Jupiter ( JUP ) Price Live Chart

What is Jupiter? 

Jupiter is Solana's leading decentralized exchange (DEX) aggregator and DeFi super-app, the single platform through which the overwhelming majority of Solana's on-chain trading flows. Launched in October 2021 by its founder Meow (known pseudonymously), Jupiter began as a simple swap routing engine that found the best execution prices across Solana's fragmented DEX landscape. In less than five years, it has grown into something categorically different: a unified DeFi infrastructure layer offering token swaps, limit orders, dollar-cost averaging, perpetual futures trading, liquid staking, lending, a native stablecoin, and an in-development omnichain network designed to unify all of crypto into a single decentralized ledger. 

Jupiter is frequently described by its team and the broader Solana community as a "DeFi super app," and the description is accurate. No other single protocol on Solana handles more volume, more products, or more active users. For any participant in the Solana ecosystem, Jupiter is not one option among many: it is effectively the starting point.

The native governance token, JUP, was launched in January 2024 through one of the most widely distributed airdrops in crypto history and has since been subject to significant structural changes, supply burns, buyback programs, airdrop redesigns, and the first-ever outside investment in Jupiter's history that have made its tokenomics one of the most actively discussed in Solana DeFi.

Key Stats at a Glance (June 2026)

• JUP price: $0.20

• Market cap: $663–702 million

• Fully Diluted Valuation (FDV): $1.45 billion

• Max supply: 7 billion JUP (reduced from 10B via the Catstanbul burn)

• Circulating supply: 3.3 billion JUP

• Total Value Locked (TVL): $1.5 billion

• Jupiter Lend (beta) TVL: $845 million

• DEX aggregator market share on Solana: 95%

• Solana perpetuals market share: 80%

• Buyback spend (2025): $70 million+

• Outside investment: $35 million from ParaFi Capital (February 2026)

• JUP all-time high: $2.00 (early 2024)

The gap between Jupiter's market cap ($663M) and the scale of its operations processing the vast majority of Solana DEX volume, managing $1.5B in TVL, and operating the chain's dominant perpetuals platform are some of the defining analytical narratives around JUP in 2026.

Why does Jupiter dominate Solana DeFi?

Jupiter's dominance is not accidental. Several structural factors combined to create a near-monopoly on Solana's trading flow:

1. First-mover advantage in aggregation: Jupiter launched in October 2021, before Solana's DeFi ecosystem matured enough to support native order books at scale. By positioning itself as the routing layer above all DEXs rather than competing with them, Jupiter captured a network position that has proven extremely difficult to dislodge.

2. Superior execution quality: Jupiter's routing algorithm searches across every major Solana venue, Raydium, Orca, Meteora, Lifinity, Phoenix, and others, splitting orders across multiple pools when doing so achieves better execution than routing through a single venue. For most token pairs, this produces materially better prices than any single DEX can offer, which creates a strong incentive for users to always start with Jupiter rather than routing directly.

3. Product expansion at the right moment: As Solana's ecosystem grew through 2023 and 2024, Jupiter consistently expanded its product suite to capture adjacent DeFi activity: limit orders, DCA, perpetuals, and eventually lending and stablecoins. Each new product kept users within the Jupiter interface rather than sending them to specialized competitors.

4. Ecosystem alignment: Jupiter's identity is deeply entwined with Solana's own narrative. The protocol's success and Solana's success are inseparable in the community's perception, creating a symbiotic relationship where Jupiter benefits from Solana ecosystem growth and Solana benefits from Jupiter's liquidity aggregation.

How does Jupiter work?

At its foundation, Jupiter is a DEX aggregator, a protocol that routes token swap orders across multiple liquidity venues to find the best available execution price. When a user initiates a swap on Jupiter, the following happens: 

1. Route discovery: Jupiter's algorithm evaluates all available liquidity pools on Solana that contain the input and output tokens. For common pairs like SOL/USDC, this may include dozens of pools across multiple protocols.

2. Split routing: For larger orders, Jupiter may split the trade across multiple pools to minimize price impact. For example, 60% of a large SOL → USDC swap might route through Raydium's concentrated liquidity pool and 40% through Orca's standard pool, achieving better average execution than either pool alone could provide.

3. Best price execution: The route that delivers the most output tokens to the user  after accounting for fees and slippage is selected and presented to the user for confirmation.

4. On-chain settlement: The trade settles entirely on-chain in a single Solana transaction, with the user's wallet directly receiving the output tokens.

