Grayscale has named the top 10 crypto assets by tokenholder yield and adjusted earnings yield. HYPE leads the first ranking at 8.0%, while CAKE tops the second at 14.4%.
The report argues that investors can value many crypto assets, unlike Bitcoin, using their cash flows.
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be… pic.twitter.com/up8RqIdZzx
— Grayscale (@Grayscale) October 22, 2026 Which Crypto Tokens Actually Reward Their Holders?Hyperliquid (HYPE) leads Grayscale’s ranking with an 8.0% tokenholder yield. Lighter (LIT) follows closely at 7.9%.
PancakeSwap (CAKE) comes third at 2.6%, followed by Aerodrome (AERO) and Uniswap (UNI).
But the rankings reveal something more troubling.
Five of the top 10 tokens have negative holder yields.
Curve Finance (CRV) sits at the bottom with -5.5%, while Jupiter (JUP) records -2.6%.
The reason is dilution.
Grayscale calculates tokenholder yield by adding staking rewards and buybacks, then subtracting newly issued tokens. When issuance outweighs those benefits, holders face dilution despite the protocol’s economic activity.
Can Crypto Be Valued Like Stocks?Grayscale’s second ranking reveals another surprise.
PancakeSwap leads adjusted earnings yield at 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%.
Jupiter offers an interesting example. Its adjusted earnings yield reaches 3.5%, yet its tokenholder yield remains negative.
A profitable crypto protocol does not automatically make its token rewarding to hold.
Grayscale’s research head, Zach Pandl, argues that Bitcoin resembles digital gold, while many other crypto assets can be valued using cash flows.
“Crypto valuations don’t have to rely on narratives alone.”
Protocols generate earnings through trading and lending fees. Buybacks and burns can help transfer that value to holders, although token issuance may offset the gains.
The rankings offer investors a way to examine the economics behind crypto valuations.
They also expose a weakness in an industry where growing revenue can coexist with disappointing returns for tokenholders.
Decrypt integruje obchodování prostřednictvím Jupiteru, takže uživatelé budou moci směňovat tokeny přímo ze svých účtů Decrypt Money, aniž by museli opustit platformu.
In brief
Read it. Trade it. All on Decrypt. Decrypt is partnering with Jupiter, Solana's leading trading platform, to bring seamless, on-site trading directly to its readers. With Decrypt Money Accounts, users will be able to go from discovering an opportunity to trading it in seconds, without ever leaving Decrypt.
One destination. Virtually every asset. Starting with crypto, Decrypt will expand to the full universe of Solana tokens, tokenized stocks, commodities and real-world assets (RWAs), bringing an ever-growing range of markets into a single experience.
Trading is just the beginning. The partnership will encompass additional Jupiter products including Earn, as Decrypt builds The Information Exchange: a new kind of financial platform where news, real-time intelligence and markets come together—and every piece of information becomes an opportunity to act.
What if you could trade the news the moment you read it?
That's the vision behind The Information Exchange, and Decrypt is taking another major step toward making it a reality.
Decrypt is partnering with Jupiter, Solana's leading trading platform, to bring trading directly into the news and information experience, turning one of crypto's most established media destinations into a place where readers don't just follow the markets, they participate in them.
Through the integration, readers will be able to swap tokens directly from their Decrypt Money Accounts, without switching platforms, connecting external wallets or moving funds between products.
As the integration expands, readers will gain access to the full universe of Solana tokens alongside tokenized stocks, commodities and other real-world assets, all accessible from the same account, on the same platform where they already consume information.
“We've spent eight years building Decrypt into a destination people trust to understand what's happening in crypto and emerging technology. Now we're taking the next step: giving them the ability to act on that information instantly,” said Ilan Hazan, co-founder and COO of Decrypt. “Whether you're reading about Bitcoin, a public company or a commodity, our vision is that you should be able to trade it right there. One account, every market, directly where you consume information.”
Jupiter has established itself as Solana's “everything exchange,” bringing together token swaps, lending, borrowing, perpetual futures and portfolio management within a unified DeFi ecosystem.
The integration will initially support a select group of major cryptocurrencies before expanding to the broader Solana token ecosystem and tokenized real-world assets.
For Decrypt, The Information Exchange represents a fundamental shift in what a media platform can be: a unified destination where media becomes interactive, enabling readers to trade on news, data and financial markets in real-time on a single platform.
“Media and markets are merging. Readers want to learn about an asset and then trade on it in the same moment. We’re thrilled to work with one of the top crypto media outlets to bring the top trading execution straight to their readers, all in one venue. Every app is becoming a financial app, and Jupiter will be the engine under all of them.”
—Kash Dhanda, COO, JupiterBuilding out an information infrastructureEarlier this month, Decrypt Money Accounts launched on Solana, introducing a single self-custodial account designed to power every financial experience across Decrypt.
With a single USD deposit, users will be able to access the platform's growing suite of products, from trading and prediction markets to earning yield and, eventually, perpetual futures.
Jupiter-powered trading is the next piece of that infrastructure.
Additional Jupiter products, beginning with Earn, will further expand what readers can do with their assets without leaving Decrypt.
The experience will extend across Decrypt's editorial coverage and upcoming Situation Rooms, dedicated destinations combining breaking news, live market data, prices, probabilities and financial instruments around the subjects readers care about.
Imagine reading a story about Bitcoin and trading BTC in the same experience. Following a major development at a public company and taking a position in its tokenized stock. Or tracking a geopolitical event, watching prediction market probabilities shift and participating directly.
From information to action, in one place.
The Information Exchange: where media meets marketsAnnounced in September, The Information Exchange is Decrypt's vision for the next generation of financial media: a unified destination bringing together news, intelligence, market data, probabilities and direct financial participation.
The thesis is simple: information and financial markets are converging, but the experience of consuming information and acting on it remains fragmented.
Today, readers jump between news sites, market-data platforms, exchanges, wallets and trading applications.
The Information Exchange is being built to bring those experiences together.
Decrypt provides the audience, trusted reporting and distribution. Myriad provides the underlying market infrastructure, with its prediction markets already generating more than $600 million in cumulative trading volume. The forthcoming MYR token forms the connective tissue, an economic layer that coordinates users, creators, traders and applications across the ecosystem.
Through integrations with leading protocols like Jupiter, The Information Exchange will bring an expanding universe of financial instruments together on Decrypt.
The Jupiter integration marks another milestone in that transformation, with more products, markets and features set to roll out in the coming weeks ahead of Solana Breakpoint.
News becomes actionable. Markets become accessible. And readers become participants.
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Produkt YOLO od Jupiteru dosáhl od spuštění beta verze 15. října objemu obchodování přes 1 miliardu USD. JUP za posledních deset dní klesl o 21,8 % a testuje zónu poptávky na úrovni 0,29 USD.
Jupiter’s [JUP] new trading product, YOLO, recorded over $1 billion in volume after its 15h October beta launch. Jupiter’s trading product on Solana offers 1,000x leverage on SOL, BTC, and ETH, and allows trading with as little as $10 to “make it big.”
Traders should remember that at that kind of leverage, a 0.1% price move against their direction could wipe out their position. As a simulated trading model, a single house pool funded by losers pays the winners, and the individual trades don’t make it to a real market, but of course the profits and losses are real.
Winners are paid when the platform’s liquidity pool can cover the entire amount, and there are no earlier claims in the queue.
The impact on JUP price trends Source: JUP/USDT on TradingView Jupiter’s long-term trend has been bullish since the swing structure break on the daily timeframe in May. The low made at $0.144 was the anchor point for the rally that pushed upwards to $0.388.
Since making this high earlier in October, Jupiter token’s price has declined by 21.8% so far.
The next long-term demand zone to watch will be at $0.22 (cyan), the bullish order block that propelled the latest JUP bullish impulse move.
Do bears have the upper hand? Source: JUP/USDT on TradingView On the 2-hour chart, the price trend shifted bearishly across the board. The demand zone at $0.32 was flipped to a supply zone too. The retest as resistance in recent days yielded a bearish reaction as well.
The next demand zone at $0.29 was already being tested at the time of writing. Given the wider market weakness due to Bitcoin’s [BTC] retracement towards $80K, it is likely that JUP would continue its descent over the next week.
A drop below $0.275 and a retest of $0.29 would likely offer short-term traders a selling opportunity.
Final Summary The 1,000x Jupiter trading product on Solana recorded over $1 billion in trading volume after its 15th October beta launch. Over the past ten days, JUP’s price has retraced by 21.8% and could slide further next week.
Jupiter introduced YOLO at 12:24 UTC on October 15 as a live beta for leveraged $SOL, $BTC, and $ETH price trades. The product interface was live the following day with leverage settings from 500 to 1,000 times and a default payment amount of $10.00.
The product is an unaudited Jupiter Labs experiment. Its structure differs from an order book or a conventional perpetual futures venue because each trader faces a house pool rather than another trader. Trader losses add money to that pool. Winning traders receive profit from the same pool.
How a YOLO position works YOLO supports three markets: $SOL, $BTC, and $ETH. The interface accepts market orders only. It does not offer take-profit or stop-loss orders. A liquidation consumes the collateral assigned to the position.
Leverage starts at 500 times and reaches 1,000 times. Jupiter warns that small price moves at those settings can wipe out the entire position. The collateral placed on a trade therefore defines the amount immediately at risk, while the selected leverage determines the position’s exposure to price movement.
