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JupiterIt is a trading polymer built on the Solana network.Jupiter was launched in October 2021. It has become the favorite front end of Solana users. It has gathered more than half of Solana’s transaction volume. The development of Jupiter’s transaction aggregation function is close to ceiling.The agreement launched the Launchpad platform Jupiter Start and the incubator Jupiter Labs for horizontal expansion.Jupiter has a huge user group and resources, and the quality of the Launchpad platform has a certain guarantee.And its Jupiter Labs derivatives project TVL and transaction volume is high.In summary, we choose to follow Jupiter.
Summary
Jupiter is a trading polymer built on the Solana network, and the user interface is similar to 1inch.The agreement provides transaction aggregation, price limit, and fixed investment function.Jupiter aggregates more than half of Solana’s transaction volume, and further developing room for transaction aggregation is small.The protocol expansion of Jupiter Start and Jupiter Labs with similar launch platforms.As of January 15, 2024, the agreement has not announced financing information.
JupiterThe transaction aggregation function is close to the peak, and the transaction volume proportion of aggregation on the Solana network is small.Jupiter has always been the only competitive trading polymer on the Solana network.With a good trading experience and user interface, the agreement has developed to this day. Its 24 -hour transaction volume is about 460 million US dollars. It is conservatively estimated that the transaction volume of its aggregation has exceeded 50%of the overall transaction volume of Solana, and the further increase space is relatively small.
JupiterStartAs a project promotion plan launched by Jupiter, there is great potential under the blessing of resource and user base.Jupiter has launched the Jupiter Start similar to the launch platform. At present, the key features Launchpad and Atlas have not been launched, but Jupiter has the huge user base of the Solana network, superimposed to its own Jupiter Labs project resources and cooperation projects. The quality of the Jupiter Start project has a certain guaranteeThis function is worthy of attention.
JupiterLabsThe project is the fork version of other Chain Mingxing products, and has great potential under the promotion of Jupiter.Jupiter Labs temporarily launched the two projects are derivatives and LSD stabilization coins. It is very similar to GMX V1 and Lybra. At present, derivatives projects are already in the use stage, and the average daily transaction volume is nearly 90 million US dollars (limited to TVL).It can be seen that, driven by Jupiter, Jupiter Labs’s products have attracted the attention of the market and attracted more users and funds.The subsequent LSD stabilization coin protocol has a slight innovation in the borrowing interest rate and redemption mechanism, filling the gap in the related fields of Solana.
Overall, Jupiter has no competitors in the Solana’s trading aggregation sector, and aggregates more than half of the transaction volume, making DEX the underlying liquidity protocol on Solana.Under the blessing of huge user foundations and project resources, its horizontal expansion Jupiter Start and Jupiter Labs also have strong market potential, and Jupiter Start and Jupiter Labs may have a linked effect.Based on the above conditions, we choose to follow Jupiter.
Note: [Following]/[Not Following], the final assessment of the first -class warehouse, is the result of comprehensive analysis of the current fundamentals of the project according to the first -class warehouse project assessment framework, rather than the prediction of the future price of the project tokens.There are many factors that affect the price of tokens. The fundamentals of the project are not the only factor. Therefore, it is not possible that the project price will definitely fall because the research report is judged as [not concerned].In addition, the development of the blockchain project is dynamic, and we are judged as a [Unconscious] project. If major positive changes have undergone its fundamentals, we will be able to adjust to [Follow].For the [Following] project, if major malignant changes occur, we will warn all members and may be adjusted to [Don’t Follow].
1. Basic overview
1.1 Introduction
Jupiter is a trading polymer built on the Solana network. Jupiter aggregates more than 50%of the transaction volume on the Solana network, which is the first choice for user transactions.The development of its aggregation function is close to the ceiling, and the agreement is undergoing horizontal expansion to further develop. Jupiter launched the two functions of the launch platform Jupiter Start and the incubator Jupiter Labs to increase its influence.
1.2 Basic information
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2. Detailed project explanation
2.1 team
The main staff of the team are Meow and Ben Chow, and the two set up a Jupiter in May 2021. At the same time, they are also members of the METEORA on the liquidity platform on Solana.
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Co -founder -MEOW:Jupiter’s co -founder, builder of Dexmeteora on Solana.
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Co -founder-Ben ChowTheHave many years of interactive design and product experience,One of the founders of the founding team of social game company Hive7, co -founder of many companies.In May 2021, Ben and Meow established Jupiter Aggregator.
2.2funds
Jupiter did not announce any financing.
2.3 code
Jupiter was audited by OtterSec, and OTTERSEC has audited well -known projects such as Solana, Aptos, Sui, Wormhole (mostly well -known Sorana and American projects).Have rich audit experience and a certain industry reputation.