This architecture means Jupiter itself holds no user funds and takes no custody of assets at any point. It is infrastructure for routing, not a custodian. 

Jupiter's Full Product Suite

Jupiter has expanded well beyond swap aggregation. As of 2026, the platform encompasses the following products:

Limit Orders

Jupiter's decentralized limit order system allows users to specify a target price for any Solana token pair. When the market reaches that price, Jupiter automatically executes the trade without the user needing to monitor prices or remain online. Orders are entirely non-custodial; funds are held in a program-owned account that only executes at the specified price or returns funds to the user if the order is cancelled.

Dollar-Cost Averaging (DCA)

Jupiter's DCA feature automates recurring purchases of any Solana token at a user-defined frequency (hourly, daily, weekly). Users specify the total budget, the purchase frequency, and the target token, and Jupiter executes each tranche automatically. This allows traders to systematically accumulate positions and spread execution risk across market cycles without manual intervention.

Jupiter Perpetuals and the JLP Pool

Jupiter Perpetuals is Solana's largest decentralized perpetual futures trading venue, handling approximately 80% of Solana's perpetuals volume and at peak periods exceeding $500 million in daily notional volume. Jupiter Perps offers leveraged trading on SOL, ETH, and wBTC with up to 100x leverage (some configurations support higher), entirely on-chain with no KYC requirement.

The mechanics are built around the Jupiter Liquidity Pool (JLP) a multi-asset pool containing SOL, ETH, wBTC, USDC, and USDT that serves as the counterparty to all leveraged trades. Users who deposit assets into JLP earn a share of perpetuals trading fees in return for providing this counterparty liquidity. JLP holders profit when traders lose and lose when traders profit, making JLP participation a bet on the aggregate performance of the platform's trader base.

JLP holders also earn an ongoing yield from funding fees paid by leveraged traders, creating a passive income stream for long-term liquidity providers.

JupSOL: Liquid Staking

JupSOL is Jupiter's liquid staking token for native SOL. Users deposit SOL and receive JupSOL, a yield-bearing token that accrues Solana staking rewards in real time. JupSOL can be freely transferred, used as collateral in DeFi protocols, or held passively to earn staking yield without the standard 2–3 epoch (~5 day) unstaking delay. Jupiter routes staking through a curated set of high-performance Solana validators, maximizing yield for JupSOL holders.

JupUSD: Native Yield-Bearing Stablecoin

Launched in January 2026, JupUSD is Jupiter's native dollar-pegged stablecoin. It is backed 90% by USDTb itself, collateralized by BlackRock's BUIDL money market fund, and 10% by USDC. This backing structure gives JupUSD an institutional-grade collateral profile unusual for a DeFi-native stablecoin and generates a yield from the underlying BlackRock assets.

JupUSD plays a strategic role in the Jupiter ecosystem: the protocol is progressively replacing USDC within the JLP pool with JupUSD, potentially converting $750 million in pool stablecoins to the yield-bearing version. The February 2026 ParaFi Capital investment was settled entirely in JupUSD the first major institutional transaction using the stablecoin.

Jupiter Lend

Jupiter Lend launched in beta in 2026 and quickly accumulated $845 million in TVL, making it one of the fastest-growing lending protocols on Solana. The product allows users to supply and borrow Solana assets with dynamic interest rates determined by utilization curves. Jupiter Lend's integration within the Jupiter interface alongside swaps, perps, and DCA positions it as the lending layer of a fully integrated DeFi super-app, where users can borrow against their assets and immediately deploy the proceeds into other Jupiter products.

Ultra Mode

Ultra Mode is Jupiter's new default trading interface, designed for speed and simplicity. It automates real-time slippage estimation, dynamic priority fee calculation, and optimized transaction construction, removing the configuration overhead that deterred less technical users. Ultra Mode introduces a 0.1% platform fee on swaps (0.05% for stablecoin-to-SOL) in exchange for this optimized experience, representing Jupiter's most direct monetization of its swap volume.

Jupnet: The Omnichain Vision

Jupnet is Jupiter's most ambitious product, an omnichain network designed to aggregate all of crypto into a single decentralized ledger. Announced at Catstanbul 2025, Jupnet is powered by three core components:

• DOVE Network: Decentralized validators that create a unified source of truth for cross-chain state and execute cross-chain transactions

• Omnichain Ledger: A unified liquidity and transaction layer that treats assets from any chain as first-class participants

• ADI (Aggregated Decentralized Identity): On-chain account management that allows users to maintain a single cross-chain identity

Jupnet aims to solve DeFi's fragmentation problem, the proliferation of isolated chains, bridges, and liquidity pools that forces users to manage assets across multiple incompatible environments. By treating the entire crypto ecosystem as a single unified ledger, Jupnet could position Jupiter as the access layer for all of DeFi rather than just Solana.

