Most people know Jupiter for its DEX aggregator or its popular perps trading app. But the grander business behind Jupiter is even more advanced and interesting when you dig in!
In a new Edge Podcast, Kash Dhanda, COO at Jupiter, guides us through how Jupiter generates revenue across five distinct products: DEX aggregation, perps on just three trading pairs, Jupiter Lend, JupUSD stablecoin, and Jupiter Spend. Each of these products collects fees that feed directly into JUP token value accrual.
A few things stood out. Perps on just BTC, ETH, and SOL dominating volume on Solana perps is counterintuitive but deliberate on their part, winning in terms of depth over offering every trading pair. The Jupiter Liquidity Provider (JLP) Pool acting as counterparty to traders when they open leverage positions, has remained one of Jupiter's most popular products by giving liquidity providers exposure to perp fees without running the positions themselves. Jupiter Spend is reportedly growing ~750% MoM, a crypto debit card product that barely existed six months ago now but is processing millions in monthly spend volume.
Since our interview recorded, Jupiter announced yet another new product, Jupiter Forecast for MMs, Solana’s first fully native prediction market, along with a $125k grand prize for their World Cup Challenge on Jupiter Prediction Markets.
Even for investors like Nomatic and me, who tend to focus more time and money on Ethereum DeFi, the Jupiter roadmap is so impressive. Jupiter Lens DEX, powered by Fluid, will soon bring greater capital efficiency to Solana onchain trading. The Jupiter Prediction Markets noted above should be a hit with FIFA World Cup, and their new Offerbook will enable borrowing and lending against long-tail tokens.
It may have all started with just one DEX aggregator, but now with over 18 products, five major revenue streams, Jupiter is proving to be a frontrunner in the race for verticalizing and owning the DeFi user stack.
Listen to the latest episode of Revenue Meta on The Edge Podcast to learn more!
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🔗 Guest Links 🔗
► Jupiter website: jup.ag
► Jupiter on X: x.com/JupiterExchange
► Kash on X: x.com/kashdhanda
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DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Kash holds JUP.
