There have been a lot of new projects recently, especially the SOL ecology has been very popular recently. A few days ago, JUP went online and airdropped 10% of the tokens. According to the price at that time, it was almost 1 billion US dollars. Jupiter is a DEX aggregator on Solana. Somewhat similar to 1inch on the Ethereum chain. The current market value has reached 800 million US dollars, and the ranking on CMC has also entered the top 100, so we still have to take a look at this project. Jupiter introduced that Jupiter was launched in September 2021 as a DEX aggregator on Solana, aiming to provide Solana users by delivering liquidity from multiple sources (currently aggregating some mainstream DEX on the Sol chain, such as Orca, raydium, etc.) Better trading experience. Jupiter is Solana's primary liquidity infrastructure, driving over 80% of total retail liquidity and seamlessly integrated with most protocols within the Solana network. The biggest feature of this project is that the experience is very good. The slogan of the official website is to replace CEX’s liquidity and increase production products.
Jupiter's business model is driven by three core pillars:
1 Provide the best user experience, with a variety of product models, such as current price orders, fixed investment, cross-chain bridges, leverage models, etc. Launchpad and Terminal will also be launched in the future.
2 Maximize the potential of Solana's technical capabilities, because sol's fast TPS can enable transactions to be experienced at a very low cost and quickly.
3Improving Solana’s overall liquidity situation
Product Features
1.Exchange
This function is a must-have function for all exchanges, which is the exchange of tokens. There is nothing much to say about this.
2. Limit order function
In order to increase user experience and flexibility, Jupiter also provides a limit order function similar to 1inch. When using it, you only need to enter the order information, price, and expiration date. When the price reaches the target price, the transaction will be automatically completed.
This is not an order book system. This function is used by Jupiter's keeper to monitor the price on the chain using the Jupiter Price API and Birdeye API. When the user's target price is reached, the order will be automatically executed for the user.
3. Average cost method DCA
Since the liquidity on Solana is not excellent, when the amount of funds to be traded is large, the liquidity in DEX may not directly meet the trading needs. Jupiter has developed DCA functionality for this purpose. Through this function, users can set a fixed time interval and investment amount, and the system will automatically purchase specific cryptocurrencies for them at the specified time. You can understand it as fixed investment.
When you create a fixed investment order, your tokens will be transferred from your wallet to the token account associated with the program.
For example, if you choose to use $900 USDC to make a fixed investment in $SOL, then $900 USDC will be deposited into your fixed investment vault.
The first order will be placed immediately after you create a fixed investment position, and the remaining orders will be placed periodically at intervals you choose.
For example, if you choose to use $1,000 USDC to make a fixed investment of $SOL every day for 10 days, then after the fixed investment is successfully created, the first order will be executed immediately for an amount of USD100 USDC -> $SOL, and then there will be 9 There are remaining orders executed daily, each of which is also worth $100 USDC -> $SOL.
4. Cross-chain transaction aggregator bridge
Jupiter also has a cross-chain transaction aggregator, which supports the cross-chain exchange of assets on Ethereum, Optimism, Arbitrum, Base, Polygon, BNB, AVAX, TRON chain and other chains into assets on the Solana chain. It integrates cross-chain bridges such as Allbridge and deBridge (Wormhole and onramp are still in beta test network) to provide users with cross-chain transaction services. For example, ETH on Optimism can be directly exchanged for USDC on Solana.
5. Perpetual contract
Jupiter has also enabled the perpetual contract function, which is currently similar to GMX V1. Thanks to the integration of Jupiter Swap, any asset can be used to open a position.
Its perpetual contracts support up to 100x leverage, with no price impact or slippage when trading. Among them, the LP token is called JLP, which contains five assets: SOL, ETH, WBTC, USDC, and USDT, which means that currently only margin trading of SOL, ETH, and BTC can be achieved.
As can be seen from the weight of each asset in JLP, this service is mainly to meet the demand for SOL leverage services on the Solana chain. Among them, the target weight of stablecoins USDC and USDT totals 50%, the target weight of SOL is 34%, the target weight of ETH is 10%, and the target weight of WBTC is 6%. The weight of SOL is significantly higher than that of ETH and WBTC.
6.LFG Launchpad
LFG Launchpad is a token issuance platform launched by Jupiter earlier in January. The platform has previously tested the issuance of the meme token WEN, and JUP is the second token issued through the platform. LFG Launchpad adopts Meteora's DLMM mechanism, which aims to build initial liquidity by providing unilateral liquidity and guide the community to continue investing in "organic" liquidity.
LFG Launchpad data shows that a total of 250 million tokens have been invested in JUP's launch pool to build initial liquidity.
Token economy
The total number of tokens is 10,000,000,000, of which 1,350,000,000 are currently in circulation, with a circulation rate of 13.5%. The current currency price is US$0.58. There is currently no query on its token allocation.
Then we will conduct key step data analysis to see what price range is a reasonable range. The most important thing about an exchange is the trading volume. The current trading volume on juptier on the official website is as shown below. The average daily volume is about 500-600 million U.S. dollars, and the peak was 1.2 billion U.S. dollars.
Then I checked the transaction volume of uniswapV3. It was almost 4.7 billion in 7 days, which is about 700 million US dollars per day, so the transaction volume on juptier is almost the same as that on uni. But because the token has just been launched, there must be a certain degree of popularity in it. After all, there is such a large amount of airdrops, it will definitely attract a lot of attention.
The current market value of uniswap is around 3.7 billion, the total FDV is around 7 billion, and juptierFDV is also 5.6 billion, so this data is infinitely close to uniswap.
In comparison, 1inch, the leading Ethereum aggregator, has a market value of only US$400 million, while FDV has a market value of almost US$5 billion, so it is almost the same as 1inch.
In conclusion, this juptier is currently the leading aggregator DEX on the SOL chain. It does have certain innovations in terms of product functional experience, such as DCA, which is an experience that DEX did not have before. But after all, it is on the SOL chain, and there is definitely a huge gap with the DEX on the Ethereum chain. And its current market value is close to uni and the aggregator 1inch on the Ethereum chain, so the current price is definitely overvalued.
所以我觉得比较合理的价格至少还要再砍一半左右才比较合理，也就是0.3以下是一个合理的价格区间。#内容挖矿