JUP

Jupiter

DeFi

Solana's main swap router, now also its largest lender, with token emissions cut to net zero in 2026.

Leader in recovery v1.1 · as of 2026-10-21 · framework v1.13 Coinsight · all analyses
Bottom line

Jupiter is the default place to swap on Solana and has grown into a full DeFi app: perps, a stablecoin (JupUSD), prediction markets and, since 6 Oct 2026, Solana's largest lending market. The February 2026 Net-Zero Emissions vote stopped new team and airdrop supply, and half of on-chain revenue buys back JUP; circulating supply has been flat at ~3.32B since May. The token is +78% this year and roughly flat over 12 months while BTC and ETH fell, but it is still −83% from its launch-day high and fees are lower than in 2025.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$0.3358
+6.0% 24h · +14% 30d · CoinGecko 21 Oct
Market cap
$1.11B
rank #73 · FDV $2.30B
24h volume
$77.5M
7.0% of market cap
From ATH
−83%
ATH $2.00, Jan 2024
2026 YTD
+78%
$0.1883 → $0.3358
Fees, 28 days
$16.8M
15 Sep to 12 Oct 2026, all Jupiter products · The Defiant

The last 12 months

$0.1$0.2$0.3$0.4$0.5Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNov2025-10-28: $0.4445$0.44 peak2026-03-30: $0.1418$0.14 low2026-10-10: $0.3747$0.372026-10-21: $0.3357$0.34112-month high at $0.442JupUSD stablecoin launches3Polymarket on Jupiter4Net-Zero Emissions vote passes5Year low at $0.1426Forecast prediction market7Breaks $0.30, 10-month high8Jupiter Lend passes Kamino9Buyback wallet at 176M JUP10JupNet perps network
MarketProductAdoptionGovernanceTokenomicsUpcoming

Daily closes from CoinGecko, 22 Oct 2025 to 21 Oct 2026.

Key events
  1. 1
    28 Oct 25 12-month high at $0.44. Peak of the year; JUP then slid to ~$0.19 by late December.
  2. 2
    15 Jan 26 JupUSD stablecoin launches. Native stablecoin built with Ethena, backed mostly by USDtb (BlackRock BUIDL), usable in Jupiter Lend.
  3. 3
    02 Feb 26 Polymarket on Jupiter. Prediction markets inside Jupiter without bridging, announced with a $35M investment deal.
  4. 4
    22 Feb 26 Net-Zero Emissions vote passes. ~75% support: Jupuary postponed, 700M JUP to a cold multisig, team issuance suspended.
  5. 5
    30 Mar 26 Year low at $0.142. Bottom of a slide from $0.44; price then ranged between ~$0.15 and $0.24 until August.
  6. 6
    Jun 26 Forecast prediction market. Jupiter's own Solana prediction market, routing each order to competing market makers.
  7. 7
    20 Sep 26 Breaks $0.30, 10-month high. +13% in a day as capital rotated into Solana DeFi tokens; market cap back above $1B.
  8. 8
    06 Oct 26 Jupiter Lend passes Kamino. ~$1.41B TVL vs Kamino's ~$1.40B, making it Solana's largest lending protocol.
  9. 9
    19 Oct 26 Buyback wallet at 176M JUP. Litterbox holdings pass the ~130M JUP burned the year before.
  10. 10
    Soon JupNet perps network. Announced order-book, omnichain perps hub; no launch date given, placed here for positioning only.

How a token swap flows through Jupiter

User
Asks to swap SOL for USDC

In the Jupiter app, mobile app, or a wallet that uses Jupiter's API.

Router (Metis)
Finds the best route

Splits the order across Solana DEXs and market makers for the best price.

Jupiter
Builds and sends one transaction

Handles slippage, priority fees and MEV protection for the user.

Solana DEXs
Liquidity fills the order

Raydium, Orca, Meteora and others execute their legs of the route.

Solana
Settles in seconds

Validators confirm; the user pays SOL network fees and a Jupiter platform fee where it applies.

Litterbox trust
Half of revenue buys JUP

Jupiter routes 50% of on-chain revenue to open-market JUP buybacks.

