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.
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