Jupiter Exchange Launches Jupnet, Plans $JUP Buyback and 3B Token Burn

Jan 26, 2025, 12:20 PM

Jupiter Exchange has announced the launch of Jupnet, an omnichain network designed to aggregate liquidity and markets across multiple blockchain platforms, expanding from its initial focus on Solana. This initiative aims to create a unified decentralized ledger to facilitate easier transactions and liquidity management for users and developers across different chains. Additionally, Jupiter Exchange has introduced a new financial strategy where 50% of the protocol fees from its Ultra (automatic mode) swaps, which charge a 0.05% fee, will be used for buybacks of its $JUP token. This move is intended to enhance the token's utility and value, with plans to burn 3 billion $JUP tokens at an event called Catstanbul. The company's daily revenue is approximately $2.3 million, suggesting a significant potential impact on the $JUP token's market dynamics.