The interface separates collateral from position size. Its stated limits apply to position size, not to the collateral paid by the trader. Long and short capacity are also separate. Available capacity can change before a submitted trade executes. A user who sees room on one side of a market is not guaranteed the same capacity on the other side or at execution.
Pricing has two references. Jupiter displays Pyth prices as indicative data, but says orders execute at the on-chain DOVES price. The displayed Pyth price is therefore not the execution commitment. A trader must use the executed DOVES price when checking the entry or exit recorded for a position.
The fee schedule depends on the result. A winning move of 0.2 basis points or less produces no profit. Larger winning moves receive a profit adjustment, followed by a 2% fee on adjusted profit. Jupiter says losing trades have no trading fee, while wallet network fees still apply.
The house pool controls profit payment The house takes the opposite side of every position. Trader losses fund it, and trader profits are claims on its available funds. That makes pool liquidity part of the settlement path for a winning trade.
Closing a position returns the trader’s remaining collateral immediately in $JupUSD. Profit follows a different path. If the house can cover the profit, it can pay from the pool. If the house cannot cover it, the unpaid amount enters a queue. Earlier winning claims receive payment first when new trader losses replenish the pool.
Jupiter gives no fixed waiting time for queued profit. Its rules state that queued profit may never be paid. A closed position therefore fixes the trading result without guaranteeing that all profit has reached the wallet. The distinction matters when a trader evaluates available funds after closing. Returned collateral and unpaid profit do not have the same liquidity.
Position history also has a short finalization period. Jupiter says closed positions finalize on chain in about 15 seconds. Until finality, the history view labels the close as finalizing. Users checking a recent close need to distinguish this brief on-chain state from the separate profit queue, which has no guaranteed payment time.
What changes for traders and operators For traders, the full stake can disappear after a small adverse move because the available leverage begins at 500 times. There is no stop-loss order to cap that process from within the product. Risk control therefore happens through the collateral committed before execution and through a manual close while the position remains open.
A profitable close creates a second risk to track. The trade can finish in profit while some or all of that profit remains unpaid. Jupiter says queued claims are paid automatically to the wallet as the pool receives funds, but the queue is first in, first out and has no deadline. Traders cannot treat a displayed profit and spendable wallet balance as interchangeable.
For wallet interfaces, portfolio trackers, and accounting systems, a closed position can have three distinct states: collateral returned, close awaiting on-chain finality, and profit queued for payment. Systems that record only open or closed status can miss whether a winning claim is still outstanding. The product’s history label covers finalization, while the house queue determines payment.
Operators also need to account for capacity changing before execution. Long and short limits are separate, and the displayed Pyth price is indicative rather than the fill price. A trade preview can change in both available size and execution price by the time the order reaches the on-chain DOVES system.
The fee rules create another reconciliation step. A small favorable move can close without profit when it is at or below the stated threshold. A larger win is adjusted before the profit fee is charged. The resulting wallet payment can then differ from the raw price move shown on the chart, even before any profit enters the house queue. Network fees remain separate from that calculation.
The queue also separates trading performance from counterparty liquidity. Earlier unpaid wins have priority over later ones, and fresh trader losses replenish the pool used for payment. A later winner may therefore wait behind claims created before that trade closed. The rules promise automatic wallet payment when funds become available, but they do not promise when that replenishment will occur.
The unresolved issue is the durability of the house pool under one-sided winning flow. Jupiter’s rules explain the queue and payment order, but they do not give a maximum delay or a guaranteed backstop. The next observable milestone is whether queued profit appears and how quickly subsequent trader losses replenish the pool.
JUP za poslední čtyři týdny vzrostl o 51 %, zatímco poplatky Jupiter za posledních 30 dní klesly na zhruba 5,5 milionu USD. Jupiter Lend se stal největším trhem s půjčkami na Solaně.
Jupiter’s JUP token has climbed about 51% over the past four weeks. The protocol’s fee revenue has been heading the other way.
That split is the interesting part. The explanation appears to sit in lending, a business Jupiter barely registered in until recently.
The numbers behind the rally Research findings put JUP’s 30-day gain somewhere between 48% and 55%, depending on the measurement window. That leaves the token trading in a range of roughly $0.33 to $0.38 as of October 2026.
The broader crypto market has been soft, with some protocols posting a pullback of around 6% on the week. JUP mostly ignored the weather.
It also ignored Solana. The research describes JUP’s price action as decoupled from SOL, the native token of the blockchain Jupiter runs on.
Jupiter Lend has now passed Kamino Finance to become the largest lending market on Solana. Its active loans and total value locked (TVL) sit between $1.21 billion and $1.41 billion, according to the research. TVL is the total value of assets users have deposited into a protocol, a rough gauge of how much money trusts the platform.
Active loans grew by 14% to 28% over the past month.
Fees tell a different story On the revenue side, the picture is more modest. Jupiter’s recent 30-day protocol fees have been running around $5.5 million.
Compare that with $580 million in fees during 2025, the protocol’s peak. The current monthly pace is a small fraction of last year’s haul.
Jupiter remains the clear leader in aggregation. It holds approximately 95% of the Solana aggregator market, according to the research. Its cumulative aggregator volume has topped $1.2 trillion.
Background: from swaps to loans For most of its life, Jupiter has been known as the place Solana traders go to swap tokens. Its aggregator volume made it one of the most heavily used applications on the chain.
Kamino Finance had held the top spot in Solana lending before Jupiter Lend overtook it. Kamino is still a major player. But losing the top position to a newcomer from the swap business signals how quickly users can migrate when a trusted brand offers a competing product.
What this means For JUP holders, the rally rests on a growth story rather than current earnings. With 30-day fees at around $5.5 million versus $580 million in fees during 2025, the gap between price momentum and fee generation is worth watching.
The key question is whether Jupiter Lend’s rising loan book translates into meaningful protocol revenue. A lending market with over a billion dollars in TVL can generate steady income from borrowing activity.
On the competitive front, Jupiter can promote its lending product to the traders already routing nearly all Solana aggregator volume through its interface. That distribution advantage is difficult for standalone lending protocols to match.
Concentration risk is the flip side. Jupiter already dominates aggregation, and it now leads lending too. More of the Solana DeFi ecosystem now runs through a single team’s products, which raises the stakes if anything goes wrong on the technical or governance side.
Traders should keep an eye on a few signals in the coming weeks. Watch whether Jupiter Lend’s TVL keeps growing or plateaus near the $1.21 billion to $1.41 billion range. Watch whether monthly fees stabilize or keep sliding. And watch whether JUP stays independent of SOL if the broader market weakens further.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Jupiter zahájil uplatňování nároku na odměny ASR za 3. čtvrtletí v celkovém objemu 50 milionů JUP. Odměny jsou vypláceny přímo ve stakované podobě JUP.
Jupiter has opened claims for its third-quarter Active Staking Rewards, and the pot is not small: 50 million JUP tokens are up for grabs.
The Solana-based DeFi aggregator began the claim process on or around October 13, 2026. The round covers the July through September 2026 staking period.
How the Q3 rewards work
Jupiter’s Active Staking Rewards program, known as ASR, runs on a quarterly cycle. Each round hands out tokens to people who stake JUP and stay engaged, rather than those who simply hold it in a wallet.
Rewards are calculated using a time-weighted average stake. Someone who staked a large amount on the final day doesn’t get credit for the full three months.
The payout lands in staked JUP, not liquid tokens. When users claim, the rewards go straight into their existing staked balance.
To qualify in recent quarters, stakers needed to hold an average of at least 50 JUP over the staking period.
Claims run through the Jupiter Rewards Hub at jup.ag/rewards. The claim window typically lasts about three months, followed by a cutoff for any pending support tickets.
Rewards left unclaimed after the window closes are not automatically distributed.
The staking numbers behind the round
As of mid-October 2026, total staked JUP exceeded 1.1 billion tokens, representing approximately 33% of JUP’s circulating supply. The stake is spread across more than 357,000 wallets.
The program produces an estimated annual percentage yield of around 18%.
Unstaking JUP requires a cooldown period, so tokens can’t be pulled out the instant market conditions change.
Background: why Jupiter pays stakers
The ASR mechanism redistributes rewards from community allocations. Staked JUP also carries voting power in the Jupiter DAO.
The Q3 round follows earlier ASR distributions in the first and second quarters of 2026.
What this means for JUP holders and the DAO
A 50 million JUP distribution arrives as staked JUP, so it doesn’t immediately hit the open market. Holders weighing the roughly 18% estimated yield should keep in mind that it’s paid in the same asset they already hold.
Since rewards auto-compound into staked balances, consistent stakers gain voting weight quarter after quarter. Stakers who miss the claim window slowly lose relative influence.
The three-month claim window and the lack of automatic distribution mean that inattentive stakers can leave tokens on the table.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Jupiter se s objemem aktivních půjček ve výši 1,214 mld. USD stal největším úvěrovým trhem na Solaně a předstihl Kamino Finance. JUP za posledních 24 hodin vzrostl o více než 15 %.
Jupiter [JUP] is up more than 15% in the past 24 hours, taking weekly gains to double-digits. Over the past month, Jupiter has surged 48%, while its year-to-date (YTD) gains are past 100%.
Solana lending market grows on Jupiter, but signals are mixed Jupiter is surging due to the growth in its lending market.