Where JUP comes in: nowhere in the swap itself. Fees are paid in SOL and the traded tokens; JUP's link to usage is the buyback, where half of on-chain revenue buys JUP into the Litterbox trust. JUP is otherwise used for staking and DAO votes, which earn Active Staking Rewards.

Usage and adoption

Million JUP, about the last 12 months
Bought back (Litterbox, held 19 Oct)
~176M
Net new circulating supply
~150M
Staking rewards paid (4 × 50M)
~200M

Circulating supply rose from ~3.17B (22 Oct 2025) to ~3.32B (21 Oct 2026) per CoinGecko market cap ÷ price, and has been flat since May after the Net-Zero vote. Buybacks: 176M JUP held in the Litterbox wallet on 19 Oct 2026; the exact accumulation window is not stated in the source. Staking rewards: ~50M JUP a quarter to active voters (gross; partly counted in the circulating change). At ~$0.25 average, 176M JUP is roughly $40M.

  • strong signal
    Fees, 28 days
    $16.8M

    15 Sep to 12 Oct 2026, down from $19.8M in the prior 28 days (The Defiant). Paid usage across swaps, perps and lending.

  • strong signal
    Gross revenue
    $68.9M Q1, $48.8M Q2

    DefiLlama JUP token page, 2026. Half of on-chain revenue funds buybacks.

  • medium signal
    Jupiter Lend TVL
    ~$1.41B

    6 Oct 2026, ~$1.04B lent out; #1 on Solana, +28% in 30 days (DefiLlama via Crypto Briefing).

  • medium signal
    Perps TVL
    ~$723M

    DefiLlama snapshot, date not shown. Pool that takes the other side of trader positions.

  • weak signal
    Daily transactions
    620k record

    21 Sep 2026, DefiLlama via CryptoTicker. Counts every app transaction, not unique users.

Jupiter has real paid usage: roughly $200M a year in fees at the current run rate, and buybacks now hold more JUP than came into circulation over the year. The gap is that fees are down from 2025 and swing with Solana trading; the lending business is the newer, steadier leg to watch.

Project

What it is
A Solana DeFi app built around a swap aggregator that routes each trade across Solana's DEXs for the best price. It also runs perpetual futures, Jupiter Lend, the JupUSD stablecoin, a launchpad and prediction markets (Polymarket integration and its own Forecast market).
Team
Founded by the pseudonymous "Meow" (@weremeow) with co-founder Siong Ong. The team took over the Mercurial stakeholders when Jupiter launched its token in January 2024; Kash Dhanda is a prominent team voice on governance.
Differentiation
Routing engine (Metis), the deepest order-flow on Solana and a single wallet-facing app for swaps, perps, lending and predictions. One research summary puts its share of Solana aggregator volume at ~95%.
Traction
Jupiter Lend passed Kamino on 6 Oct 2026 with ~$1.41B TVL and ~$1.04B in loans. Fees across products were $16.8M in the four weeks to 12 Oct, down from $19.8M in the four weeks before. DefiLlama shows gross revenue of ~$68.9M in Q1 and ~$48.8M in Q2 2026.
Competitors
Swaps: Titan, DFlow, OKX and wallet-native swaps such as Phantom. Perps: Hyperliquid and Drift. Lending: Kamino, which still earns more fees ($4.82M vs $3.77M over 30 days).
Key risks
Volume depends on Solana memecoin and trading cycles; fees are well below 2025 levels. Perps face strong competition from order-book venues. Governance has been mostly paused since 2025 and big supply decisions rest with the team and a DAO multisig.
Roadmap
JupNet, an order-book, omnichain perps liquidity network meant to rival Hyperliquid, is announced but has no launch date; 300M JUP is reportedly reserved for it. Prediction markets (APIs, discovery, Forecast) are Meow's stated priority for the coming year.

Token performance

1-year return (22 Oct 2025 → 21 Oct 2026, CoinGecko)
JUP
-4%
BTC
-22%
ETH
-35%

JUP held up far better than BTC and ETH over 12 months, mostly thanks to the September and October rally. A 3-year return does not exist: JUP launched on 31 Jan 2024. Since its first trading days (roughly $0.5 to $0.7, manual and approximate) it is down about 50%, against BTC ~+179% (from ~$29.7k) and ETH ~+53% (from ~$1.6k) over 3 years; long-range figures are researched by hand because the free CoinGecko API covers 365 days.