2.3 Products
As a trading polymer built on the Solana network, Jupiter is one of the main choices for Solana trading users.It currently provides four major functions: transaction aggregation, price limit, DCA/fixed investment, and Jupiter Start.At the same time, Jupiter Labs jointly launched independent projects with users, including sustainable contract products and LSD stablecoins.
2.3.1Transaction aggregation
Like most trading aggregates, users can choose a transaction to and enter the number of transactions in Jupiter. Jupiter will automatically find the optimal exchange path in supporting decentralized exchanges.For tokens with liquidity on individual DEX, transaction aggregation can directly find liquidity.For tokens with large transactions, transactions aggregate or can provide better transaction prices/slippery points in a multi -path.Before the transaction, users can choose to modify parameters such as the transaction cost, slide point, and whether they use direct paths.
Jupiter’s transaction interface is relatively neat (similar to 1inch), and the transaction experience is better.In the settings, you can adjust the language, block browser and RPC nodes to meet different needs and avoid single -point failure.Jupiter currently supports 29Contains the application of transaction functions.DEX’s integration of Jupiter must meet certain conditions, which mainly include liquidity and security audit.DEX requires at least $ 500,000 to ensure that there is a certain amount of transaction volume. Secondly, the code needs to be audited to ensure security.
Jupiter aggregates most of the transaction volume on Solana, partly due to the problem of user interface.The most liquidity on Solana is ORCA, occupying a liquidity of 190 million US dollars.Followed by Raydium, in addition to Raydium’s own protocol token Ray, ORCA surpasses Raydium in other mainstream token liquidity.But ORCA’s own transaction volume is often not as good as Raydium (ORCA’s transaction volume is mostly derived from Jupiter aggregation).ORCA’s trading interface and unconventional operating interface similar to Uniswap, but you can choose the way of Buy/Sell to enter the number, which is not in line with the user’s operating habits. Secondly, WIF does not add ORCA’s white list (need to enter the contract address to find)EssenceAlthough ORCA can meet the user’s small trading needs, the transaction experience is far less than that of Jupiter.
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Figure 2-1 ORCA trading interface[1]
Secondly, the overall liquidity of the last currency of Solana is not strong.Using a polymer for large transactions can reduce a certain degree of slippery point loss. Taking Silly as an example, the loss of a million USDC exchanges SOL is nearly 1.22%.Using Jupiter’s sliding point loss is close to 0.4%, the polymer can reduce the impact/price impact of 0.8%at 0.8%.
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Figure 2-2 ORCA SOL/USDC Large Trading Show
Overall, Jupiter’s reason for large -scale applications is the user interface, liquidity and airdrop.And after using the polymer, the user will first adopt a polymer instead of DEX for transaction, which has certain user stickiness.
2.3.2Limit list
Jupiter also provides a limited -price single function, which avoids the cost increase and slippery point problem caused by the price effect during transaction (there is no MEV problem).When there is no complete transaction, the price limit form can be completed and partially traded token.During the transaction, users can choose the validity period, exchange price and the number of redeences.Agreement cooperates with Birdeye and TradingView, Birdeye provides token chain price data, and Jupiter uses tradingView technology to display the chart data.The overall trading experience is very similar to a centralized exchange.
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Figure 2-3 Jupiter price limit single function display
2.3.3DCA/fixed investment
DCA (DOLLAR COST AVERANG) is called the average cost method of the dollar, also known as fixed investment.By investing in the cost of buying by multiple times in a certain period of time.Jupiter provides fixed investment in a mode of minimum frequency and maximum frequency.Users can choose the price range of fixed frequency, total time period and fixed investment.
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Figure 2-4 Jupiter fixed investment interface display
At the beginning of the fixed investment, the tokens will be transferred to the relevant account of the bonus to the currency, and transaction operations will be performed every other time (transaction may be changed for 2-30 seconds to prevent MEV).After the transaction is completed, the fixed investment account will close and transfer all the token to the wallet.The agreement charges one thousandths of the fixed investment.Fixed investment is suitable for the accumulation of tokens and gradually selling tokens with weak liquidity, but the overall demand is less.
2.3.4Jupiter start
Jupiter will set up its own project promotion platform Jupiter Start, and is committed to promoting the development of new projects while protecting the interests of investors.JupiterThe process of START is divided into five sections: social introduction, education, pre -online, Launchpad and ATLAS.Community introduction will last a week, mainly introducing the project’s concepts, economic models, etc. and conduct community discussions.Education will put individual projects into a part of the website, based on some qualified users to earn token by reading materials and chain operations.Pre -online online can enable users to perform price limit and DCA operations before liquidity addition.
