Last month, Solana DEXs processed around 208 million trades in a single week, surpassing the New York Stock Exchange’s roughly 190 million. Of those, Jupiter alone matched over 80 million trades, up 38% month over month.
The number of on-chain transactions has surpassed the NYSE. This isn’t a narrative—it’s happening right now. And JUP is the one selling water in this gold rush.
🏢 Why is it called the most company-like protocol on Solana?
✅ $1.12 billion in cumulative fees and $366 million in cumulative protocol revenue—that’s real money coming in.
✅ The protocol uses 50% of its revenue to buy back JUP on the open market.
✅ Spot V2 just launched in July, bringing the aggregator, trading terminal, real-time news, and smart money tracking together on one page—a clear move toward becoming an on-chain brokerage
The beauty of an aggregator is that Raydium, Meteora, and Orca compete with one another, while the order flow ultimately passes through Jupiter. It doesn’t take sides; it collects a toll.
🚀 What will it ultimately become?
My take: Jupiter’s endgame is to become Solana’s on-chain brokerage and gateway for user traffic. Spot aggregation is just the beginning—perpetuals, DCA, limit orders, and staking are already in the works. When Jupiter becomes the first stop for new Solana users, its pricing power will go beyond that of a DEX aggregator.
💰 How much upside is left?
At around $0.37 currently, it’s still more than 5x below its February 2024 all-time high of $2. The circulating supply is 3.3 billion tokens, with a fully diluted supply of 6.86 billion.
📈 Ongoing buybacks are steadily reducing the circulating supply. A proposal to burn 3 billion tokens in 2025 and achieve net-zero emissions has already curbed issuance
📈 As long as on-chain trading volume on Solana continues to outperform traditional exchanges, JUP’s revenue will remain sustainable
📈 Based on the valuations of leading protocols in the last DeFi cycle, the first target is $0.60–$0.80. If on-chain trading becomes mainstream and surpasses U.S. stock trading, prices above $1.50 aren’t out of the question.
The risks also need to be made clear: the team and community wallets hold a large share, so the unlock schedule needs close monitoring; competitors like OKX are also fighting for market share in the aggregator space.
🔄 Which other projects in the same space could see catch-up gains?
With the on-chain trading narrative heating up, capital won’t flow into just one token:
🪐 MET: Liquidity infrastructure—the foundation for token launches and market making; just launched DLMM Pro
🪐 RAY: A longtime Solana AMM and one of the tokens most sensitive to capital flowing back in
🪐 ORCA: A high-beta play in the concentrated liquidity space
💬 Final thoughts
Do you think on-chain transaction counts could surpass the NYSE and Nasdaq combined over the next three years? What’s a fair value for JUP?
Share your price target in the comments. Follow me so you don’t miss what’s next.#JUP #MET #RAY #ORCA
