking ($336,600, 0.9%). Other products and interfaces, such as Jupiter Pro, attracted 4.4 million unique users over the past 30 days, while its mobile app has accumulated approximately 825,000 downloads. User engagement with portfolio tools has also continued to grow, averaging 500,000 users per month. The question now is what the next phase will look like for Jupiter. So, where will it go? Jupiter has established its brand by attracting the most active users in the cryptocurrency space through its leading Solana token exchange aggregation interface. However, the lending business, led by Kamino and MarginFi (which accounts for 15.0% of Solana's total value locked (TVL), remains underdeveloped. Bringing lending to Jupiter Chain's interface is expected to generate significant annual revenue, a portion of which will benefit JUP token holders. Therefore, on June 6, 2024, Jupiter announced a partnership with Fluid, one of Ethereum's fastest-growing DeFi protocols, to launch Jupiter Lend, an on-chain money market. Specifically, Jupiter will route lending and borrowing transactions through Fluid's backend liquidity layer. Learn more about Fluid and its unique technologies, such as its liquidation engine and smart debt. Jupiter Lend will launch in mid-August 2025, offering over $1 million in rewards. Whitelisting is available here and closed on the 28th. Beyond DeFi, JupNet, the Aggregator of Everything Jupiter isn't just about DeFi; the team recently announced JupNet, an infrastructure layer that unifies liquidity and identity in a single environment. Simply put, Jupiter believes the industry is headed towards a world with millions of chains, billions of users, and trillions of tokens. JupNet will aggregate these vast ecosystems, freeing users from the hassle of bridging assets, managing gas fees, or juggling dozens of wallets. Instead, JupNet will operate through an account-based system, similar to the familiar brokerage account experience, ultimately transforming the cryptocurrency UI and UX landscape.
To this end, JupNet technology will consist of three pillars:
Decentralized Oracle Verification and Enforcement (DOVE) Network: A peer-to-peer layer for data and liquidity interoperability.
Omnichain Ledger Network: Designed to provide a unified view of the ledger across chains.
Aggregated Decentralized Identity (ADI): A self-sovereign identity layer that ties together (i) wallet addresses, (ii) reputation, and (iii) user history across applications, similar to traditional multi-factor authentication (MFA).
JupNet is currently in a private testnet phase, with a public testnet launch expected in early Q4.
Conclusion
Jupiter initially faced a narrow problem: efficiently routing token swaps across the fragmented Solana liquidity pool. The solution: an aggregation engine integrated into a seamless interface that quickly finds product-market fit and currently routes the majority of exchange activity on Solana. Jupiter accounts for over 90% of aggregator traffic on Solana and 50% of traffic on the entire Solana blockchain, making it the leading DEX aggregator by trading volume.
But this was only the first phase. Since then, Solana has continued to expand its scope, first horizontally with the introduction of new features such as perps, launchpads, and mobile tools, and then vertically with the launch of Solana Lend. Now, with the upcoming launch of JupNet, the project is turning its focus inward, reframing the challenge as not just about user experience but also about core infrastructure. In a future characterized by multi-chain and fragmentation, JupNet will aggregate execution, ledger state, and user identity into a single system designed to hide complexity from users.
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