Jupiter anchors growth as Solana surges to monthly highs

Jupiter’s super-app story accelerates

article-image

Akif CUBUK/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Lightspeed newsletter. To read full editions, subscribe.


Solana is up. At $151.30, SOL is back at monthly highs, reversing an oh-so-steep early April dip. It’s pretty well outperforming broader crypto markets, which aren’t doing too badly themselves as they ride a wave of short squeezes, ETF inflows, and a sudden softening of trade war rhetoric. 

Some ecosystem tokens caught the bullish wave, too, including Jupiter’s JUP, which is up 25% on the week.

Yesterday, a report from Blockworks Research laid out all the ways in which Jupiter is becoming irreplaceable. Jupiter now commands 95% of DEX aggregator volume and 80% of perpetuals trading on Solana. It generates north of $280 million in annualized revenue and still trades at one of the lowest P/S ratios in DeFi.

Since launching in 2021 as a swap router, Jupiter has made no secret of its intent to become Solana’s super-app: home to perps, its own launchpad, a mobile wallet, a memecoin terminal, and more recently, NFT integrations via its DRiP Haus acquisition. Its liquidity index fund, JLP, is now the third-largest TVL pool on Solana — behind only Jito and Kamino. Its recent API upgrades (here’s looking at you, Ultra Mode) are quietly reshaping user behavior. I mean, come on. It’s pulling in $5–10 million in optional monthly fees.

Jupiter’s routing upgrades (Juno), cross-chain testnet (Jupnet) and rapid-fire acquisitions (SolanaFM, Coinhall, SonarWatch, Ultimate Wallet, Moonshot) signal a protocol building not just liquidity, but full-stack control. It’s a surgical level of vertical integration rarely seen: data, analytics, interface and distribution, all consolidated under a single roof. Its treasury is buying back JUP at speed; so far, they’re over $20 million repurchased in under two months.

Risks worth watching mostly deal with looming token unlocks. The Jupiter team took heat recently-ish over its compensation and governance transparency. Plus, competition sharpens when winners emerge — Kamino, Titan and Drift aren’t going quietly. But Jupiter is digging a deep moat, and it’s doing this without relying on mercenary incentives. Ultra Mode usage is on the ascent. Aggregator dominance is stable. Perps volumes remain consistently above $25 billion per month.

While macro flows, ETF optimism, and geopolitical thawing may have sparked the week’s rally, Jupiter has helped things along by scaffolding Solana’s commercial core.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

Ledn’s Mauricio Di Bartolomeo explained how this cycle’s been different for the lender

article-image

The shorts looking for funding range from charming animated series to gritty live-action dramas

article-image

Money, it turns out, is emergent, like consciousness

article-image

Bridge flows churn in both directions as risk appetite returns

article-image

Even with an uncertain outlook thanks to tariffs, Big Tech executives are still ramping up their AI investments

article-image

The Infinite Node Foundation has $25 million in funding and plans to exhibit the Punks in Palo Alto