JUP Token: Utility, Tokenomics, and Value Accrual

What Is the JUP Token?

JUP is the native governance and utility token of the Jupiter protocol. It serves three primary functions:

1. Governance: JUP holders vote on protocol-level decisions, fee structures, airdrop designs, treasury allocations, and major strategic initiatives. The Jupiter DAO has exercised meaningful governance power, including the decision to burn 3 billion tokens at Catstanbul and the 2026 redesign of the Jupuary airdrop distribution.

2. Staking: Users can stake JUP to participate in governance and earn a share of protocol revenue. The February 2026 DAO vote to eliminate net-new JUP emissions for the year included a reallocation of 200 million Jupuary tokens specifically to long-term stakers, creating a direct financial reward for governance participation.

3. Fee accrual: Under the buyback program announced at Catstanbul 2025, 50% of all Jupiter platform fees are allocated to open-market buybacks of JUP tokens, which are then locked for three years. This creates a direct linkage between platform revenue and demand for JUP.

Tokenomics at a Glance

• Original max supply: 10 billion JUP

• Reduced max supply (post-Catstanbul burn): 7 billion JUP

• Team allocation: 20%, subject to a 2-year vesting schedule

• Community allocation: Distributed via Jupuary airdrops, staking rewards, and ecosystem grants

• Buyback mechanism: 50% of platform fee revenue allocated to open-market JUP purchases, locked 3 years

• 2026 emission freeze: DAO voted in February 2026 to eliminate net-new JUP emissions for the remainder of the year

Jupuary: The Annual JUP Airdrop Tradition

Jupuary is Jupiter's annual airdrop program, a community distribution event that has become one of Solana DeFi's defining seasonal narratives.

Jupuary 1 (January 2024): 1 billion JUP tokens were distributed to over 1 million eligible wallets based on historical Jupiter usage. At launch prices, the distribution was worth over $1 billion, one of the largest single-event airdrops in crypto history.

Jupuary 2 (January 2025, coinciding with Catstanbul): 700 million JUP tokens were distributed to approximately 2 million eligible wallets, valued at approximately $616 million at the time of distribution. A notable critique emerged: the broad eligibility criteria included many short-term users who immediately sold, contributing to downward price pressure on JUP in the weeks following the airdrop.

Jupuary 3 (May 2026): Following a DAO vote that cut the planned distribution by 71% from 700 million to 200 million JUP, the 2026 airdrop was redesigned to reward long-term stakers rather than broad usage. An additional 200 million JUP was simultaneously allocated specifically to stakers, and 300 million was locked for Jupnet development. The April snapshot captured only fee-paying activity, explicitly excluding passive behavior that had diluted prior distributions.

Jupiter vs. Competitors

Jupiter's product breadth on a single chain is unmatched among DEX aggregators. Its closest comparison is not 1inch or Uniswap but Robinhood or a traditional brokerage, a single interface through which users access all financial products, rather than a single-function trading tool.

Risk Factors to Know Before Using Jupiter or Holding JUP

1. Smart contract risk: Jupiter's perpetuals, lending, and stablecoin products involve complex on-chain mechanisms. Audited but not infallible, these systems carry smart contract risk that is distinct from the simpler routing function of the original aggregator.

2. JUP token dilution: Monthly team and ecosystem unlocks continue through the vesting schedule, contributing to selling pressure that the buyback program has struggled to fully offset. The DAO's decision to freeze emissions in 2026 reflects awareness of this tension.

3. Buyback effectiveness debate: Jupiter spent over $70 million on buybacks in 2025 while JUP fell approximately 89% from its all-time high prompting the founder himself to publicly question whether the program was effective. The debate over whether buybacks or ecosystem growth is the better use of fee revenue remains unresolved.

4. JupUSD collateral risk: JupUSD's 90% backing by USDtb introduces exposure to the underlying BlackRock BUIDL fund and Ethena's USDtb smart contracts. A failure in either would affect JupUSD's peg and potentially the JLP pool.

5. Jupnet execution risk: Jupnet is Jupiter's most ambitious product and the furthest from completion. Cross-chain infrastructure is technically complex and historically the source of major DeFi exploits. Delays or failures in Jupnet development could affect market expectations for JUP.

