Jupiter (JUP)

Solana's dominant trading aggregator, Jupiter routes swaps across the network's liquidity venues and has spent 2026 stacking products on top of that routing layer — perpetuals, lending, prediction markets and, since January, a native dollar. JupUSD launched with 90% of its reserves in Ethena's USDtb, itself backed by BlackRock's tokenized BUIDL fund, and is being wired in as the collateral asset across Jupiter's product suite. The open question is the token rather than the business: Jupiter spent more than $70 million on JUP buybacks in 2025 while circulating supply grew about 150%, and cut its 2026 airdrop from 700 million JUP to 200 million in response.