At present, the community introduction, education and pre -online functions have been launched, and it is worth looking forward to Launchpad and ATLAS (not explained) functions.Given that Jupiter Labs will issue its own agreement to tokens, its Launchpad project may be derivative projects.
2.3.5Jupiter Labs
Jupiter Labs is independent of Jupiter, and the Jupiter Labs project will eventually operate independently. Jupiter users and communities can obtain certain priority use rights and tokens incentives.The current projects launched by Jupiter Labs are permanent contracts and LSD stabilizers.
Jupiter perpetual
Jupiter Perpetual is a GMX V1 derivative protocol launched by Jupiter Labs, which is currently in the use stage.Protocol users are mainly divided into liquidity providers and traders.The liquidity provided by liquidity providers is exchanged for a package of tokens (currently including BTC, ETH, SOL, USDC, and USDT).Essence
When trading users conduct leverage transactions, traders borrow tokens in the pool to establish leverage positions.The derivative transaction users do not need to bear the trading skate point, they only need to pay the transaction fee and borrowing fee. The loan fee depends on the usage of the tokens.Lleap providers obtain 70%transaction costs and all borrowing costs.Correspondingly, liquidity providers must also bear the risk of losses caused by traders’ profitability and depreciation of the tokens.From the end of 2023 to the present, the price has been fluctuating around $ 1.8.
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Figure 2-5 JLP data[2]
LST stablecoin
The LST stable currency protocol of Jupiter LABS has not been released for the time being. According to its documentation, the protocol is similar to Lybra V1.The user can cast a stable currency SUSD (no loan interest) by mortgage SOL. The agreement will be assigned to the SUSD holder and the agreement to govern the token.The main feature of the agreement is that when the LST yield is higher than the SOL borrowing interest rate, the SOL LST will be mortgaged and used to borrow SOL and replace it with LST on the loan agreement.Secondly, in a possible additional mechanism, the agreement uses the redemption mechanism to ensure the stability of the SUSD price.Frequent redemptions may affect the borrower’s position, especially when the market fluctuation prophecy is delayed (SUSD holder exchange SUSD as LSD for the borrower).Reduce the impact on borrowers.When the price of SUSD is between $ 0.95-1, the protocol may use SUSD redemption tokens to reduce the frequency of redeemed borrowers.
The use of leverage arbitrage has also brought additional agreements and prediction machine quotation risks to borrowers and SUSD holders while increasing income. The borrower needs higher governance tokens to maintain a certain number of SUSD casting.The small price interval governing tokens can greatly alleviate the impact of redemption on the borrower’s position, but it also brings new problems.The governance of tokens in a small range will cause most of the redemption to govern the tokens. If the price continues to be lower than $ 1, it will cause more serious tokens to issue it.
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Figure 2-6 XYZ Running Logic[3]
Summary: Jupiter provides transaction aggregation, price limit and fixed investment function.The overall transaction method is very similar to 1inch.The fixed investment function can set the price interval, time and frequency to be additional functions.Jupiter Start’s Launchpad and ATLAS functions have not yet been launched, which may be the focus of subsequent development.The Jupiter Labs launched by the agreement is incubating two new protocols, which are incubating derivatives and LSD stable coins. The new agreement will be operated independently in the future and gives a certain priority right and incentive for Jupiter users and communities.
3. Development
3.1 History
Table 3-1 Prisma Finance event
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3.2 Status situation
3.2.1Business data
Jupiter is the only competitive trading polymer on Solana. A large part of the transaction volume on the Solana network is performed through the Jupiter.From the perspective of November and December, the total trading volume of DEX on the Solana network was 8 billion and 28 billion US dollars, and the trading volume of Jupiter agreed in these two months was 3.9 billion US dollars and $ 17 billion, respectively.From the perspective of transaction volume, Jupiter guides more than half of the DEX transaction volume on Solana, that is, users use more Jupiter transactions rather than DEX’s front end, which truly realizes the existence of DEX as the underlying liquid -level protocol.
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Figure 3-1 jupiter monthly transaction data[4]
At present, Jupiter has aggregated the liquidity of 29 protocols. Among them, the top five protocols ranked in the transaction volume generated by transactions are ORCA, Raydium, Phoenix, Lifinity, and Meteora.The first five protocols account for nearly 90%of the number of Jupiter.It is worth mentioning Meteora. Members of Meteora also include MEOW and Ben Chow, and the predecessor of the agreement is the decentralized exchange Mercurial Finance.After the FTX mine, Mercurial Finance announced that it was suspended and a snapshot token holder obtained a 20%token of METEORA, and Jupiter will start to the tokens on METEORA to start/add liquidity.The incentive plan of the person (allocate 10%token to LP before adding liquidity).