6. Solana ecosystem concentration: Jupiter's fortunes are directly tied to Solana's. A significant Solana network outage, security incident, or competitive loss to other Layer 1s would directly impact Jupiter's usage and revenue.

Catstanbul 2025: Jupiter's Inaugural Community Conference (January 25–26, Istanbul)

Catstanbul 2025 was Jupiter's first-ever community conference, held in Istanbul, Turkey, on January 25–26, 2025. The name, a portmanteau of "cat" (a recurring Jupiter community motif), "Istanbul," and "Istanbul," reflected the protocol's irreverent community identity. The two-day event drew thousands of community members and became the stage for the most significant cluster of Jupiter announcements in the protocol's history.

1. The 3 Billion JUP Token Burn: The headline moment of Catstanbul was the physical and symbolic destruction of 3 billion JUP tokens, 30% of the total supply voted by the Jupiter DAO. Attendees watched a 20-foot "Burning Cat" sculpture go up in flames at sunset, representing the permanent removal of the tokens from circulation. The burn reduced JUP's maximum supply from 10 billion to 7 billion tokens and was presented as a long-term commitment to token value preservation.

2. The 50% Fee Buyback Program: Jupiter announced that going forward, 50% of all platform fee revenue would be allocated to open-market buybacks of JUP tokens, which would then be locked for three years. The remaining 50% would fund ecosystem growth, including grants and product development. This was Jupiter's most direct statement of intent to tie JUP's value to the protocol's commercial success.

3. Moonshot Acquisition: Jupiter announced the acquisition of a majority stake in Moonshot, a consumer app that allows users to buy Solana memecoins via Apple Pay, which had gained mainstream attention following the explosive $TRUMP memecoin launch. The acquisition positioned Jupiter in the retail memecoin space, where Solana had captured significant attention and volume.

4. SonarWatch Acquisition: Jupiter also acquired SonarWatch, a Solana portfolio tracking application, to build a best-in-class portfolio management experience natively within the Jupiter ecosystem. The acquisition signals Jupiter's ambition to be the comprehensive financial dashboard for Solana users, not just a trading venue.

5. Jupnet Announcement: Jupiter unveiled Jupnet, its vision for an omnichain network that would consolidate all blockchain ecosystems into a single, unified decentralized ledger. The announcement was framed as Jupiter's long-term thesis: that the future of DeFi is not chain-specific but omnichain, and Jupiter intends to be the access layer for it.

6. $10 Million AI Fund: Jupiter announced a $10 million allocation to fund AI-related development within the Jupiverse ecosystem, reflecting the broader Solana community's enthusiasm for AI x crypto convergence and positioning Jupiter as an active participant in this narrative.

7. Ultra Mode Preview: Catstanbul previewed Ultra Mode, a simplified, automated trading experience designed to remove configuration friction for mainstream users and introduce a standardized platform fee structure.

JupUSD Stablecoin Launch (January 2026)

Jupiter launched JupUSD in January 2026 as its native dollar-pegged, yield-bearing stablecoin. The 90% backing by USDtb, itself collateralized by BlackRock's BUIDL money market fund, was a deliberate institutional signal: Jupiter positioning its stablecoin as the most credibly backed in the Solana ecosystem.

The Ethena Labs partnership underpinning USDtb provides an additional yield mechanism, as Ethena's delta-neutral strategies generate returns that flow to USDtb holders and, by extension, JupUSD holders. The stablecoin is being progressively integrated throughout Jupiter's product suite, starting with a phased replacement of USDC within the $750M JLP pool.

The launch generated significant media coverage, particularly the BlackRock connection, and positioned JupUSD as one of the most institutionally credible DeFi-native stablecoins launched in early 2026.

ParaFi Capital's $35 Million Strategic Investment (February 2026)

On February 4, 2026, Jupiter announced its first-ever outside investment, a $35 million strategic investment from ParaFi Capital, one of DeFi's most respected institutional allocators. The investment was structured without a token discount (ParaFi purchased JUP at market price), with an extended lockup and warrants to acquire additional tokens at materially higher prices.

The significance of the structure where no discount, extended lock, or warrants rather than an immediate token was widely noted. It signaled that ParaFi viewed JUP as undervalued at current prices and was willing to accept future price appreciation rather than an immediate below-market entry. Notably, the entire $35 million transaction was settled in JupUSD, the first large-scale institutional use of the stablecoin.