As per DefiLlama, Jupiter flipped Kamino Finance [KMNO] to become Solana’s largest lending market with $1.214 billion in active loans. This was almost half of all capital borrowed on Solana, and it represented a 14% growth over the past 30 days.
Active loans on Kamino Finance accounted for $981 million. This figure was equivalent to a 4.75% decline over the same period.
Source: DefiLlama As a result, the Total Value Locked (TVL) of Jupiter has grown by over $500 million since mid-August.
However, that has fueled mixed trader activity, though buying is dominating. Whales were bullish across all exchanges, but retailers and smart money on OKX were bearish.
Source: CoinGlass On Binance, the Long/Short ratio for retail, whales, and smart money is above 1.43, indicating larger holder positioning. Retailers on Bybit were the most optimistic, with a ratio of 2.19, contrary to those on OKX, at 0.84.
Even Jupiter’s Strategic Reserve, Litterbox, accumulated 208,176 JUP, bringing this month’s total to 1.023 million tokens. The protocol’s total buyback is at 175.35 million, with over 134 million tokens burnt.
Thus, the growth of the lending market and the buying pressure from both market participants and the Jupiter team contributed to the price uptick.
Can Jupiter reclaim the $0.45 zone as support? On the charts, Jupiter broke out from a sideways range market that traded between $0.3136 and $0.3505. This range consolidation has lasted for about two weeks.
Currently, the Bull Bear Power (BBP) has turned green with its huge bars indicating buyer momentum. This observation puts $0.45 into focus as the next target zone, which could then be flipped into support.
Otherwise, the price may decide to retest the breakout at $0.35, and failure to hold above it would expose $0.3136.
Source: JUP/USDT on TradingView It is worth noting that Jupiter is decoupling from Solana’s price movement, despite its lending dominance on the chain. The Correlation Coefficient with SOL is at -0.27, showing JUP price is rising while Solana is falling.
This lack of synchronization puts the rally at risk, especially as the sentiment of the Solana ecosystem worsens. Thus, growth in the lending market cannot by itself keep the prices of Jupiter surging.
Final Summary Jupiter rallied over 15% in the past 24 hours after flipping Kamino Finance to become the largest lending market on Solana. JUP broke out from a sideways range, but a lack of synchronization in prices in the Solana ecosystem could cap its uptrend.
Objem plateb kryptokartami dosáhl 12,5 miliardy USD, což od počátku roku představuje růst o 140 %; hlavními tahouny jsou stablecoiny a platby pomocí QR kódů.
Crypto card payments have reached a record $12.5 billion, a 140% jump since the start of the year. The main drivers are stablecoins and QR code payments.
Jupiter Global’s card product, Jupiter Spend, is one of the players in that shift. The headline volume, though, reflects the broader market. Jupiter’s own slice is considerably smaller.
The numbers behind the record The $12.5 billion figure covers crypto card payment volume across the industry. Attributing that cumulative total to Jupiter Spend alone is not supported by the available data.
In July 2026, stablecoin card spending across the industry crossed $1 billion in a single month for the first time. The exact July tally was $1.03 billion, spread across more than 10 million transactions.
Jupiter’s own figures are more modest. The company’s card settlement volume came in at $7.6 million in September 2026. That was an 8% increase from the previous month.
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How Jupiter Spend works The card launched in January 2026. Users deposit USDC or USDT through the Jupiter app on the Solana blockchain. Those stablecoins convert into a USD balance that can then be spent at more than 150 million Visa merchants worldwide.
Deposits of USDC or USDT carry no fees when made via Solana. Non-USD transactions come with a foreign exchange fee of either 1% or 1.8%. Which rate applies depends on the card’s issuer.
The more distinctive feature is QR Pay. It allows fee-free payments in select markets across the Asia-Pacific region. QR Pay caps spending at $5,000 per day and $500 per transaction.
Cashback does the heavy lifting Jupiter offers a base cashback rate of 2% on card purchases. Users can push that to 4% through referrals.
Jupiter’s transaction volumes rose notably once a cashback promotion kicked in, compared with the period before it. The July milestone of over $1 billion was fueled mainly by QR Pay adoption and cashback incentives.
Background: stablecoins move from trading chips to pocket money Stablecoins like USDC and USDT are tokens designed to track the US dollar one-to-one. Card products like Jupiter’s turn them into something closer to a checking account balance, bridging on-chain money and the merchant’s point-of-sale terminal via Visa’s network of 150 million merchants.
Solana’s low-cost transfers make fee-free deposits practical, removing friction in moving funds onto the card.
What this means For Jupiter specifically, the product has the right ingredients: Visa reach, Solana rails, fee-free QR payments in APAC, and a cashback rate of up to 4%. But $7.6 million in monthly settlement volume shows it is still a smaller player in a crowded field.
The heavy reliance on cashback is the key risk to watch. Jupiter’s transaction volumes were notably lower before its cashback promotion commenced, raising the question of how much volume is organic versus rewards-driven.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
COO společnosti Jupiter Kash Dhanda říká, že DeFi musí nabídnout řešení 5–10× lepší než tradiční finance, aby přilákalo velký institucionální kapitál. Jupiter mezitím reorganizoval svou produktovou řadu na Trade, Earn a Manage.
If you’re building a DeFi product that’s 15% better than what traditional finance offers, Kash Dhanda has a message for you: that’s not going to work.
Jupiter’s COO has been making the case that decentralized finance needs to deliver something on the order of five to ten times better than existing financial infrastructure to pull serious institutional capital on-chain.
The case against incrementalism This isn’t just philosophical musing from Dhanda. Jupiter has been putting infrastructure behind the thesis, restructuring its entire product suite in July 2026 into three focused pillars: Trade, Earn, and Manage. The reorganization is designed to transform Jupiter from a swap aggregator into something closer to a full-service financial platform, what the team has been calling a “super app” for on-chain finance.
The numbers suggest the strategy has traction. Jupiter has processed over $1.2 trillion in trading volumes and counts more than 44 million connected wallets, giving it the highest total value locked on Solana.
Building the plumbing for institutional comfort Jupiter Lend reached a total supply of $1 billion. The platform has also introduced Offer Book, a feature designed to integrate fixed-rate lending into the DeFi experience.
Then there’s JupUSD, a stablecoin built in collaboration with Ethena.
The GUM omnichain hub extends Jupiter’s reach beyond Solana into a multi-chain environment.
Why the 5-10x framing matters Consider what “5-10x better” could look like in practice. Settlement that takes seconds instead of days. Lending markets that operate 24/7 without intermediaries taking a cut. Transparent, auditable collateral backing instead of opaque balance sheets. Yield products accessible to anyone with an internet connection rather than just accredited investors meeting arbitrary wealth thresholds.
The restructuring into Trade, Earn, and Manage pillars mirrors how traditional financial platforms organize their offerings.
What to watch from here The $1 billion milestone in Jupiter Lend’s total supply is worth monitoring as a leading indicator. If lending volumes continue climbing at that pace, it suggests the platform is successfully converting crypto-native users into more sophisticated DeFi participants who use multiple financial products rather than just swapping tokens.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Jupiter Exchange spustila na Solaně perpetual futures pro SPCX, HYPE a ZEC s pákou až 20x a zajištěním v USDC. Přístup do beta trhů mají jen uživatelé se stakovanými alespoň 69 JUP.
Jupiter Exchange just added perpetual futures markets for three assets: tokenized SpaceX equity (SPCX), Hyperliquid’s native token (HYPE), and the privacy-focused Zcash (ZEC). The new listings went live on September 22 alongside perps for JUP itself, SNDK, and SKHYNIX.
All three headline additions offer up to 20x leverage with USDC as collateral, meaning traders can go long or short without needing to hold the underlying asset. JUP perps, meanwhile, cap out at 10x.
What the new markets actually look like The new contracts run on what the team calls the GUM orderbook engine, a system distinct from the JLP liquidity pool that underpins Jupiter’s original perpetual markets for SOL, ETH, and wBTC.
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Price feeds come from Chainlink oracles, and funding rates settle hourly rather than the eight-hour intervals common on centralized exchanges. The markets trade around the clock, which is standard for crypto perps but notable for SPCX, given that the underlying SpaceX shares don’t exactly have a 24/7 spot market.
Tokenized SpaceX shares steal the spotlight SPCX is the most eyebrow-raising listing of the bunch. The token represents tokenized shares of SpaceX, first launched on Solana back in June 2026. SpaceX remains a private company, so traditional retail investors have essentially zero access to its equity outside of secondary-market platforms and now, tokenized versions on-chain.
HYPE, meanwhile, brings cross-protocol intrigue. Hyperliquid operates its own perpetual futures exchange, so Jupiter is essentially listing a competitor’s token as a tradeable derivative. ZEC rounds out the trio as one of the oldest privacy coins in crypto.
The staking gate and what it signals Access to these beta markets isn’t open to everyone. Traders need to have staked at least 69 JUP tokens to get early entry.
Jupiter’s evolution from swap router to derivatives platform Jupiter originally made its name as Solana’s dominant DEX aggregator, routing trades across multiple liquidity sources to find the best execution price. Jupiter’s initial perps markets covered SOL, ETH, and wBTC, all backed by the JLP liquidity pool.
