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Solana is up. At $151.30, SOL is back at monthly highs, reversing an oh-so-steep early April dip. It’s pretty well outperforming broader crypto markets, which aren’t doing too badly themselves as they ride a wave of short squeezes, ETF inflows, and a sudden softening of trade war rhetoric.
Some ecosystem tokens caught the bullish wave, too, including Jupiter’s JUP, which is up 25% on the week.
Yesterday, a report from Blockworks Research laid out all the ways in which Jupiter is becoming irreplaceable. Jupiter now commands 95% of DEX aggregator volume and 80% of perpetuals trading on Solana. It generates north of $280 million in annualized revenue and still trades at one of the lowest P/S ratios in DeFi.
Since launching in 2021 as a swap router, Jupiter has made no secret of its intent to become Solana’s super-app: home to perps, its own launchpad, a mobile wallet, a memecoin terminal, and more recently, NFT integrations via its DRiP Haus acquisition. Its liquidity index fund, JLP, is now the third-largest TVL pool on Solana — behind only Jito and Kamino. Its recent API upgrades (here’s looking at you, Ultra Mode) are quietly reshaping user behavior. I mean, come on. It’s pulling in $5–10 million in optional monthly fees.