Jupiter · JUP
Solana's biggest trading venue — its on-chain perps drive most of the revenue
A revenue buyback against switched-off emissions keeps supply shrinking, but the token isn't needed to trade — Jupiter's profit doesn't have to flow to JUP holders.
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JUP · revenue buys it back, emissions are switched off.
JUP is the token of Jupiter, the largest Solana trading aggregator — ~6.86B effective cap, ~3.32B circulating.
Sell pressure. Emissions are switched off — team vesting is done and Jupuary was postponed by governance — so every sell row is zero.
Buy pressure. A revenue buyback spends 50% of protocol fees buying JUP on the open market — ~34M JUP / 90D.
Net. Buyback against a switched-off sell side — supply is ~−1.02% over 90 days (shrinking).
JUP is a Solana SPL token with no callable mint function. The 10B genesis cap has been cut to a ~6.86B effective supply through community-approved supply reductions and burns. No new JUP can be created.
Emissions are net-zero by governance: team vesting concluded (last team unlock Jan 27 2026) and Jupuary was postponed and restructured. Trackers read JUP fully unlocked with no upcoming events — no vesting cliff lands in the window. Active staking rewards continue but are designed supply-neutral.
Team allocations run on an accounting-credit model — any team sale is offset 1:1 by an open-market buyback through the same revenue stream, so net team flow is zero by design. Two tracked overhangs: the on-chain buyback trust (~146M JUP, held reserve) and the community/DAO treasury holding the restructured Jupuary + locked-incentive allocation (no published schedule).
No entity holding JUP is in active bankruptcy distribution. The community/DAO treasury allocations are long-term held, not selling.
The buyback trust routes 50% of protocol revenue to open-market JUP purchases that accumulate on-chain and lock away for three years. The trust held ~146M JUP on Jul 7 2026, up from ~112M in mid-April; the 90-day window absorbed about ~34M JUP. Continuous accrual as fees come in; next-90D uses the same on-chain pace.
No continuous fee-burn mechanism. The buyback trust accumulates purchased JUP rather than burning it each block; the ~130M Litterbox burn was a one-off governance event in Nov 2025, outside this window. A live proposal to switch the buyback to direct burn is still under discussion.
The revenue buyback trust (row #1) is the single structural buy mechanism. No separate Foundation accumulation outside it.
No new staking-lock programme launched in the window. The buyback accumulation and its 3-year lock are captured in Buy #1; the staking unstake period is a short 7 days.
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