Solana’s Jupiter JUP rises 20% following platform upgrades and token buyback plans

Source Cryptopolitan

JUP, the native token for Solana-based Jupiter exchange, has seen more than 20% rise in value over the last 24 hours, fueled by recent developments in the protocol. According to CoinMarketCap, JUP went from $0.899 earlier today to a peak of $1.262.

JUP’s recent rally is tied to announcements by the Solana-based decentralized exchange (DEX) at its first-ever community conference, Catstanbul. 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. Organic Score also lets

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.

Jupiter reveals new products and partnerships

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.

It said:

“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.

Jupiter to buy back tokens with 50% of fees

With today’s performance, JUP has been up 12% in the last seven days while gaining more than 40% in the year to date. Despite these gains, the token continues to trade below its all-time high of $2.043, which it reached back in January 2024.

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 today 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.

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - a href="https://www.cryptopolitan.com/ultimate-web3-resume-cheatsheet?utm_source=cryptopolitan&utm_medium=banner&utm_campaign=web3cs-1" target="_blank">Download Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Nvidia stock sinks 4% as Trump’s tariff plans rattle AI tradeNvidia shares fell over 4% early Monday after US President Donald Trump delivered a stern message about trade tariffs. Trump said on Sunday that no country would be given any special treatment regarding tariffs. He also signed new trade policies into effect on April 2, which he calls “Liberation Day.” This frightened investors, who had […]
Author  NewsBTC
Apr 01, Tue
Nvidia shares fell over 4% early Monday after US President Donald Trump delivered a stern message about trade tariffs. Trump said on Sunday that no country would be given any special treatment regarding tariffs. He also signed new trade policies into effect on April 2, which he calls “Liberation Day.” This frightened investors, who had […]
placeholder
Bitcoin Price Bounces Back—Can It Finally Break Resistance?Bitcoin price started a recovery wave above the $83,500 zone. BTC is now consolidating and might struggle to settle above the $85,500 zone. Bitcoin started a decent recovery wave above the $83,500
Author  NewsBTC
Yesterday 03: 37
Bitcoin price started a recovery wave above the $83,500 zone. BTC is now consolidating and might struggle to settle above the $85,500 zone. Bitcoin started a decent recovery wave above the $83,500
placeholder
Bitcoin Price Struggling but Short-Term Holders Might Be Setting the Stage for $150KBitcoin has recently displayed signs of upward momentum, trading at $85,215, marking a 2.2% increase in just the past day. Despite this short-term gain, the asset remains down by over 21.2% from its
Author  NewsBTC
22 hours ago
Bitcoin has recently displayed signs of upward momentum, trading at $85,215, marking a 2.2% increase in just the past day. Despite this short-term gain, the asset remains down by over 21.2% from its
placeholder
U.S. March Nonfarm Payroll Preview: Even If Data Aligns with Expectations, Financial Markets May Not Escape the Fate of VolatilityOn 4 April 2025, the United States will release its March Nonfarm Payrolls (NFP) data. The market consensus currently anticipates job growth of 128,000, a decline from February’s 151,000 (Figure 1). W
Author  TradingKey
21 hours ago
On 4 April 2025, the United States will release its March Nonfarm Payrolls (NFP) data. The market consensus currently anticipates job growth of 128,000, a decline from February’s 151,000 (Figure 1). W
placeholder
Gold price stabilizes ahead of Trump's tariffs announcement on “Liberation Day”Gold price (XAU/USD) stabilizes just above $3,130 at the time of writing on Wednesday following a mean reversal move the prior day after a fresh all-time high got eked out at $3,149 before closing in negative territory.
Author  FXStreet
20 hours ago
Gold price (XAU/USD) stabilizes just above $3,130 at the time of writing on Wednesday following a mean reversal move the prior day after a fresh all-time high got eked out at $3,149 before closing in negative territory.
goTop
quote