What is Jupiter (JUP) Coin?
Jupiter (JUP) is one of the largest DeFi protocols built on the Solana $151 (current price )Blockchain, having recorded a trading volume of 3.7 billion dollars in November 2023 alone. To put this in perspective: Uniswap (UNI) and 1inch (1INCH) recorded trading volumes of 17 billion dollars and 12.2 billion dollars, respectively, in the same period. In this article, you will find answers to many questions such as what is Jupiter, the native asset of the network JUP coin, and how to buy JUP coin, which will be listed on Binance.
What is Jupiter?
Initially, Jupiter was launched as a liquidity aggregator for token swaps similar to 1inch on Ethereum $2,548. Shortly after, GMX-style perpetual futures trading was added to the platform. Moreover, Jupiter has evolved beyond a liquidity aggregator to introduce a decentralized stablecoin. Currently, Jupiter is a DeFi protocol on Solana offering a range of features, including decentralized exchange (DEX) aggregation, limit orders, DCA (Dollar-Cost Averaging), bridge comparison, and futures trading.
Jupiter argues that stablecoins like USD Coin (USDC) and Tether (USDT) come with various levels of custodial and regulatory risks that should be avoided. This motivated the team to launch sUSD (SUSD), a fully decentralized stablecoin backed by Solana liquid staking tokens (LSTs) as an alternative to USDC and USDT.
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