Adding six new markets in a single batch, spanning native crypto tokens, tokenized equities, and a privacy coin, is a qualitative leap. Jupiter is no longer just aggregating existing liquidity — it’s creating new markets from scratch, complete with custom infrastructure like the GUM engine.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter Exchange nově umožňuje swapovat INJ za SOL a SPL tokeny na Solaně bez wrapped verzí. Integrace běží na nativním INJ přes Sunrise bridge a byla spuštěna 17. září 2026.
INJ, the native token of the Injective protocol, is now swappable on Jupiter Exchange, giving Solana users direct access to the asset without needing wrapped versions or cross-chain workarounds. The integration went live on September 17, 2026, powered by Injective’s deployment on Solana through the Sunrise bridge.
How the integration works Jupiter’s routing engine aggregates liquidity from more than 20 Solana DEXes, including Raydium, Orca, and Meteora. When a user swaps SOL or any SPL token for INJ, Jupiter scans those venues to find the best available execution path.
The key detail: this is native INJ on Solana, not a wrapped derivative. The Sunrise bridge handles the cross-chain plumbing, minting INJ as an SPL token that behaves like any other asset in the Solana ecosystem. Users can hold it in Phantom, trade it on Raydium, or route swaps through Jupiter’s interface.
Jupiter’s Ultra mode layers on additional features for the swap experience, including auto-slippage adjustment and MEV protection. Auto-slippage dynamically sets tolerance based on market conditions, while MEV protection shields traders from sandwich attacks.
Raydium is listed as a launch partner, with additional DEX integrations expected to follow.
What this means for Injective and Solana Jupiter itself has come a long way since its October 2021 launch as a simple swap aggregator. The platform now offers perpetual contracts, lending services, and its own governance token, JUP, and its aggregation layer covers thousands of SPL tokens across more than 20 Solana DEXes.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter Earn ukončuje JUICED Loop a aktivní pozice je nutné uzavřít ručně. V posledním týdnu září 2026 začne platit fee magnifier, který zvýší náklady na držení.
Jupiter Earn is pulling the plug on its JUICED Loop product, and anyone still running an active position has a tight deadline to get out cleanly. The wind-down follows a phased schedule that began with a cap on borrow limits, continues with the end of JUICED-specific incentives, and finishes with a fee magnifier applied in the final week of September designed to make staying in the loop more expensive than leaving it.
The announcement came on September 3, 2026, giving users roughly four weeks to unwind positions before the economics turn punitive. Jupiter framed the change as a product adjustment, without offering detailed public reasoning for the decision.
What the JUICED Loop actually was To understand what’s being retired, it helps to understand the underlying mechanic. The JUICED token, also called JL Token, is a tokenized representation of user deposits in Jupiter Earn’s JupUSD vaults. Think of it like a receipt that also pays interest: hold it, and you earn yield from two sources simultaneously, lending and borrowing activity on Jupiter Lend, and T-bill returns generated by the reserves backing JupUSD.
Those reserves are primarily channeled through Ethena-linked products, specifically USDtb and BUIDL, which themselves tap into short-duration US Treasury exposure. So even at the base level, JUICED was already a layered product.
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The JUICED Loop added another layer on top. Users could deposit JUICED as collateral, borrow stablecoins against it, deploy those stablecoins back into the vault to mint more JUICED, and repeat. The result was a leveraged yield position that historically produced APYs in the range of 10% to over 15%, depending on market conditions.
The three-phase exit schedule Jupiter structured the deprecation to avoid a cliff event, which is the kind of sudden shutdown that forces everyone to exit at the same time and can create unnecessary friction in token markets. Instead, they spread the pressure across three steps.
The first step, a reduction in borrow limits, began immediately after the September 3 announcement. Capping how much users can borrow against JUICED collateral effectively prevents new loop positions from being opened or expanded, and starts shrinking the addressable leverage in the system.
The second step, ending JUICED Loop-specific incentives, was set for the following week. Incentives had been supplementing the base yield to make the loop strategy more attractive. Once those disappear, the net APY on a looped position drops, nudging rational actors toward closing.
The third and final step is the fee magnifier, scheduled for the last week of September. This mechanism applies escalating fees to open loop positions, making continued inaction increasingly costly.
Jupiter was explicit that users need to close active loops themselves. Positions will not be automatically unwound. Anyone who doesn’t act before the fee magnifier kicks in will pay for the delay.
The good news for JUICED holders who aren’t running a loop is that nothing changes for them. The JUICED token and the underlying JupUSD earn vaults continue operating normally. The base yield from lending activity and T-bill exposure remains intact. The retirement only affects the leveraged loop strategy built on top of those vaults, not the vaults themselves.
For users who built positions in the JUICED Loop for its yield, the immediate task is mechanical: close the loop, repay borrowed stablecoins, and decide what to do with the underlying JUICED position afterward. The base vault product still functions, so one path is simply staying in JUICED without the leverage.
Anyone holding a JUICED Loop position should treat the fee magnifier deadline as a hard constraint, not a suggestion. The cost of inaction rises sharply once the final phase activates, and Jupiter has made clear that manual closure is the only exit path available.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
OpenCover rozšiřuje institucionální krytí rizik na Solanu a nově ho nabízí pro Kamino, Raydium, Orca a Jupiter. Krytí se vztahuje na chyby chytrých kontraktů, selhání oracle i útoky na governance.
On-chain risk coverage platform OpenCover has announced it is expanding its institutional-grade risk protection to the Solana network. Eligible positions can now access coverage, with the initial rollout covering Kamino, Raydium, Orca, and Jupiter. Specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users, connecting them to underwriters including Nexus Mutual. Following this expansion, Solana ecosystem users can now purchase coverage for risks such as smart contract vulnerabilities, oracle failures or manipulation, liquidation failures, and governance attacks. According to a prior announcement from Nexus Mutual, it has now launched four coverage products on Solana for Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the Solana lending market’s total funds. Of these, Kamino and Jupiter hold over $1 billion and $925 million in lending deposits respectively. OpenCover noted that this launch marks the start of its further expansion of risk transfer infrastructure on Solana, and it will subsequently partner with protocols, asset management firms, and liquidity providers to expand the range of positions eligible for coverage.
Jupiter, největší swap agregátor na Solaně, je nyní součástí MoonPay PayBox, non-custodial AI payment vaultu, který umožňuje obchodování s kryptem pomocí přirozeného jazyka v AI chatbotech. Integrace zpřístupňuje routing, limitní příkazy, dollar-cost averaging i earn produkty prostřednictvím konverzačních rozhraní.
Jupiter, the largest swap aggregator on Solana, is now live inside MoonPay’s PayBox, a non-custodial AI payment vault that lets users trade crypto by typing natural-language instructions into AI chatbots. The integration went live on September 3, connecting Jupiter’s routing engine, limit orders, dollar-cost averaging tools, and earn products to conversational interfaces powered by Claude, ChatGPT, and Grok.
What PayBox actually does MoonPay launched PayBox on July 29 as its bet on “agentic payments.” The core idea: users interact with AI assistants they already use, and PayBox handles the on-chain execution in the background.
The security model relies on multi-party computation (MPC) and trusted execution environments (TEE). Neither MoonPay nor the AI chatbot can independently access a user’s private keys. The keys are split across multiple parties, and transactions require a passkey from the user before anything moves on-chain.
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Users can configure permissions along a spectrum. “Always Ask” mode requires verification for every transaction. More autonomous settings allow the AI to execute trades within pre-set limits without additional confirmation, which is useful for recurring strategies like dollar-cost averaging.
Solana is the primary blockchain supported by PayBox, though it also works with several EVM-compatible networks including Ethereum, Base, Arbitrum, and Polygon.
Why Jupiter matters in this equation Jupiter has historically processed hundreds of billions in trading volume and handles a substantial share of all Solana DEX activity.
MoonPay CEO Ivan Soto-Wright framed the integration in characteristically direct terms.
“Jupiter is the standard for how serious traders trade on Solana.”
Jupiter reorganized its product suite into three pillars, Trade, Earn, and Manage, in July 2026. That restructuring now maps onto what’s accessible through PayBox, giving conversational AI users a path to tools that previously required navigating Jupiter’s own dashboard.
This isn’t the first time Jupiter and MoonPay have collaborated. Back in 2024, the two companies worked together to introduce fiat on-ramps to Jupiter Mobile, enabling card and Apple Pay purchases. The PayBox integration represents a deeper layer of connectivity, moving beyond simple fiat-to-crypto bridges into full trading functionality.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter spustil Universal Deposit pro převod aktiv jedním kliknutím z podporovaných sítí na Solanu do USDC v peněžence. Podporuje mimo jiné Ethereum, Base, Arbitrum a Sui.
According to official announcements, Solana ecosystem trading aggregator Jupiter has launched its cross-chain deposit feature, Universal Deposit. Users no longer need bridging tools to send tokens from any supported chain to Jupiter, and will receive USDC directly in their Solana wallets. The feature automatically integrates routing, cross-chain bridging, and swap workflows, eliminating the need for users to switch networks or execute additional transactions. Currently, Universal Deposit supports asset deposits from networks including Ethereum, Base, Arbitrum, and Sui, with users able to complete operations using their existing wallets. The service applies a unified fixed rate, charging $0.30 per transaction regardless of the transfer amount—whether it is $100 or $10 million. Jupiter noted that the feature is designed to deliver a more convenient cross-chain asset transfer experience.
