Jupiter rides Solana trading boom to $46M revenue in Q3

Jupiter reflected the Solana trading boom, locking in over $46M in revenues for Q3. The platform, mixing a native DEX with aggregation and other services, is one of the most widely used on Solana.

Jupiter achieved $46M in revenues for Q3, securing a regular source of inflows without additional external funding. The app has become sustainable, as one of the go-to services for token trading on Solana. It saw 8.4M active wallets for the past quarter, up from 8M for Q2.

Jupiter achieved a higher baseline of fees in Q3, underscoring its revenues. Perpetual futures were the biggest factor for Q3 revenues, adding $24.6M to the bottom line. The protocol draws in $1.38B in annualized fees, remaining the top Solana app.

Jupiter improved its revenue flows from multiple activities, based on its new products turning it into a Solana super-app. | Source: Jupiter Q3 report

As of October 23, Jupiter produced $4.1M in fees. The app achieved $176.8B in spot trading volumes for Q3, coinciding with demand for trading meme tokens. Jupiter expanded with perpetual futures trading, a trend which accelerated into Q4.

The platform is also among the top 5 fee producer apps, getting close to Hyperliquid’s daily fees. While Jupiter’s team has focused on building, the regular revenues were also presented as evidence of the project’s adoption.

Jupiter’s team touted the robust revenues as proof that the app had built a sustainable model and did not need new funding sources or raises.

In its recent quarterly report, the Jupiter team saw significant upside for DeFi activity, as it attempted to catch up with centralized crypto markets. The platform expects DeFi users to grow by a factor of 10 in the coming months and years, tapping a larger share of traders.

Jupiter’s JUP token trades near a three-month low

Despite Jupiter’s sustainable earnings, its native token continues to slide. Ongoing unlocks and the selling of rewards are pressuring JUP.

JUP did not reflect the successful revenues of the Jupiter app. The team announced it would try to boost the roles for the token, with the goal of ending the long-term slide. | Source: Coingecko

As of October 23, JUP traded at around $0.35, near a three-month low. Based on the current market moves, JUP is considered potentially undervalued, compared to Jupiter’s activity and demand.

The Jupiter team also stated it would change its approach to the JUP token. The usage of JUP for voting on minor issues will diminish, and holders will only vote on critical issues. The team aims to integrate JUP into Jupiter’s activity, potentially boosting the price and revenue-sharing potential of the token.

Jupiter expands as a Solana superapp

Jupiter has grown from a trading and routing aggregator to its goal of becoming a “superapp”. The project secured validator status with Solana, becoming the third-biggest validator.

The project now locks in $3.28B in total value locked, coming from DEX liquidity and its newly launched lending business.

As a validator, Jupiter locks in over $1B, seeing $531.4K revenues from JupSOL. The inflows go toward Jupiter’s DAO reserves.

In Q3, Jupiter also added a launchpad for tokens, posting over 34K launched tokens and $1.32B in trading volumes. For now, Jupiter remains a minor addition to Solana-based meme launches, as Pump.fun remained the leader.

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