Jupiter, one of Solana blockchain's leading decentralized finance (DeFi) protocols, achieved outstanding trading figures in November 2023 with volumes reaching $3.7 billion.
How Does Jupiter Operate?
Initially conceived as a liquidity aggregator akin to 1inch on Ethereum, Jupiter has since diversified its offerings. The platform now includes GMX-style perpetual futures trading and features a decentralized stablecoin. Its comprehensive suite on Solana encompasses aggregated decentralized exchange (DEX) services, limit orders, Dollar-Cost Averaging (DCA), bridge comparisons, and futures trading.
Why Opt for sUSD Over Traditional Stablecoins?
sUSD distinguishes itself from well-known stablecoins like USDC and USDT by offering a fully decentralized alternative. Backed by Solana liquid staking tokens (LSTs), sUSD bypasses custodial and regulatory challenges associated with other stablecoins. It also provides interest-free loans, as the SOL used as collateral accrues yield, effectively covering minting costs without additional interest.
JUP Token Ecosystem
The JUP token empowers community governance within the Jupiter platform. Holders can participate actively in decision-making processes, including approving transactions and policy enforcement. As of the end of January 2024, JUP coin’s total supply is set at 10 billion, with 1.35 billion coins circulating initially. Users will be able to acquire JUP on Binance in trading pairs such as JUP/USDT, JUP/FDUSD, and JUP/TRY.
Jupiter’s impressive trading volumes and strategic Binance listing underscore its growing significance in the DeFi landscape. By introducing new features such as a decentralized stablecoin, Jupiter continues to expand its influence within the rapidly evolving blockchain ecosystem.
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