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The number of onchain tokenized equity holders just hit 1.9 million. Jupiter, the dominant decentralized exchange aggregator on Solana, has been the primary engine behind that growth, routing a massive share of the volume that’s pulling retail investors into a new flavor of stock trading: permissionless, 24/7, and settled on a blockchain.
To put the trajectory in perspective, tokenized equity holders sat at roughly 670,000 in late July 2026. By early August, that number had climbed to nearly 967,000, a 92% jump in 30 days. Now it’s 1.9 million. The month-over-month growth rate clocks in at 73% based on recent data.
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Why off-hours trading is the quiet killer feature Roughly 68% of tokenized asset volume on the platform occurs on weekends and outside traditional market hours. Off-hours trading represents more than 65% of total exchange volume, a stat that suggests the appeal isn’t just novelty. It’s utility.
Jupiter’s tokenized asset volume is up 300% year-to-date.
The Securitize-Jump-Jupiter pipeline The catalyst for this wave traces back to May 5, 2026, when Securitize, Jump Trading, and Jupiter announced a partnership to bring tokenized equities to Solana. Securitize handles the compliance and issuance infrastructure. Jump provides the market-making muscle. Jupiter routes the trades.
Since that launch, the ecosystem has expanded quickly. In June 2026, leveraged Series Tokens from Shift RWA were integrated into Jupiter, giving traders access to amplified exposure on tokenized stocks. Jupiter Lend, a lending product that lets users post tokenized assets as collateral, surpassed $20 million in deposits by mid-July 2026.
Solana’s grip on tokenized equities Solana has captured approximately 85% of all trading volume related to tokenized equities. Inflows into real-world assets on Solana totaled nearly $700 million over a recent 30-day span.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter 30. srpna vykázal denní příjem protokolu ve výši 822 000 USD, což je nejvíce za téměř sedm měsíců. Zhruba 50 % jde na zpětné odkupy a spalování JUP.
Jupiter, the largest decentralized exchange aggregator on Solana, posted $822,000 in daily protocol revenue on August 30, its best single-day performance in nearly seven months. The number marks a meaningful departure from recent daily averages hovering around $534K, and it lands during a week where the entire Solana dApp ecosystem was already flexing.
Solana-based decentralized applications collectively generated $35 million in weekly revenue for the period ending August 24, a 29-week high. Jupiter, which routes roughly 63% of organic DEX aggregator volume on Solana, is clearly riding that wave rather than fighting against it.
What’s driving the revenue spike Jupiter started life as a straightforward liquidity aggregator, the kind of protocol that finds traders the best swap price across multiple decentralized exchanges. But the platform has since expanded well beyond that original mandate.
The addition of perpetual futures trading through Jup Perps and lending services has diversified Jupiter’s revenue base considerably. Perps trading in particular tends to generate outsized fees during periods of market volatility, which partly explains why a single day can swing from $534K to $822K without much warning.
That diversification matters because Jupiter’s core aggregation business faces growing pressure. Competitors like OKX’s DEX aggregator and DFlow have chipped away at market share, even if Jupiter still commands a dominant position.
Tokenomics and the buyback machine For JUP token holders, revenue isn’t just an abstract protocol health metric. Jupiter allocates approximately 50% of its protocol revenue to buying back and burning JUP tokens through a mechanism called the Litterbox Trust. At $822K in daily revenue, that translates to roughly $411K worth of buying pressure on JUP in a single day.
Whether this mechanism moves the needle on token price depends heavily on consistency. A single standout day is nice. Sustained daily revenues above the recent $534K average would be far more meaningful for long-term value accrual. The seven-month gap since the last time Jupiter hit this revenue level suggests the protocol is still working through the hangover from 2025’s peak activity, when monthly revenue figures regularly reached into the millions and annual gross revenue exceeded $500 million.
By comparison, 2026 gross revenue through August sits in the low-to-mid millions. The $822K day is notable precisely because it suggests the floor may be rising again after that correction.
Context within the Solana recovery Jupiter’s fortunes are inextricable from Solana’s. The network processed over $1 trillion in cumulative volume through Jupiter alone during 2025, making the aggregator one of the most important pieces of infrastructure in the ecosystem.
For Jupiter specifically, the competitive landscape bears watching. The protocol’s 63% share of organic aggregator volume gives it a substantial moat, but that moat is built on execution quality and routing efficiency rather than network effects that lock users in.
DFlow’s solver-based approach and OKX’s integration of its centralized exchange liquidity into on-chain routing both represent genuine threats to Jupiter’s dominance. The aggregator market on Solana is far more competitive today than it was a year ago.
The more interesting question is whether Jupiter’s expansion into perps and lending can offset any potential erosion in its core aggregation business. Perpetual futures trading on decentralized platforms has proven to be one of DeFi’s stickiest revenue generators, with protocols like Hyperliquid demonstrating that on-chain perps can sustain meaningful volume over extended periods.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter’s Degen Markets spustil obchodování s akciemi přes $SPCX, tokenizovanou podobou akcií SpaceX, v nové záložce Stocks. Nabízí binární kontrakty Up/Down v 5minutových a 15minutových intervalech během standardních hodin amerického akciového trhu.
Jupiter’s Degen Markets just crossed a line that crypto-native traders have been waiting for: stocks. The platform, which has built a following around ultra-short crypto prediction markets, is now offering binary contracts on tokenized equities, starting with $SPCX, the tokenized representation of SpaceX shares.
How the new stock markets work The $SPCX trading feature launched on August 26 through Jupiter Predict’s Degen Markets, which now includes a dedicated Stocks tab alongside its existing crypto offerings. Users can place Up/Down binary contracts in 5-minute and 15-minute intervals during standard US stock market hours.
Binary contracts are about as simple as trading gets. You pick a direction, you pick a timeframe, and you either win or lose based on whether the final price lands above or below a reference price at the time of entry.
The underlying asset, $SPCX, comes from Backpack Securities, which has been carving out a niche in the tokenized equities space. Settlement leans on Chainlink price feeds for the reference data, while Jupiter Forecast’s automated market maker handles routing and execution. The platform’s documentation notes that these binary markets settle with no trading fees.
From crypto bets to equity predictions Until now, Degen Markets has been a crypto-only playground. The platform supported short-duration prediction contracts on Bitcoin, Solana, Ethereum, and XRP.
Jupiter Forecast, the underlying infrastructure powering these markets, launched in beta in June 2026. Jupiter integrated with Kalshi in October 2025 and Polymarket in February 2026, building out the prediction market toolkit before rolling its own product.
Jupiter Forecast differentiates itself from earlier prediction market designs by using competitive AMM structures rather than relying on a single liquidity pool, enabling better price discovery and tighter spreads for traders.
Why tokenized stock predictions matter Degen Markets is taking a different approach by not trying to replicate stock ownership. Instead, it offers pure price speculation through binary contracts. Users aren’t buying or holding equity — they’re making time-limited predictions on price direction.
The no-fee structure on these binary markets sets up an interesting competitive dynamic. Traditional platforms offering similar short-duration options or binary contracts, regulated entities like Kalshi among them, typically charge fees per contract.
For existing Jupiter users, the Stocks tab transforms Degen Markets from a crypto speculation tool into something closer to a unified short-term trading terminal. The ability to toggle between 5-minute Bitcoin predictions and 15-minute SpaceX bets on the same interface, settled on the same chain, with the same wallet, is a UX advantage that fragmented competitors can’t easily match.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter’s dominance of Solana’s DEX aggregator market has reached a new low. According to Blockworks data, Jupiter accounted for 48% of Solana DEX aggregator volume on August 18, marking the first time its daily share has fallen below 50% since launch. OKX captured 37%, while DFlow and Titan accounted for 13% and 2%, respectively.
The latest figures extend a decline that has accelerated over the past several months. In early April, Jupiter controlled about 90% of weekly aggregator volume. By Aug. 1, that figure had fallen to 71%, representing a roughly 20% decline in 4 months.
OKX and DFlow have captured much of the share Jupiter has lost. OKX held 13% of daily volume on Aug. 1, while DFlow accounted for 11%.
Jupiter Continues Expanding As Revenue Declines Jupiter’s declining aggregator share comes as the company continues to expand its broader DeFi ecosystem.
Jupiter Lend has steadily gained ground against competitors such as Kamino in recent weeks. Its Gacha product also attracted more than $27 million in user spending within 3 weeks of its launch.
On Aug. 10, Jupiter launched Lend v2, which introduced Smart Collateral and Smart Debt. The optional features allow deposited and borrowed assets to also provide DEX liquidity, giving users the potential to earn lending yield alongside trading fees and, where applicable, staking rewards.
The additional yield depends on actual trading activity through the associated liquidity pools, linking Lend v2's performance partly to Jupiter’s routing activity.
Jupiter’s falling market share also comes against a backdrop of declining revenue. DefiLlama data indicates that Jupiter generated about $2.24 million in revenue so far in August. That figure puts the platform on pace for another relatively weak month if the current trend continues.
The decline looks more significant when compared with Jupiter’s 2024 and 2025 performance.
Monthly revenue surged throughout 2024 and peaked at over $28 million in late 2024. Several months in 2025 also generated more than $10 million, with some approaching or exceeding $20 million.
Revenue has since fallen considerably. Recent monthly figures have fallen to their lowest levels in roughly two years, highlighting the pressure facing its core business as trading activity and aggregator share change.
