Rank 5 · DeFi / Solana super-app
Jupiter JUP
MC ~$690M
FDV ~$695M
Price ~$0.21
Buyback 70% of fees
Composite58.9 #5 of 25
Buyback yield6.9% $46.2M/yr
P/S7.2× sector 10.0×
Below 1y peak62% 2.6× to reclaim
Float48% FDV $1.4B
Fwd P/S y37.6× base case
Moat73 judgement
Innovation40 judgement
Moat 73. Default routing surface for Solana with enormous user distribution. Aggregation is technically replicable; the habit and the wallet integrations are what is hard to take.
Innovation 40. Aggregation and distribution done extremely well. The aggregator pattern itself is thoroughly established.
Innovation 40. Aggregation and distribution done extremely well. The aggregator pattern itself is thoroughly established.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Jupiter is the dominant Solana execution layer — the aggregator that routes most swap volume, plus Jupiter Perps, the Jupiter launchpad, and Jupiter Lend (built with Fluid). It's evolving into a DeFi super-app with mobile and lending as new distribution surfaces.
Fundamentals
- ~$2–4B daily volume across the stack.
- Annualized fees on the order of $150M+ across swap, perps, launchpad, and lend.
- Owns Jupiter Perps and Jupiter Lend, which materially diversify away from pure-aggregator economics.
Tokenomics — 2026 turnaround
- DAO voted to raise buyback-and-burn to 70% of protocol fees.
- Staking inflation cut from 20% to 8%.
- Effectively cancelled net new emissions for 2026: Jupuary airdrop postponed, team vesting paused.
- Circulating ≈ full supply after 2026 changes; no meaningful cliffs incoming.
Catalysts (6–12mo)
- DeFi super-app rollout: Jupiter Mobile.
- Sustained Solana volume regime.
- Extension of buyback authority beyond current window.
- Jupiter Lend traction with Fluid.
Risks
- Solana volume cyclicality — Jupiter is beta on Solana activity.
- Launchpad competition (Pump.fun AMM) chipping at fee share.
- Whether P/S can re-rate now that JUP actually looks like a cash-flowing asset.
Strong Buy. Best risk/reward on the DeFi shortlist. The tokenomics fixed themselves in 2026, unlocks are done, and the market hasn't fully re-rated the P/S. Direct exposure to the dominant Solana execution layer.
How it compares to its peers
| Spot DEX / AMM | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Uniswappeer | $2.6B | $67.7M | -1% | $78.8M | 38.6× | 39.2× | 2.0% |
| Jupiter | $669.3M | $92.4M | -2% | $420.1M | 7.2× | 7.6× | 6.9% |
| PancakeSwappeer | $544.4M | $82.0M | -16% | $56.6M | 6.6× | 9.3× | 9.5% |
| Curvepeer | $497.6M | $30.8M | -47% | $9.6M | 16.1× | 51.2× | 6.1% |
| Aerodrome | $451.2M | $111.1M | -15% | $262.9M | 4.1× | 5.6× | 24.6% |
| Raydiumpeer | $202.1M | $20.3M | -36% | $28.0M | 10.0× | 22.9× | 8.2% |
| Osmosis | $28.3M | $1.6M | — | — | 17.8× | — | — |
Sector median P/S is 10.0×. Jupiter trades at 7.2× — below the median, worth 38% if it re-rated to it. Peer revenue growth runs at a median of -16% a year, with 6 of 6 shrinking — so this multiple sits inside a contracting sector.