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Figure 3-2 Jupiter deX trading volume data
3.2.2Social media scale
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As of January 15, 2024, Jupiter has a large community scale, and Discord is highly activated. It mainly discusses issues related to JUP airdrops and METEORA liquidity.
3.3 Future
Jupiter does not have a clear roadmap at present. Considering that the agreement is about to issue tokens, further action should be governed by the establishment of DAO.Jupiter Start’s Launchpad and Atlas functions will be launched in the future. As a star project on Solana, Jupiter has a large user group, and Jupiter Start can also obtain a certain resource advantage.
Summary: Since Jupiter was launched in October 2021, Jupiter has obtained a large amount of transaction volume.With the FTX mine, the highest TVL in DEX has become ORCA (the transaction experience given by the user interface is slightly insufficient), and Raydium has a high TVL and some Turkish tokens.Jupiter won more users’ favor with its easy -to -use and comfortable user interface.As of January 15, 2024, more than 50%of the transaction volume occurred on Jupiter.The subsequent Launchpad function is worth looking forward to.
4. Economic model
4.1 token distribution
Jupiter’s tokens are JUP with a total of 10 billion pieces.40%of the tokens (10%in the first round, a total of 4 rounds) will be used for airdrops, 20%for liquidity and community incentives, and 40%as teams and strategic reserves.The agreement promises to allocate 50%tokens to the community and allocate a cold wallet to the team and the community. The initial circulation tokens are expected to add 5%of liquidity and 10%of the airdrop tokens (there may be additional additional ones may be additional ones.About 2%token unlock)
4.2 tokens
Jupiter has not announced the specific features of the tokens. The author believes that Jup is mainly used in community governance in the short term.Subsequent Jupiter Labs’s new project may conduct airdrops and give priority testing powers on Jup holders. At the same time, Jupiter may imitate 1inch to give the prisoner’s positive slide points.
5. Follow -up questions
Jupiter has gathered 50%of the transaction volume on Solana. The main development of the subsequent development lies in the Jupiter Start function and Jupiter Labs.
5.1 Overview of Solana DEX industry
Jupiter has always been the only competitive trading polymer on the Solana network. Because of the smooth use experience and more comfortable user interface, Jupiter has attracted more and more users.Jupiter aggregated more than 50%of the transaction volume on Solana, making DEX a real underlying liquidity protocol on the Solana network.With the further development of the agreement and the subsequent airdrop plan, the proportion of the Jupiter aggregation is expected to further increase.Jupiter has occupied almost all the polymer markets of Solana, and further development is Solana itself rather than its further optimization.
5.2 jupiter start
With the limited growth of transaction aggregation, jupiterStart or the other direction of the expansion of Jupiter.Currently jupiterStart only has introduction, education and pre -online functions. The core function of Jupiter Start Launchpad has not been launched. Jupiter has a huge user group and has a strong traffic effect.Considering its own resource advantages, it may have high quality.
5.3 Jupiter Labs
Jupiter Labs cooperates with the Jup Dao, Solana community, and Jupiter to launch a new DEFI agreement.The projects in Jupiter Labs will eventually operate independently, but Jupiter users, communities, and coins holders can have early preferential use rights and tokens. Jupiter Labs projects may also start on the Jupiter Start.
Jupiter Labs currently launched the products for derivatives and LSD stabilizers. The derivative protocols have been in the early use stage, and the liquidity (JLP) is limited to $ 50 million. The agreement is generally similar to GMX V1.Another protocol is the LSD stabilization currency protocol XYZ, which is similar to Lybra as a wholeV1, but on the basis of Lybra, the income of stable currency holders and protocol tokens is increased by interest rate arbitrage (mortgage LSD and replaced with LSD).At the same time, on the basis of directly redeeming the mortgage by other stablecoin protocols to maintain the price, XYZ uses a small amount of anchoring (5%) to use the governance tokens to redeem the borrower’s position.At the same time, the dilution risk of governing the tokens is increased.
Summary: Jupiter’s transaction aggregation business almost reached the ceiling, and it adopted the strategy of expanding horizontally to the DEFI plate to launch the Launchpad platform Jupiter Start and the incubation platform Jupiter Labs.Jupiter has a strong resource advantage (its huge users and the Jupiter Labs project), and the Launchpad project is worthy of attention. Although its Jupiter Labs has less innovation, it fills the gaps of related projects on Solana. With the support of JupiterGreat potential.
6. Risk
1) Code risk:Jupiter is audited by OTTERSEC, but there is still a risk of code.
2) Risk of derivatives projects:The derivative items are still in the BETA stage, and there may be the risk of hollowing the protocol liquidity such as prophet attack.[5]Essence