JUP surged approximately 10% on the announcement day, with analysts interpreting the investment as external validation of Jupiter's protocol fundamentals at a time when JUP was trading far below its all-time high.

The Buyback Debate: $70M Spent, Questions Remain (2025–2026)

The 50% fee buyback program announced at Catstanbul deployed over $70 million toward open-market JUP purchases throughout 2025 making it one of the largest buyback programs in DeFi history relative to a single protocol's operating timeline.

The results were debated. Despite $70M in buyback spend, JUP's price declined approximately 89% from its all-time high by late 2025, as monthly team and ecosystem unlocks of ~53 million JUP through June 2026 consistently overwhelmed the program's purchase volume. Jupiter's founder publicly questioned whether the buyback program was an effective use of fee revenue, a rare moment of transparency that prompted significant community discussion.

The debate crystallized two camps: those who argued buybacks signal protocol health and create long-term demand and those who argued the capital would be better deployed into ecosystem growth, developer grants, and product expansion that would drive organic demand for JUP. In February 2026, the DAO voted to freeze net-new JUP emissions for the remainder of the year, pausing team vesting, postponing Jupuary, and offsetting Mercurial stakeholder sell pressure in an attempt to give supply dynamics time to improve.

Jupuary 2026 Redesign: 71% Cut, Focus on Stakers (May 2026)

Jupiter's DAO vote to cut the 2026 Jupuary distribution from 700 million to 200 million JUP was the single most significant governance decision of 2026. The vote passed with strong support and reflected a community consensus that prior Jupuary designs had over-rewarded short-term users at the expense of long-term participants.

The revised structure distributed 200 million JUP to active, fee-paying users (April snapshot, excluding passive behavior) and allocated an additional 200 million JUP separately to long-term stakers. A further 300 million JUP was locked for Jupnet infrastructure development, signaling that the foundation is treating Jupnet as a capital-intensive strategic priority.

The 71% supply cut was bullish in the near term for the JUP price; the announcement generated a 5.5% price gain on the day and represents a structural shift in how the Jupiter community is approaching token distribution: quality over quantity, long-term holders over short-term extractors.

Securitize, Jump Trading, and Jupiter Launch Tokenized Equities on Solana (May 2026)

On May 5, 2026, Jupiter, Securitize, and Jump Trading Group made a landmark announcement: the launch of fully onchain, regulated trading of tokenized equities the first of its kind on Solana.

The integration works through a complete institutional-grade stack:

• Securitize provides the regulated broker-dealer infrastructure, ATS (Alternative Trading System) license, KYC/AML-enabled whitelisted wallets, and transfer agent services

• Jump Trading provides market-making liquidity through its PropAMM deployed on Solana, enabling institutional-quality spreads and real price discovery

• Jupiter serves as the user-facing interface, allowing investors to discover and trade tokenized equities through familiar DeFi mechanics

The result is a transaction path where a user can access regulated tokenized stocks through Jupiter's interface, with Securitize handling compliance and Jump providing liquidity entirely on-chain without leaving the Solana ecosystem.

This partnership is among the most significant milestones in Jupiter's history, establishing it as a bridge between regulated traditional finance and on-chain DeFi rather than a purely crypto-native platform.

Jupiter Lend: $845M TVL in Beta (2026)

Jupiter Lend launched in beta and accumulated $845 million in TVL with remarkable speed, reflecting the depth of capital already present within Jupiter's ecosystem and the demand for a lending product tightly integrated with swapping, perps, and stablecoin tools.

Jupiter Lend allows users to supply assets and earn yield, borrow against collateral for leverage or liquidity needs, and integrate borrow positions with other Jupiter products in a single interface. The integration means a user can deposit SOL as collateral, borrow JupUSD against it, and immediately deploy that JupUSD into a JLP yield position, a full DeFi strategy loop executed within one platform.

Jupiter Mobile V3 and Ecosystem Expansion

Jupiter has continued to iterate on its mobile experience, with Mobile V3 expanding functionality and bringing the full product suite swaps, DCA, limit orders, perps, and lending to mobile users. Given that crypto's next billion users are expected to be mobile-first, Jupiter's investment in mobile experience reflects an explicit commitment to mainstream accessibility beyond the existing DeFi-native user base.

