Amid a volatile market, projects within the Solana ecosystem are drawing particular attention. Among them, Jupiter stands out—a project that recently conducted a generous airdrop and is actively expanding its market influence.
Brief Overview of the Jupiter (JUP)
Jupiter (JUP) emerged in 2021 as a DEX swap aggregator on the Solana network. Its main advantage lies in its technology, which finds the most favorable exchange rates.
By 2023, over half of all swaps on Solana were conducted through Jupiter.
Dashboard with Jupiter metrics on Dune: https://dune.com/ilemi/jupiter-aggregator-solana
Key Products:
Jupiter Exchange – The core product, providing optimal swap routes with minimal price slippage.
Ape Pro – A specialized tool for fast and secure trading of new tokens, utilizing a secure vault model.
LFG Launchpad – A platform for launching new tokens.
Project Governance:
J.U.P DAO – A decentralized autonomous organization.
Voting Platform – Where JUP token holders can participate in governance and earn staking rewards.
Links to all Jupiter projects: https://station.jup.ag/guides/
Team:
Meow – Co-founder of Jupiter. Also created Meteora and R.A.C.C.O.O.O.N.S. He is a co-founder of wBTC, the largest Wrapped token, and an early participant in the Handshake project.
Ben Chow – Co-founder of Jupiter. Also a co-founder of Meteora. He was part of the founding team of Hive7, a social gaming company that secured Series A funding from True Ventures. In 2010, Hive7 was acquired by Disney/Playdom. In late 2007, he helped develop and launch the social game Knighthood, which grew to tens of millions of users worldwide.
Siong Ong – Co-founder of Jupiter. Graduated from the University of Illinois at Urbana-Champaign (UIUC) with a degree in Computer Science. Founded GraffitiGeo during his freshman year, which received funding from Y Combinator and was later sold to Loopt. He then worked on early product development at Envoy, which secured funding from Andreessen Horowitz.
Token Behavior
If you zoom out the timeframe, the token is trading within a relatively narrow range.
It updated local highs on news from the conference (more details below).
After correcting from its ATH, the token is in an upward trend with rising local lows and highs.
The nearest support is around $1, which was previously a resistance level.
Strong resistance levels are at the historical highs of $1.8–2. An intermediate resistance zone is around $1.25.
No new highs have been reached yet.
It is ~65% below its ATH.
According to DropsTab algorithms, the token is in the accumulation phase.
It is traded on all tier-1 exchanges except Coinbase.
Infrastructure Development Begins
In 2024, the Jupiter team was not idle:
Acquired SolanaFM, a blockchain explorer and analytics tool for the Solana ecosystem.
Acquired Coinhall, a platform for decentralized trading and analytics.
Participated in the Breakpoint 2024 conference.
Acquired Ultimate Wallet, a mobile crypto wallet supporting Solana, Ethereum, and Bitcoin, accelerating the launch of their own Jupiter Mobile app.
Launched the Jupiter Mobile app, providing quick and easy access to token swaps and asset management, available on iOS and Android. Jupiter Mobile ranked among the top five financial apps in the U.S. App Store in January 2025.
Events of January 2025: Largest Airdrop, Buyback, Blockchain, etc.
In January, the project team hosted the Catstanbul event, sharing important news:
Announced plans to burn 3 billion JUP ($3.6 billion at the time of writing). This move aims to reduce emission and lower FDV. According to Discord, the burn will occur over six months.
Introduced a token buyback program. 50% of protocol fee revenue will be used to buy back JUP, stabilizing its price. The remaining 50% will fund platform development and operations.
Announced the acquisition of a controlling stake in the memecoin platform Moonshot, allowing Jupiter to enter the memecoin market.
Introduced the Jupnet omnichain network, enabling asset and data exchange across blockchains, supporting omnichain smart contracts, and decentralized governance via DAO.
Acquired Sonarwatch, an analytics platform, to integrate DeFi analytics and portfolio management into their ecosystem.
Partnered with ElizaOS, an AI-based OS developer, to create the $10 million MAGIC FUND supporting AI developers.
Additionally, on January 22, the Jupuar airdrop claim began, distributing 700 million JUP.
More About JupNet:
JupNet is an omnichain network aiming to unite the entire crypto space into a single decentralized ledger.
Key Components of JupNet:
DOVE Network (Decentralized Oracles that Validate and Execute) – Decentralized oracles acting as validators and executors. They create a single source of truth for all blockchains, using asynchronous BLS consensus for external transaction verification.
Omnichain Ledger – Allows users and applications to store funds and conduct transactions across blockchains. It uses dynamic finality: fast confirmations for small transactions and stricter requirements for large ones. Simplifies cross-chain app development.
ADI (Aggregated Decentralized Identity) – A fully on-chain authentication system. No seed phrase is required, but recovery keys can be created. No service can gain full control over an account.
The main goal is to create a unified global market where one account can access all blockchains, currencies, and commodities (1A3C concept – one account, all chains, all currencies, all commodities).
Current status: Early testnet, with a public beta expected in a few months.
Technical foundation: Built on Solana (a modified version called Jupiter SVM) with additional data structures, BLS signature mechanisms, and omnichain consensus logic.
Strategic Partnerships
Beyond the acquisitions mentioned above, Jupiter is also associated with Meteora and PumpAI.
Partnership with Meteora
Meteora is a key project in the Solana ecosystem, closely tied to Jupiter but operating independently.
In January 2024, Meteora's TVL reached $1.3 billion, temporarily making it the DEX with the highest daily trading volume in the ecosystem. This rapid growth is due to its new liquidity management mechanism and collaboration with Jupiter.
Partnership with PumpAI
PumpAI is a platform built on Meteora that helps create memecoins using AI. The AI handles everything: descriptions, images, tokens, and trading pools.
The project created shared pools for trading with other services, including Raydium and Jupiter.
Conclusion and Prospects
Jupiter started as a DEX on Solana but is now building something much larger. The team is systematically creating a complete DeFi ecosystem through multiple avenues.
They have acquired key projects for core infrastructure:
Ultimate Wallet
Coinhall analytics service
SolanaFM blockchain explorer
Controlling stake in Moonshot for memecoins
Simultaneously, they are expanding into new narratives:
Developing their own blockchain, JupNet
Exploring AI through ElizaOS
Successfully entering the U.S. market with a top-five mobile app
Entering the memecoin market via Moonshot
The goal is simple: to create a unified system where users can do everything they need in one place—buy crypto, trade, invest, and earn.
Interestingly, a similar new project, Hyperliquid, implementing a comparable development strategy (DEX → own blockchain), is valued three times higher. This may indicate that Jupiter is currently undervalued*.