Range 2026
$0.142 low (30 Mar) to $0.375 high (10 Oct), daily closes; now $0.336
12-month drawdown
−68%, from $0.444 (28 Oct 2025) to $0.142 (30 Mar 2026)
Liquidity
$77.5M traded in 24h, 7.0% of market cap; rank #73
Relative strength
−3.9% over 12 months vs BTC −22.1% and ETH −35.4%; +78% YTD, with a +51% move in the four weeks to 13 Oct while fees fell
ATH check ATH check passed. The $2.00 high was set on launch day (31 Jan 2024), but price later traded back above $1.00 (within 50%) during 2024, so the launch-spike rule does not apply. That later recovery is from manual price history, not the free API.

Tokenomics

Supply
10B max on CoinGecko; ~6.86B total after the early-2025 burn of 3B team and reserve tokens. ~3.32B circulating (48% of total), so FDV ($2.30B) is about 2.1× market cap.
Emissions
Net-Zero Emissions vote (closed 22 Feb 2026, ~75% of ~480M votes): Jupuary airdrop postponed indefinitely and team reserve issuance suspended. Active Staking Rewards still pay ~50M JUP a quarter to voters.
Unlocks/vesting
Mercurial stakeholders (~5% of supply) keep vesting; Jupiter says it will buy back an equal amount if they sell. ~700M JUP sits in a community cold multisig and can only be used after a new DAO vote. Tokenomist snapshots disagree on whether the schedule ends in 2026 or 2027.
Utility
Governance and staking for Active Staking Rewards and launchpad votes. JUP is not needed to swap, trade perps or lend; fees are paid in the traded assets.
Concentration
Over half of total supply is held by the team reserve, community multisig and other non-circulating wallets controlled by Jupiter-linked entities.
Sinks
50% of on-chain revenue buys JUP into the Litterbox trust: 176M JUP held on 19 Oct 2026, after ~130M was burned the previous year. The 2025 buyback (~$70M) covered only ~6% of tokens unlocked that year.

Bull case

Jupiter Lend and JupUSD keep growing, giving revenue that does not depend on memecoin volume, while net-zero emissions and buybacks keep circulating supply near 3.32B. JUP holds above $0.30 (the level it broke in September) and retakes the $0.375 October high and the $0.44 peak of Oct 2025.

Bear case

Solana trading cools, fees keep sliding and JupNet slips, so the buyback shrinks while Mercurial sales and any reactivated team reserve or airdrop add supply. Price loses $0.30 and drifts back toward the $0.14 to $0.19 range that held from December 2025 to August 2026.

Watch before the next re-run

  • Monthly fees and revenue (DefiLlama) and the Litterbox buyback balance
  • Circulating supply: any move away from ~3.32B, Mercurial sales, DAO votes on the 700M multisig
  • Jupiter Lend TVL vs Kamino, and JupUSD supply
  • $0.30 support and the $0.375 October high; JupNet launch date

Where to trade

Krakenlisted

JUP against EUR · USD

24h $1.05M · ±2% depth $469.4k

OKXlisted

JUP against EUR · USDT · USDC · TRY

24h $1.10M · ±2% depth $142.2k

Largest exchanges

Exchange24h vol±2% depth
BinanceJUP/USDT$3.20M$203.4k
BybitJUP/USDT$1.72M$129.1k
UpbitJUP/KRW$1.06M$176.7k
OKXJUP/USDT$1.03M$140.6k
KuCoinJUP/USDT$844.4k$101.7k

Deepest DEX pools

Pool24h vol±2% depth
MeteoraJUP/SOL · Solana$1.50M$86.1k
OrcaCLJUP/SOL · Solana$1.62M$28.0k
MeteoraJUP/JITOSOL · Solana$68.8k$21.0k

Pool size (TVL), fee tier and fee APR are not in yet: they need DefiLlama, which this setup cannot reach so far. CL = concentrated liquidity (higher fees, more impermanent-loss risk).

On-chain share of all JUP volume: 10.0%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

Where to follow

Official
People on X
Code and governance
Data
Media
  • The Defiant covers Jupiter governance and fees regularly