2025-01-27
JUP, the native token for Solana-based
Jupiter exchange, has seen 9% rise in value over the last 24 hours,
fueled by recent developments in the protocol.
JUP’s 24 hours price has increased by
9%. JUP’s recent rally is tied to an announcement that 50% of Jupiter Exchange protocol
fees will go towards JUP buybacks
The DEX, which is one of the biggest
protocols on Solana, has unveiled several new features, products, and
partnerships at the event in Istanbul.
According to Jupiter, it is
remaking its web and mobile platforms with the addition of new features such as
Ultra Mode, Organic Scoring, Jupiter Shield, and RTSE.
The exchange said that some of these
features are first of their kind and plans to roll them out in the coming
weeks.
Most of these new features improve
Jupiter’s user experience, which the DEX calls a reinvention of the protocol.
For example, the Ultra Mode is expected to make the platform cheaper and better with real-time slippage estimation, optimized transaction landing, and dynamic priority fees.
Meanwhile, the DEX plans to upgrade its
manual mode to become customizable while launching a new UX for its spot
platform. Although most of the upgrades will first be available on the Jup.ag
web platform, the DEX plans to implement it in the mobile version later.
Beyond the platform upgrades, Jupiter
has also revealed its full acquisition of on-chain portfolio tracker Sonar
Watch. With the acquisition, Jupiter is launching a Solana portfolio tracker
integrated into its protocol. This marks its second acquisition in the past few
days after buying a majority stake in Moonshot.
Meanwhile, the DEX has also proposed borrowing USDC with JLP deposits as collateral, noting that this could increase the use of USDC to give more yield to JLP holders.
“This can drive higher utilization
rates for USDC, and improve APY for JLP holders. Liquidations will be done by
redeeming JLP natively, releasing their collateral against the pool.”
Jupiter founder Meow also announced
other upcoming products, including Jupnet, an omnichain network that will
aggregate “all of crypto into a single decentralized ledger.” The product,
which is still in the early testnet phase, is expected to make all chains and
cryptocurrencies accessible from one account.
With today’s performance, JUP has been
up 10% in the last 24 hours.
However, the token could see a further rise in value, especially as the team now wants to make JUP the GOAT of tokens.
In its effort to drive value to the
JUP, Jupiter announced that it will start spending 50% of all fees on
buying back JUP tokens.
The project went further by burning 3
billion JUP tokens, reducing the total supply from 10 billion tokens to 7
billion tokens. Many believe that this is a massive development for the token
and could drive substantial price gains in the future.