OKX Gains While Titan Fades OKX has emerged as Jupiter’s most significant challenger in the aggregator market. Incentivized trading campaigns may have contributed to its rising share.
Titan, meanwhile, has fallen from being Solana’s second-largest aggregator to just 2% of daily volume according to Blockworks data. Titan operates as a meta-aggregator, meaning its quotes can include routing through other aggregators. That structure can cause some of its flow to appear in competing venues.
Despite weaker overall onchain activity during the crypto bear market, DEX aggregators remain important to Solana traders even as DEX aggregator share of spot volume has dropped to its lowest level in months.
Jupiter’s fall below 50% therefore marks more than a change in one platform’s market share. It signals a more competitive Solana trading market, with OKX and DFlow increasingly challenging the dominance Jupiter held for years.
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Jupiter spouští Lend v2, kde mohou vklady i vypůjčené pozice zároveň vydělávat úrok a podíl ze swapových poplatků ze stejného kapitálu.
Nové Smart Collateral a Smart Debt jsou zatím volitelné.
Solana lending giant Jupiter now lets the same dollar earn twice. (Live Richer/Unsplash/Modified by CoinDesk)Summary
Jupiter’s Lend v2, introduced Monday, allows deposits and borrowed positions to double as trading liquidity so users can earn both lending interest and a share of swap fees from the same capital.The product introduces optional Smart Collateral and Smart Debt features that automatically pair assets into correlated liquidity pools, boosting yields for depositors and offsetting borrowing costs when traders route swaps through those pools.While borrowers in correlated pools are protected if one stablecoin depegs, collateral providers bear the loss on either asset, a risk Jupiter seeks to limit by confining the design to stablecoin pairs and SOL versus its staked versions.Solana decentralized-lending giant Jupiter rolls out its new Lend version 2 (v2) product on Monday, allowing deposits and borrowed positions to simultaneously act as trading liquidity so the same dollar earns interest as a loan and a share of swap fees.
Jupiter Lend holds about $1.9 billion in deposits, according to DefiLlama data, and generated $1.6 million in fees over the past 30 days, or roughly 1% a year on the capital sitting there before any split with the protocol.
Active loans stand at $822.7 million and have fluctuated between $600 million and $900 million since September, Token Terminal data show. Deposits and loans have both slipped over the past month.
(Token Terminal)The new version of Lend introduces two features, both optional.
Smart Collateral lets a deposit of USDC, USDT, SOL or JupSOL be paired automatically into a correlated liquidity pool. That allows the assets to earn yield on any loans while gaining trading fees and, where applicable, staking rewards from one position. Smart Debt does the same for borrowed assets, so fees generated by a debt position offset the cost of the loan. Users who want ordinary lending can ignore both.
The extra yield exists only if traders actually swap through those pools, which means Jupiter not only runs Solana's largest swap router, the software most wallets and apps use to find the best price across venues, but it also owns pools that need that flow to arrive.
The company told CoinDesk the router does not favor its own vaults and sends swaps wherever the price is best.
The risk of pairing assets falls unevenly, however. Jupiter said margin is valued using primary market oracles, or data providers, so a temporary price wobble on an exchange does not trigger anything, and a position liquidates as normal once its loan-to-value ratio passes the threshold.
A genuine depeg is different. On the debt side the borrower is protected — someone borrowing $100 split between USDC and USDT would see the pool rebalance into whichever asset held its value and still owe $100. On the collateral side there is no such protection, and a supplier carries the loss on both assets if either breaks.
That is why the design is confined to correlated pairs, stablecoins against each other and SOL against its staked versions, rather than volatile assets.
"There's been a wall between the two primary ways people earn APY onchain, lending and LPing," said Kash Dhanda, Jupiter's chief operating officer, referring to lending and supplying liquidity to exchanges.
The design lets Jupiter offer higher deposit rates and cheaper borrowing, he said, and terms improve as the vaults attract more trading. "It is not about just serving existing loans, but providing efficiency to grow the entire market."
Jupiter said it expects a mix of new loans and migrated positions, without giving a target or a cap. A protocol whose loan book has not grown in a year now has a product that pays more, and the next 30 days of active loans will show whether yield was the thing holding it back.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jupiter spustil Spot V2 jako plnohodnotný obchodní terminál na Solaně s analytikou v reálném čase, chytrými příkazy a levnějším exekučním enginem. Současně oznámil získání většinových podílů v Moonshot a Sonarwatch; JUP po zprávě vzrostl asi o 8 %.
Jupiter just shipped what it’s calling a “100% reinvented” trading platform, and for once the marketing language might not be entirely hyperbolic. Spot V2 transforms the leading Solana DEX aggregator from a simple swap router into a full-featured trading terminal, complete with real-time analytics, smart order types, and an execution engine that claims to cut trading costs by a factor of ten.
For a protocol that already handles over 50% of all DEX volume on Solana, that’s less of an upgrade and more of a moat-widening exercise.
What’s actually in the box The centerpiece of Spot V2 is something Jupiter calls Ultra Mode. The pitch: automatic optimizations that make trading roughly 10x cheaper than standard execution. Think of it like a smart router on steroids, one that doesn’t just find the best price across liquidity pools but actively minimizes the total cost of getting your trade done, including gas and slippage.
Speaking of slippage, the platform now offers real-time slippage estimation. Instead of guessing how much you’ll lose between clicking “swap” and the transaction confirming, Spot V2 shows you a live estimate before you commit.
Smart trigger orders are another addition worth noting. These let traders set conditional trades that execute automatically when specific on-chain conditions are met.
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Then there’s organic scoring for tokens. Rather than relying purely on market cap or volume rankings, which are trivially easy to manipulate, Jupiter is introducing a scoring system designed to surface tokens based on more authentic activity signals.
The perpetual contracts side got attention too, with limit orders and one-transaction trading now available. Previously, opening a perp position on Jupiter required multiple transaction confirmations. Collapsing that into a single click removes friction that competitive platforms had already eliminated.
Strategic acquisitions sweeten the deal The Spot V2 launch didn’t happen in isolation. Jupiter simultaneously announced it had acquired majority stakes in two projects: Moonshot and Sonarwatch.
Moonshot is a platform focused on token launches, giving Jupiter a direct pipeline into new token distribution on Solana. Sonarwatch, meanwhile, specializes in portfolio tracking and analytics.
The market seemed to approve. Following the combined announcements, the JUP token climbed approximately 8%.
Context: Jupiter’s grip on Solana DeFi To understand why Spot V2 matters, you need to appreciate just how dominant Jupiter already is. Routing more than half of all decentralized exchange volume on Solana isn’t just market leadership. It’s near-monopoly territory.
What this means for investors For JUP holders, the calculus is relatively straightforward. Jupiter is transitioning from an aggregator, essentially middleware, into a full-stack trading platform.
Spot V2 launched in beta with a phased rollout planned for its features. Building a comprehensive trading terminal is genuinely hard, and Jupiter is attempting to match centralized exchange experience while maintaining the decentralization properties that make DeFi attractive in the first place.
The acquisitions add another dimension of risk and opportunity. Integrating Moonshot and Sonarwatch successfully could create meaningful synergies, giving Jupiter proprietary data advantages and first-mover access to new token launches.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter, the largest decentralized exchange aggregator on Solana, has opened its Active Staking Rewards claim window for the second quarter of 2026. The 50 million JUP reward pool is now available to eligible stakers, with claims accepted through October 8.
The Q2 period covers April 1 through June 30, and the claim window opened on July 8 at 2:00 PM. Users who maintained a minimum average stake of 50 JUP during that period can collect their share through the Jupiter Rewards Hub or the platform’s dedicated voting site.
Any rewards left on the table after the October 8 deadline revert to the community treasury.
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How Active Staking Rewards actually work Eligibility isn’t particularly demanding. Stake at least 50 JUP on average during the quarter, participate in DAO votes, and you’re in the running. The program has maintained a consistent 50 million JUP allocation per quarter since at least 2024.
One detail that separates this from a simple airdrop: claimed rewards get compounded directly into existing stakes, automatically boosting voting power within the Jupiter ecosystem. Rather than encouraging users to claim and dump, Jupiter has structured the system so that engaged participants become progressively more influential in governance.
Why Jupiter keeps betting on governance participation By tying rewards specifically to governance participation rather than raw liquidity provision or trading volume, Jupiter is filtering for users who actually care about the protocol’s direction. The 50 JUP minimum stake keeps the barrier low enough that casual users can participate, while the requirement to actually vote on DAO proposals ensures some baseline level of engagement. Community feedback has been largely positive, though some users have raised minor concerns about wallet requirements and the timing of claim windows.
Jupiter’s position as Solana’s leading DEX aggregator gives these governance decisions real weight. The platform routes trades across numerous decentralized exchanges on Solana, meaning the DAO’s choices about fee structures, integration partners, and protocol upgrades have tangible effects on one of the network’s most critical pieces of infrastructure.
What this means for JUP holders and the Solana ecosystem The steady cadence of 50 million JUP distributions every quarter creates a predictable emission schedule. For current JUP stakers, the math is straightforward: participate in governance, claim your rewards, and watch your voting power compound over time.
