Jupiter reflected Solana's trading boom, securing more than $46 million in revenue in the third quarter. This platform combines native DEX with aggregation and other services and is one of Solana's most widely used platforms.
Jupiter achieved revenue of $46 million in the third quarter and secured a regular source of inflows without the need for additional external funding. The app has become sustainable as one of the go-to services for token trading on Solana. The number of active wallets in the past quarter was 8.4 million, up from 8 million in the second quarter.
Jupiter achieved high benchmark rates in the third quarter, highlighting its earnings. Perpetual futures were the largest driver of revenue in the third quarter, adding $24.6 million to the bottom line. The protocol collects $1.38 billion in annual fees and remains the top Solana app.
Jupiter has improved revenue streams from multiple activities based on a new product transformed into the Solana super app. |Source: Jupiter Q3 Report
As of October 23, Jupiter generated $4.1 million in fees. The app achieved $176.8 billion in spot trading volume in the third quarter, matching demand for meme token trading. Jupiter expanded in perpetual futures trading, a trend that accelerated in the fourth quarter.
The platform is also in the top 5 commission generation apps, approaching Hyperliquid's daily commissions. While Jupiter's team has been focused on building, regular revenue was also offered as proof that the project was accepted.
Jupiter's team touted the strong revenue as proof that the app is building a sustainable model and doesn't need new sources or funding..
In its recent quarterly report, the Jupiter team sees significant upside room for DeFi activity as it attempts to catch up with the centralized cryptocurrency market. The platform expects DeFi users to grow tenfold in the coming months and years, capturing a larger share of traders.
Jupiter’s JUP token trades near three-month lows
Despite Jupiter's sustained earnings, its native token continues to decline. Continued unlocking and perk sales are putting pressure on JUP.
JUP does not reflect successful revenue from Jupiter apps. The team announced that it will seek to strengthen the role of the token with the goal of ending the long-term decline. |Source: Coin Gecko
As of October 23, JUP is trading at around $0.35, near a three-month low. Based on current market movements, we believe JUP may be undervalued relative to Jupiter's activity and demand.
The Jupiter team also stated that it will change its approach to the JUP token. The use of JUPs to vote on minor issues will decrease, and holders will only vote on important issues. The team aims to integrate JUP into Jupiter's activities and increase the token's price and revenue sharing potential.
Jupiter expands as Solana super app
Jupiter has grown from a trading and routing aggregator to a goal of becoming a “super app.” The project secured validator status on Solana, making it the third largest validator.
The project currently has a total of $3.28 billion locked in from DEX liquidity and newly launched lending business.
As a validator, Jupiter has secured over $1 billion and earned $531,400 in revenue from JupSOL. The inflow will go to Jupiter's DAO reserves.
In the third quarter, Jupiter also added a token launch pad, with over 34,000 tokens launched and trading volume of $1.32 billion. For now, Jupiter remains a minor addition to the Solana-based meme launch as Pump.fun remains the leader.
