What is Jupiter?
Jupiter is building the DeFi Superapp. Jupiter is the liquidity infrastructure that enables seamless, capital-efficient trading across the Solana ecosystem. It routes billions in daily volume by connecting users and protocols to the best prices across all major DEXs and market makers through RFQ and smart routing. Jupiter’s advanced engine powers instant swaps, recurring orders, trigger-based orders, and perpetual trading, while also serving as the core liquidity layer for integrated DeFi applications. Beyond trading, Jupiter is building products for money markets, mobile traders, DeFi power users via Portfolio, and more. Through deep integrations, robust APIs, and a relentless focus on both user and developer experience, Jupiter is laying the foundation for the next generation of financial applications on Solana
Where Does Jupiter's Revenue Come From?
Jupiter derives revenue from fees charged on its perpetuals, spot swaps, limit order/DCA and on-chain/off-chain liquidity aggregation products. Half of onchain revenues are sent to the Litterbox Trust, which has the mandate to accumulate $JUP. The other half of onchain revenues, along with offchain revenues ultimately forms the operational budget of the team (with excess going into treasury reserves) which is distributed across various Foundation and Labs entities.
For the avoidance of doubt, none of the profit (revenues net of costs) flow through to founders or insiders.
Does Any Value Accrue to Jupiter Equity Holders?
No value is accrued to equity holders, all revenues across Jupiter products are used to grow the protocol and its range of product offerings. There are no present or future plans to return cash flow to equity through dividends or share repurchases and a corporate restructure is currently in progress to ensure that any excess cash would flow into a non-profit entity instead of the Development Entity, making it structurally impossible to return cash to equity holders.
Since February 2025, 50% of all onchain Jupiter revenues have been programmatically allocated to a non-profit Litterbox Trust and used to acquire $JUP on the open market as a long term strategic reserve.
Does Jupiter Have Any Special Advisor Billings to the Foundation?
There are no advisory payments to insiders from the Foundation. All team members are paid out of the team allocation of tokens and subject to vesting.
What Governance Rights / Value Accrual Do $JUP Holders Have?
$JUP tokenholders are able to stake $JUP in order to participate in governance of the Jupiter DAO. Governance participants are able to earn ASR (Active Staking Rewards) in the form of staked $JUP, essentially allowing those who participate in governance to accrue more governance power over time.
The JupiterDAO itself has been seeded with 100m $JUP and 10m $USDC, and $JUP tokenholders are able to vote on proposals relating to the allocation of these assets. $JUP tokenholders do not receive a direct % of fees but they are able to indirectly benefit from the revenues of the network given such revenues are used to programmatically purchase $JUP for the team’s long-term reserves.
Governance is driven by the Core Working Group (CWG) - the members of which are not appointed by the Jupiter team.
Further utility for $JUP stakers such as fee discounts, access to token launches, airdrops and other utility is also being considered across the Jupiter suite of products.
What was the Initial Allocation of $JUP?
Details about the initial allocation of $JUP along with the basic tokenomics can be found in this post from Meow, the co-founder of Jupiter.
Will Jupiter Always Publicly Disclose Any Token Issuance (e.g. minting/emissions) Going Forward?
Yes! Check out the specifics from Jupuary 2024 in this post from Mei, and from Jupuary 2025 in this post from Kash as two examples of our commitment to transparency. The specific list of airdroped wallets for 2024 can be found here, while 2025 can be found here.
Are the Team's $JUP Tokens Vesting Onchain? Are They Able to Receive Rewards (e.g. ASR) While They Vest?
Yes! You can see them here on Jupiter Lock. No locked tokens can earn rewards, and all team members are on a standard 1 year cliff + 3 year vesting term. Team members would only be able to receive ASR after their tokens are unlocked.
Where Can I Find the Unissued Token Wallets?
Those are publicly reviewed every ~6 months in our industry-leading Transparency Reports. The wallet address can be found in any of those reports, including the Feb 2025 report here.
Is the Jupiter Team Going to Launch Any Additional Tokens?
The team will not launch any future tokens, although note that the co-founders of Jupiter are also the co-founders of Meteora (this is very publicly known). Meteora may launch a token in the future. Note that no Meteora revenue currently flows through Jupiter entities and its balance sheets are kept entirely separate.
For completeness, the team as part of its product suite may launch receipt tokens (i.e. receipts of LP positions, liquid staked tokens, test tokens etc.) but there are no plans to launch any governance or protocol tokens which dilutes the economics of $JUP.
Is the Team Committed to Disclosing Any Insider/Related Person Transactions, Publicly?
We commit to disclosing all related party transactions within 30 days.
What Token Sales, Market Maker Deals, and Exchange Listings has the Team Conducted?
Jupiter has never conducted an OTC sale and has not made any discounted sales to market makers. The team worked with three market makers:
- Kbit: 6 million tokens amounting to 0.06% of total supply at launch, 0.086% (post-burn). Call options over 2 million tokens. 2 year term.
- Wintermute: 15 million tokens amounting to 0.15% of total supply at launch, 0.214% (post-burn). Call option over 5 million tokens. 2 year term.
- DWF: 20 million tokens amounting to 0.20% of total supply at launch, 0.286% (post-burn), call option over 20 million tokens. 2 year term.
Jupiter has never directly allocated any tokens to centralized exchanges for market making. 10 million tokens were provided to DWF to facilitate listing arrangements independently of Jupiter and Jupiter is not party to any listing agreements.