The reversion of unclaimed tokens to the community treasury means the protocol doesn’t waste emissions on disengaged holders. Tokens that would have gone to passive participants instead flow back into a pool that can fund future initiatives, development, or additional reward cycles.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter na Solaně spustil trailing stop loss pro Limit Order V2. Funkce sleduje vrchol ceny a prodává při poklesu o nastavené procento, výchozí je 10 %.
Jupiter, the dominant decentralized exchange aggregator on Solana, just rolled out a trailing stop-loss feature for its Limit Order V2 system. It’s one of those tools that centralized exchanges have offered for years, and DeFi users have been quietly jealous about ever since.
Here’s the thing. A regular stop loss says “sell if the price drops to X.” A trailing stop loss says “sell if the price drops X% from its highest point.” The difference matters a lot when you’re riding a rally and don’t want to leave money on the table by setting a fixed exit too early, or too late.
How the trailing stop loss actually works Think of it like a ratchet that only clicks in one direction. As the price of a token climbs, your sell trigger climbs with it, always maintaining a set percentage distance from the peak. If the price reverses, the trigger stays put and fires when hit.
In English: you set a trailing distance, say 10% (which happens to be the default), and the system tracks the highest price your token reaches. If that peak was $100 and the price drops to $90, the order executes. If the price keeps climbing to $150 first, your new trigger becomes $135. You never manually adjust anything.
Jupiter allows users to configure trailing distances anywhere from 0.5% to 90%. That’s a wide range, covering everything from tight scalps on stablecoins to loose trailing stops on memecoins that might swing 30% in an afternoon before continuing upward.
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The feature tracks peaks using either USD price or market cap, depending on how the trader configures the order. Orders can be set with expiration periods of up to 30 days, so you’re not committing to babysitting a position forever.
And it works with any token pair supported on the platform, not just majors like SOL, JUP, or USDC.
Why this matters for Solana DeFi Jupiter’s Limit Order V2 system launched around October 2025, introducing fixed take-profit and stop-loss options alongside more sophisticated order types. Those included OCO (One Cancels Other) and OTOCO (One Triggers Other Cancel Order) bundling, essentially letting traders set up conditional logic chains for their trades.
The problem with V2’s original toolkit was that everything relied on fixed triggers. Set a stop loss at $95, and that’s where it fires regardless of whether the token rallied to $200 first. Traders who wanted to protect gains during volatile uptrends had to manually adjust their orders, which kind of defeats the purpose of automation on a decentralized platform.
Execution runs through Jupiter Ultra, the platform’s routing engine designed to find optimal swap paths across Solana’s liquidity pools. Jupiter Ultra also incorporates protection against MEV (Miner Extractable Value) attacks, which on Solana take the form of sandwich attacks where bots front-run and back-run your trade to extract value.
What this means for traders and the broader market For retail traders, the trailing stop loss lowers the skill barrier for managing risk. The 10% default is sensible for most crypto assets, though anyone trading lower-volatility pairs might want to tighten that, and memecoin traders will probably want to widen it considerably.
For more experienced traders, the combination of trailing stops with OCO and OTOCO order types opens up some genuinely sophisticated strategies. You could set up a position with a take-profit target, a trailing stop loss, and have the system cancel whichever order doesn’t trigger first.
One risk worth noting: trailing stop losses in illiquid markets can create cascading sell pressure. If a token’s price drops sharply and multiple trailing stops trigger simultaneously, the resulting sell orders could push the price down further, triggering more stops.
Traders should also be aware that a 30-day maximum expiration means long-term holders can’t set and forget indefinitely. You’ll need to renew orders periodically if you’re using this as an ongoing portfolio management tool rather than a short-term trade management feature.
The feature is accessible through Jupiter’s interface via a dedicated URL parameter.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Chainlink se stává klíčovou infrastrukturou pro prediction markets a jeho Data Streams už pohánějí trhy na Polymarketu i Jupiter Exchange. ADI Predictstreet navíc zvolil Chainlink jako exkluzivní oracle pro oficiální trh pro FIFA World Cup 2026.
From crypto markets to the World Cup@chainlink is building a quiet but significant lead as the infrastructure layer beneath one of crypto's fastest-growing product categories. A string of integrations announced in recent months points to a single direction: automated, tamper-resistant settlement is replacing manual resolution across prediction markets, and Chainlink is the common thread.
@Polymarket's 5-minute and 15-minute $BTC markets both run on Chainlink Data Streams. Both markets use Chainlink Data Streams to provide price updates from major trading venues. The combined volume across those short-duration markets has already cleared over $3 billion. The broader picture for Polymarket is equally striking: the platform has cleared $4.9 billion in cumulative volume so far in 2026, after receiving full CFTC approval in the US.
@JupiterExchange, Solana's largest DEX aggregator, has plugged in the same infrastructure for its own 5-minute and 15-minute markets on $BTC, $ETH, and $SOL. Then there is @world_xyz, a Solana project that spent months as little more than a glowing globe with no public details. It revealed itself this week inside Phantom, reaching 20 million users and relying on Chainlink for automated market resolutions.
The FIFA deal cements the patternThe clearest signal yet came on June 9, 2026. ADI Predictstreet, the official prediction market partner of the FIFA World Cup 2026, announced it has adopted Chainlink as its exclusive oracle infrastructure to power accurate market resolutions and unlock instant payouts. To meet the scale of the tournament, ADI Predictstreet adopted the Chainlink Runtime Environment (CRE) to automate market creation, resolution, and settlement using high-quality FIFA data.
The deal placed Chainlink at the center of the official prediction markets for the biggest sporting event in history, a tournament spanning 48 teams, 104 matches, 16 host cities across three countries, and an estimated six billion fans.
While legacy prediction markets suffer from slow manual resolution and market outcome disputes, Chainlink's oracle infrastructure provides a robust source of truth for prediction markets on the world's largest sporting event. That structural shift, away from social-consensus or committee-based resolution and toward cryptographically verified, automated settlement, is what ties all of these integrations together.
The throughline across @Polymarket, @JupiterExchange, @world_xyz, and the official @FIFAWorldCup prediction market is the same: when platforms need fast, reliable, and dispute-free resolution at scale, they are reaching for the same oracle layer.
Sources
ADI Predictstreet official press release via PR Newswire
Chainlink Powers Faster Crypto Prediction Markets on Polymarket, Bitget News
Chainlink Data Streams, chain.link
Jupiter přidal JupUSD jako custody asset do JLP, čímž pool rozšířil na šest tokenů. Integrátoři musí aktualizovat své systémy, jinak hrozí chybné výpočty i nefunkční obchody.
Jupiter’s liquidity pool just got a new tenant. JupUSD, the platform’s native stablecoin, has been added to the Jupiter Liquidity Pool as a custody asset, expanding JLP’s asset roster to six tokens and triggering a call for all integrators to update their systems accordingly.
The move, announced on June 30, means JLP now holds SOL, ETH, BTC, USDC, USDT, and JupUSD. For anyone building on top of Jupiter’s infrastructure, that’s not just a nice headline. It’s a to-do list item with a deadline of yesterday.
What JupUSD actually is, and why it matters for JLP JupUSD launched in January 2026 through a partnership between Jupiter and Ethena Labs. Approximately 90% of JupUSD’s reserves sit in USDtb, a stablecoin collateralized by BlackRock’s tokenized funds. The remaining 10% lives in a USDC liquidity buffer held through institutional custody managed by Anchorage Digital.
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The stablecoin maintains 1:1 redeemability, backed by what Jupiter has described as clear and transparent reserves. Adding JupUSD as a custody asset within JLP supports transitions between collateral assets and deepens integrations across Jupiter’s product suite, including lending and perpetual contracts. For the Jupiter Perps platform specifically, JupUSD is designed to enhance both liquidity depth and yield capture.
The integration mechanics and what developers need to know Any protocol, tool, or application that reads JLP’s asset composition, calculates pool weights, or routes trades through Jupiter’s infrastructure needs to recognize JupUSD as a valid custody asset. Failing to update could mean broken integrations, incorrect balance calculations, or trades that don’t execute as expected.
In late June 2026, a RedStone oracle feed was added for JupUSD to improve its usability across Solana DeFi. Without reliable price feeds, a stablecoin can’t be used as collateral, can’t be swapped efficiently, and can’t participate in liquidation mechanisms. For JLP holders, Jupiter’s liquidity pool fees typically return 75% to asset holders, creating a yield opportunity that now benefits from JupUSD’s additional liquidity and trading volume.
What this means for investors and traders For JLP holders, adding a stablecoin with institutional-grade backing potentially reduces the pool’s overall volatility profile while maintaining yield generation through trading fees. For traders on Jupiter Perps, JupUSD as a custody asset means another option for collateral management.
The risk side of the equation centers on concentration. JupUSD’s backing is heavily weighted toward USDtb at roughly 90%, which means its stability is effectively a derivative of BlackRock’s tokenized fund performance and USDtb’s own redemption mechanisms. If USDtb were to experience any disruption, JupUSD’s peg would face immediate pressure, and by extension, so would JLP’s composition. The 10% USDC buffer provides some cushion, but it’s a thin one relative to the USDtb exposure.
Developers and protocol teams building on Jupiter should prioritize the integration update. The addition of a new custody asset changes pool math, and any delay in updating could expose users to unexpected behavior in swaps, liquidations, or yield calculations. Given that Jupiter has already laid the oracle groundwork with RedStone, the technical barriers to integration should be manageable.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
RedStone nyní dodává cenový feed pro JupUSD na Solaně, aby stablecoin mohl fungovat jako kolaterál v DeFi. Jupiter tím zpeněžuje nevyužitý kolaterál z perpetuals.
