Jupiter (JUP) is the governance token of Jupiter, and what Jupiter itself is, is a DeFi platform on the Solana blockchain that began as a decentralized exchange aggregator in October 2021. The platform now also offers perpetuals, lending, a stablecoin and a mobile wallet. JUP holders can stake the token to vote in the Jupiter DAO and earn Active Staking Rewards (ASR), but they do not receive a direct share of protocol fees. Instead, half of onchain revenue is used to buy JUP through the Litterbox Trust (Jupiter Docs: JUP Token Overview).
Core technology and products
Jupiter's products run on Solana. Its Swap API routes trades through a meta-aggregator that combines its own Metis routing, market makers answering requests for quote, and other engines, choosing the best execution price (Jupiter Developers: Swap API). Limit orders and dollar-cost averaging (DCA) are part of the product set (Jupiter Docs: Spot).
Jupiter Perps offers up to 250x leverage. Traders take the other side of positions against the JLP pool, which holds SOL, ETH, BTC, USDC and JupUSD, and earns trader PnL and 75% of pool fees (jup.ag; Jupiter Docs: JLP). Jupiter Lend, launched in August 2025 with Fluid, allows loan-to-value ratios up to 95% (GlobeNewswire). JupUSD is a stablecoin built with Ethena and backed by USDtb, which is reserved with BlackRock's BUIDL Fund (JupUSD). Jupiter Mobile is a self-custodial wallet with integrated swaps, DCA and limit orders (Jupiter Mobile).
Jupiter reported more than $1 trillion in total trading volume in 2025 (GlobeNewswire). Weiss Ratings, a third-party source, estimates that roughly 95% of trades routed through this method on Solana go through Jupiter (Weiss Ratings).
Consensus and network security
Jupiter does not run its own blockchain. Its security depends on the Solana network and on Jupiter's own smart contracts. The sources reviewed do not describe Solana's consensus mechanism, so this article does not cover it. Jupiter's on-chain programs include Perpetuals, DCA, Limit Order and the Locked Voter program (Solana Compass).
Who is behind Jupiter and where is it based?
Jupiter was founded in October 2021 by the pseudonymous developer Meow, with a focus on liquidity fragmentation on Solana (Messari; CoinGecko). Some sources give November 2021 as the launch date (Solana Compass). Siong Ong and Ben Chow are named as co-founders in several sources, and Kash Dhanda is identified as COO in a May 2026 podcast (Solana Media). Meow's legal identity is not publicly confirmed. A 2025 court filing makes an allegation about it, but this is litigation material and is not independently verified.
The team's location is not confirmed by a Jupiter disclosure. A January 2026 community-authored DAO brief describes the core team as based in Singapore and the protocol as domiciled in the British Virgin Islands (Jupiter DAO forum). The legal entity that makes the Jupiter interface available is Block Raccoon S.A., according to the Jupiter developer terms (Jupiter Developers Terms). A Legal Entity Identifier record lists it as a Panama-formed company (LEI Record). The Litterbox Trust is described as a non-profit, but the sources reviewed do not state its jurisdiction (Jupiverse Help Center).
Tokenomics
The original maximum supply was 10 billion JUP. A burn of 3 billion JUP on January 26, 2025 reduced the maximum to 7 billion (DefiLlama Unlocks). The market snapshot reports a total supply of 6,861,485,905 JUP and a circulating supply of 3,319,369,204 JUP, which is roughly half of total supply.
Team members are on a one-year cliff followed by three years of linear vesting, and vesting is viewable on-chain (Jupiter Docs: Tokenomics). In February 2026, the DAO approved a proposal with 75% support to reduce future net issuance to zero. Jupuary was postponed indefinitely, and team reserve emissions were paused (CoinMarketCap). Tokenomist lists 200 million JUP unlocking on January 31, 2027 (Tokenomist).
Half of onchain revenue funds the Litterbox Trust, which buys JUP on the open market. Tokenomist reports about 275.8 million JUP bought back, of which about 134.5 million was burned (Tokenomist). A May 2026 proposal to raise the Litterbox allocation to 70% is a community draft, not a passed vote (Jupiter Research Forum).
Market data
JUP trades at $0.259, with a 24h change of -0.74%. Its market cap is $859.74M, ranking #107, and 24h volume is $36.62M. The all-time high is $2.00, and the current price is 87.05% below it.
Key partnerships and integrations
Ethena partnered with Jupiter on JupUSD in October 2025 (The Block). Bitwise curates an Ethena asset-focused lending market on Jupiter Lend, announced May 13, 2026 (PR Newswire). Jupiter's Swap, Lend, DCA, Price and Tokens APIs let wallets, exchanges and trading bots integrate routed swaps (Jupiter Developers).
Competitive position
Jupiter's advantages in the sources are a consolidated product suite, an aggregator that routes across Solana venues, and a buyback tied to revenue. Jupiter Lend reached roughly $500 million in total value locked within its first 24 hours, according to GlobeNewswire. Buybacks have not prevented price declines. Crypto.news reported in January 2026 that circulating supply rose about 150% since launch and that buybacks offset only a small share of new unlocks (Crypto.news).
Development activity and roadmap
- July 27, 2026: Jupiter reorganized into Trade, Earn and Manage verticals (Solana Compass).
- July 29, 2026: Spot V2 merged the swap aggregator and trading terminal (Solana Compass).
- August 10, 2026: Lend v2 launched, letting supplied and borrowed assets earn DEX trading fees (CoinMarketCap).
- September 22, 2026: Six new Perps markets were added, including JUP (Solana Compass).
The Jupnet public testnet is listed for Q4 2026 by a secondary CoinMarketCap summary, not an official Jupiter announcement (CoinMarketCap). A July 31, 2026 utility proposal for JUP has not been adopted (Jupiter Research Forum).