Jupiter, a prominent DeFi protocol on the Solana blockchain, integrates various functionalities, making it a comprehensive platform in the DeFi space. It is now available for trading on Binance, where users can also purchase its native token, JUP coin.
Understanding Jupiter’s Ecosystem
Initially, Jupiter began as a liquidity aggregator for token swaps, akin to 1inch on Ethereum. However, it quickly expanded its services by including GMX-style perpetual futures, thereby enhancing its platform capabilities.
Distinguishing itself from other liquidity aggregators, Jupiter introduced a decentralized stablecoin, sUSD, which is backed by Solana liquid stake tokens (LSTs). This move aimed to mitigate the custody and regulatory risks associated with established stablecoins like USDC and USDT. sUSD promotes a greater degree of decentralization and allows for interest-free loans, with SOL collateral generating yield and offering ongoing interest-free credit exposure to SOL.
The governance aspect of Jupiter is facilitated through the JUP coin, which empowers the community to engage in the platform’s decision-making processes. JUP coin serves multiple roles, including transaction validation and voting, with a total supply capped at 10 billion and an initial circulating supply of 1.35 billion as of January 31, 2024.
For those interested in acquiring JUP coin, Binance is the go-to exchange, supporting various trading pairs such as JUP/USDT, JUP/FDUSD, and JUP/TRY. Users need to register on Binance, deposit funds, and then proceed to purchase JUP coin through the desired trading pair interface.