Jupiter Perpetuals Liquidity Provider Token (JLP) — Project Update

Currently Interesting

Get Caught Up

Biggest Stories of 2025

• JupUSD Launch Date Set: Kash Dhanda announced during the Jupiter Keynote at Breakpoint 2025 that JupUSD would launch "late next week," noting it is not yield-bearing itself but that the team plans to explore sharing underlying economics from the Jupiter product suite with JupUSD holders (December 11, 2025) 6.
• Jupiter VRFD Launched: Jupiter introduced VRFD, a trusted data layer for verified token information that builds off Jupiter's strictlist, enabling projects to update token metadata and highlight canonical information for holders (December 11, 2025) 7.
• Jupiter Offerbook Introduced: Following the acquisition of Rainfi, Jupiter introduced Jupiter Offerbook, a peer-to-peer lending product slated for Q1 2026 that lets users set their own parameters including APR, collateral, and loan duration (December 11, 2025) 8.
• Jupuary 2026 Allocation Adjusted: In response to community feedback, the Jupuary 2026 Stakers Allocation was increased to 60 million JUP, with 30 million distributed up front and 30 million allocated to a bonus pool (December 5, 2025) 9.
• Jupiter DTF Launched: Jupiter reintroduced token raises through Jupiter DTF, an onchain framework for transparent project funding with supply held in escrow via Jup Lock and guaranteed launch liquidity on Meteora (November 25, 2025) 10.
• Jupuary 2026 Proposed: During Planetary Call 60, Kash Dhanda revealed tentative plans for distributing 700 million JUP, including a 200 million JUP initial airdrop, a 200 million JUP bonus pool for stakers, and 300 million JUP for Jupnet incentives (November 19, 2025) 11.
• Jupiter Lend Pair Parameters Adjusted: Parameter adjustments raised LTV to 85% and LT to 90% for JLP/USDC, JLP/USDS, JLP/SOL, and JLP/USDG pairs, with caps increased for cbBTC/SOL and JUPSOL.USDC (November 20, 2025) 12.
• Jupiter Weekly Report (October 28): The protocol reported a 12.92% weekly volume decline to $503.7 million daily average, while the JLP pool's market price rose 2.79% and weekly fees totaled approximately $2.9 million (October 29, 2025) 5.
• Why Stablecoins Are A Great Business: Jupiter's co-founder discussed the ecosystem's evolution into a DeFi super app with over a dozen revenue-generating products, the upcoming JupUSD launch, and JLP's role as a highly liquid, yield-generating token benefiting from deep liquidity pools and validator stake (October 23, 2025) .
• JLP Loan Parameters Adjusted: LTV increased from 83% to 90%, LT from 86% to 95%, and liquidation penalties reduced from 6% to 2% as recommended by Chaos Labs (October 15, 2025) 3.
• Jupiter Weekly Report (October 13): The protocol saw a 64.33% volume increase averaging $963.8 million daily, though the JLP token's market price dropped 5.07% reflecting impermanent loss due to asset imbalance, while cumulative fees rose 54.93% to approximately $8.1 million (October 14, 2025) 14.
• Jupiter Perps Max Leverage Increased: Maximum leverage for every asset on Jupiter Perps was increased to 250x (October 9, 2025) 4.
• JupUSD Announced: Ethena Labs announced JupUSD, a native stablecoin for the Jupiter ecosystem, with approximately $750 million in JLP pool stablecoins expected to be gradually replaced by it (October 8, 2025) 2.
• Jupiter Validator is Crushing | Planetary Call #56: Jupiter became the fourth-largest validator on Solana and the JLP token reached over $2.2 billion in assets, with recent upgrades including a 60% trading fee reduction and liquid staking token integration (September 17, 2025) .
• Jupiter Lend Public Beta Live: The Jupiter Lend Public Beta went live with Multiply (leverage looping) functionality, over $2 million in rewards, and over 40 vaults including those enabling borrowing against JUP and JLP (August 27, 2025) 16.
• The Jupiter End Game With Kash Dhanda: Discussion of Jupiter Lend's goal to simplify DeFi, with JLP described as a diversified index of major crypto assets generating significant revenue and offering attractive yields like 29% APY (August 26, 2025) .
• Jupiter Plugin Launched: Jupiter introduced the Jupiter Plugin, an integration tool to embed token swap functionality into web applications, while deprecating the previous Terminal Toolkit (August 6, 2025) 18.
• Jupiter Verify v4 Launched: An update to the token verification system returned to form-based applications with clearer evaluation criteria and a new social-signal validation layer (July 30, 2025) 19.
• JLP Loans USDC Cap Raised After Full Utilization: After full utilization of available USDC within the first 24 hours of launch, Jupiter allocated an additional 150 million USDC to JLP loans (July 21, 2025) 20.
• JLP Loans Liquidation Mechanism Detailed: Jupiter released information on the JLP loans liquidation mechanism, noting that liquidations do not require external selling — JLP is burned in protocol and underlying assets are redeemed, resulting in no market impact (July 18, 2025) 21.
• JLP Loans Launched: Jupiter introduced JLP loans, allowing users to borrow USDC against JLP with a maximum LTV of 80% and a liquidation LTV of 86% (July 17, 2025) 22.
• Jupiter Lend Launch Timeline Updated: The team provided an update that the Jupiter Lend Private Beta was expected by early August, with public launch scheduled for mid-August 2025, backed by over $1 million in incentives from external partners (July 10, 2025) 23.
• Jupiter Perps Updated: Jupiter announced updates to the Perps product including the ability to share trade PNL, set multiple and partial TP/SL orders, and set up to 20 limit orders per market, with UI warnings when stop losses are near liquidation (May 9, 2025) 24.