Final Thoughts

By every available metric in mid-2026, yes, and arguably beyond Solana. Jupiter processes approximately 95% of Solana's DEX aggregator volume, operates the chain's dominant perpetuals platform, has launched a stablecoin backed by BlackRock-affiliated assets, attracted the first institutional outside investment in its history, and announced an omnichain vision that would extend its reach to every blockchain in existence.

The JUP token, trading around $0.20 and roughly 90% below its all-time high, reflects the same TVL-to-price gap that characterizes several DeFi protocols in 2026: real adoption, real revenue, and market pricing that has not yet caught up with the underlying fundamentals. Whether that gap closes depends on the execution of Jupnet, the health of the Solana ecosystem, and the DAO's ability to manage supply dynamics as team vesting resumes.

What is beyond dispute is that Jupiter has built the most comprehensive DeFi product suite on any single chain, maintains the highest concentration of Solana trading activity, and is now reaching beyond its home ecosystem toward an omnichain vision that few protocols of any size have attempted. For participants in the Solana ecosystem and beyond, understanding Jupiter is not optional it is essential.

Frequently asked questions

What is Jupiter Exchange in simple terms? 

Jupiter is a decentralized trading platform on the Solana blockchain. It routes token swaps across every available liquidity pool on Solana to find the best price and has expanded to offer limit orders, automated DCA investing, leveraged perpetuals trading, liquid staking, lending, and a native stablecoin all within a single interface.

What is the JUP token, and what is it used for? 

JUP is Jupiter's governance and utility token. Holders vote on protocol decisions through the Jupiter DAO, stake JUP to earn platform fee revenue, and benefit from the buyback program where 50% of all Jupiter platform fees are used to purchase JUP from the open market.

What is Jupuary? 

Jupuary is Jupiter's annual airdrop tradition, distributing JUP tokens to active users of the platform. The first Jupuary in January 2024 distributed 1 billion JUP; Jupuary 2 in January 2025 distributed 700 million JUP valued at $616M; and Jupuary 3 in May 2026 distributed a redesigned 200 million JUP (plus 200M to stakers), with eligibility tightened to reward long-term participants.

What is JupUSD? 

JupUSD is Jupiter's native dollar-pegged stablecoin, launched in January 2026. It is backed 90% by USDtb (collateralized by BlackRock's BUIDL money market fund) and 10% by USDC, giving it a yield-bearing institutional collateral profile. JupUSD is progressively replacing USDC within the JLP pool and was used to settle Jupiter's $35M ParaFi investment.

What is the JLP pool on Jupiter? 

The Jupiter Liquidity Pool (JLP) is a multi-asset liquidity pool containing SOL, ETH, wBTC, USDC, and USDT that acts as the counterparty for all trades on Jupiter Perpetuals. JLP depositors earn a share of perpetuals trading fees. They profit when traders lose leveraged positions and take losses when traders profit.

What is JupSOL? 

JupSOL is Jupiter's liquid staking token. Users deposit SOL and receive JupSOL, which automatically accumulates Solana staking rewards over time. Unlike native staking, JupSOL can be transferred and used in DeFi protocols while still earning staking yield and without the standard 5-day unstaking delay.

What is Jupnet? 

Jupnet is Jupiter's in-development omnichain network — an infrastructure layer designed to unify all blockchain ecosystems into a single decentralized ledger. Powered by the DOVE Network for cross-chain validation, an omnichain ledger for unified liquidity, and ADI for cross-chain identity, Jupnet aims to let users access any asset on any chain through Jupiter's single interface.

How does Jupiter Perpetuals work? 

Jupiter Perpetuals lets users trade SOL, ETH, and wBTC with up to 100x leverage, entirely on-chain with no KYC required. Instead of a traditional order book, trades are executed against the JLP pool, whose depositors act as the counterparty. Traders pay funding fees to the pool when holding leveraged positions, and the JLP pool earns fees from all trading activity.

What happened to JUP's max supply? 

JUP's original max supply was 10 billion tokens. In January 2025, the Jupiter DAO voted to permanently burn 3 billion JUP tokens, approximately 30% of the total supply, at the Catstanbul conference. The burn was symbolically marked with the destruction of a 20-foot "Burning Cat" sculpture, and the maximum supply was permanently reduced to 7 billion JUP.

Is Jupiter safe to use? 

Jupiter is one of the most used and audited protocols on Solana, processing billions in volume with a strong security track record. However, all DeFi protocols carry smart contract risk, and Jupiter's newer products (Lend, Jupnet, and JupUSD) introduce additional complexity. Users should only deposit what they can afford to lose and review the risks of each specific product before participating.