Launching a stablecoin used to mean building the whole stack: reserves, attestation, custody, redemption, distribution. Stablecoin-as-a-Service from Ethena removes that work. What is left for the issuer is the price feed that lets the token work as collateral in DeFi. For JupUSD, that feed comes from RedStone.
TL;DR: Stablecoin-as-a-Service lets any app launch a branded stablecoin on rented reserve infrastructure. Ethena runs the reserves and the machinery, and the partner brings the name and the distribution. Jupiter launched JupUSD stablecoin, monetizing $400 to $500 million of idle perps collateral. The current stablecoin circulating supply sits at $51 million. RedStone now delivers the price feed for JupUSD on Jupiter’s Solana platform. Stablecoin-as-a-Service: Ethena’s Reserve Model Ethena Whitelabel is a Stablecoin-as-a-Service product that allows partners to launch a branded stablecoin on rented reserve infrastructure, the same infrastructure that also backs USDtb, Ethena’s BUIDL-backed dollar.
When a partner launches a branded stablecoin, Ethena runs the reserves and the mint and redemption process, allowing the issuer to focus on the branding and distribution.
Ethena’s whitelabel offering covers multiple chains and protocols, with partners choosing between Ethena’s underlying reserve models depending on the product they want.
For JupUSD, that reserve asset is USDtb, which has grown to a circulating supply of roughly $889 million as of June 2026, according to DeFiLlama. Partners building on this infrastructure plug into a reserve mechanism already operating at scale.
Why JupUSD Needs Reliable Pricing Data Jupiter is Solana’s largest DeFi platform by total value locked. Founded in October 2021 as a swap aggregator routing trades across Solana DEXs, it has since expanded into a full onchain finance suite providing perpetual futures trading, lending, prediction markets, and a mobile trading app. Jupiter processed over $1 trillion in spot and perpetuals volume in 2025.
JupUSD was launched in January 2026, initially backed entirely by USDtb before the reserve mix shifted to its current 90/10 split with USDC. For Jupiter, the stablecoin solved a balance sheet problem: its perpetuals venue was sitting on roughly $400 to $500 million of idle collateral, and JupUSD puts that capital to work.
It is monetization infrastructure, not a savings account for users. Because USDtb flows through to BlackRock’s BUIDL fund, the yield accrues to Jupiter’s reserves rather than to JupUSD holders. As of June 12, 2026, JupUSD’s circulating supply sits around $51 million, published live on the project’s transparency page with broader metrics on DeFiLlama.
JupUSD is the default stablecoin powering the Jupiter superapp, which means that every venue using it needs reliable pricing data to run smoothly. Perps need it to value collateral, Jupiter Lend needs it to trigger liquidations, and Jupiter Predict needs it to settle markets. RedStone now provides that price feed for JupUSD on Solana.
The RedStone approach for whitelabeled stablecoins A whitelabeled stablecoin arrives with its reserves handled but cannot be used as collateral until a price feed makes it usable. Lending markets, perps, and prediction markets all need a fast, manipulation-resistant feed before they will take it as collateral or settle against it. The more venues the stable reaches, the bigger demand for price feed is.
RedStone’s modular architecture treats each feed as a configuration change rather than a bespoke build, so coverage expands at the pace these stablecoins now launch. On Jupiter that is already live: RedStone provides the JupUSD feed on Solana today, currently serving Jupiter’s perpetual markets.
Ethena handles reserve management as a service. RedStone provides the pricing data that makes each one usable.
Frequently Asked Questions What is Stablecoin-as-a-Service?
A model where the reserve and issuance infrastructure for a stablecoin is provided as a service, so an app can launch its own branded stable without building custody, attestation, and redemption from scratch. Ethena offers it through Ethena Whitelabel, and JupUSD is built on it.
Why does a service-issued stablecoin still need an oracle?
Reserves back the token’s value, but they do not make it usable in DeFi. Lending markets and perpetual venues need a manipulation-resistant price feed to accept it as collateral. Without one, the stablecoin remains a simple coin rather than a productive asset.
What type of price feed is RedStone running for JupUSD?
A push-model market feed for JupUSD on Solana that aggregates the spot price from exchanges and pushes updates onchain on deviation 0.2% or 24h heartbeat triggers.
PAX Gold, the gold-backed token issued by Paxos, is now tradeable on Jupiter, Solana’s dominant DEX aggregator. The integration was made possible through Sunrise DeFi, a liquidity gateway built by Wormhole Labs that handles the messy plumbing of onboarding new assets to Solana.
PAXG is the first gold token regulated by the Office of the Comptroller of the Currency to land on Solana.
How Sunrise makes it work Instead of forcing each new asset to negotiate with individual DEXes, liquidity providers, and block explorers one at a time, Sunrise bundles the entire onboarding process into a single pipeline. The result is day-one trading access the moment an asset goes live.
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A token like PAXG doesn’t have to sit in limbo for weeks while liquidity slowly materializes across fragmented venues. Sunrise pre-coordinates with Jupiter and other infrastructure partners, including the Solana block explorer Orb, so that trading and price discovery can happen immediately.
The platform has already tested this playbook with other assets. Bittensor’s TAO token was recently onboarded through the same process, suggesting that Sunrise is building a repeatable framework rather than a one-off integration.
Why gold on Solana matters PAXG is one of the more straightforward tokenized assets in crypto. Each token is backed by one fine troy ounce of London Good Delivery gold, held in Brinks vaults. Paxos, the issuer, operates under a New York State trust charter and is regulated by the OCC, which makes PAXG one of the few gold tokens with a clear regulatory pedigree.
Solana’s transaction fees are measured in fractions of a cent, and block times hover around 400 milliseconds.
What this means for investors Solana DeFi users can now trade a regulated gold token without bridging to Ethereum, paying Ethereum gas fees, or dealing with the latency of a slower network.
For Jupiter specifically, each new asset integration adds trading volume and fee revenue. Jupiter already dominates Solana’s DEX aggregation layer, and the Sunrise partnership effectively turns it into the default landing pad for cross-chain assets entering the ecosystem.
Wormhole, the bridge protocol behind Sunrise, suffered a high-profile exploit in 2022 that drained hundreds of millions of dollars. The team has overhauled its security since then, but the history is worth noting for anyone allocating significant capital through this pathway.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jupiter a Bitwise spustily na Solaně izolovaný USDe lendingový trh pro institucionální klienty. Bitwise bude spravovat parametry poolu a Fluid dodá kolaterální a lendingovou infrastrukturu.
TLDRBitwise and Jupiter Launch Isolated USDe Market on SolanaUSDe Gains Dedicated Lending Support Through Fluid IntegrationGet 3 Free Stock Ebooks Jupiter has partnered with Bitwise to launch an isolated USDe lending market on Solana. Bitwise will curate the dedicated USDe pool within Jupiter Lend for institutional participants. The USDe market will operate separately from Jupiter Lend’s main liquidity layer. The structure aims to manage risk and support institutional capital participation. Fluid protocol will provide collateral and lending infrastructure for the isolated pool. Jupiter has partnered with Bitwise to launch an isolated USDe lending market on Solana. The firms announced the initiative on Wednesday and confirmed institutional access. The structure separates USDe liquidity and integrates Fluid for lending infrastructure support.
Jupiter confirmed that Bitwise will curate a dedicated USDe market on Jupiter Lend. The platform will isolate this market from its main liquidity layer to manage risk. The firms said the structure aims to support institutional capital with controlled exposure.
Bitwise will oversee market parameters while Jupiter provides the lending framework. The setup marks the first time an institutional asset manager curates a market on Jupiter Lend. The companies stated that this approach strengthens risk management and capital efficiency.
The isolated pool will function independently from other lending markets on the platform. As a result, liquidity risks from other assets will not affect the USDe market. The partners said this design aligns with institutional compliance standards.
Jonathan Man, Head of DeFi Strategies at Bitwise, addressed the launch. He said, “Jupiter and Fluid have built unique infrastructure for efficient lending markets.” He added that the design provides deep liquidity and risk-mitigating features.
USDe Gains Dedicated Lending Support Through Fluid Integration The initiative integrates Fluid protocol to supply collateral and lending infrastructure. Fluid will support collateral management and borrowing operations within the isolated pool. The firms confirmed that this integration enhances operational efficiency.
The new market allows users to earn yield on USDe within Jupiter Lend. USDe functions as a synthetic asset that maintains a stable value target. Ethena Labs issues the token and oversees its underlying structure.
Guy Young, CEO of Ethena Labs, commented on the development. He said, “USDe is an institutional-grade savings product, built for scale.” He added that the combined infrastructure creates an efficient USDe market ready for DeFi adoption.
USDe launched in early 2024 and expanded rapidly across crypto markets. By mid-2025, it ranked as the third-largest stablecoin by market capitalization. The asset attracted institutional participation during its early growth phase.
However, USDe later declined in market rankings after volatility pressures. A crypto market crash on Oct. 10 exposed decoupling risks linked to the asset. Market data showed fluctuations in USDe’s price stability during that period.
Jupiter and Bitwise did not disclose specific yield rates for the market. They confirmed that the structure will operate under defined collateral parameters. The companies stated that the market is now live on Solana.
