Jupiter (JUP), with a transaction volume of 3.7 billion dollars recorded in November 2023 alone, is one of the largest DeFi protocols built on the Solana Blockchain. To put this into perspective: Uniswap (UNI) and 1inch (1INCH) recorded transaction volumes of 17 billion dollars and 12.2 billion dollars, respectively, during the same period. In this article, you can find answers to many questions such as what is Jupiter, which will be listed on Binance, what is the native asset JUP coin of the network, and how to buy JUP coin.
What is Jupiter?
Initially, Jupiter was launched as a liquidity aggregator for token swaps, similar to 1inch on Ethereum. Shortly thereafter, the platform added GMX-style perpetual futures. Furthermore, Jupiter aims to go beyond being a liquidity aggregator by issuing a decentralized stablecoin in the future. Currently, Jupiter is a DeFi protocol on Solana offering a range of features such as a decentralized exchange (DEX) aggregator, limit orders, Dollar-Cost Averaging (DCA), bridge comparison, and futures trading.
Jupiter argues that stablecoins like USD Coin (USDC) and Tether (USDT) come with various levels of custody and regulatory risks that should be avoided. This motivated the team to launch sUSD (SUSD), a fully decentralized stablecoin backed by Solana liquidity stake tokens (LSTs), as an alternative to USDC and USDT.
SUSD offers a greater degree of decentralization as well as interest-free loans: Solana (SOL) used as collateral to mint SUSD generates yield, thus covering the minting cost. This results in a perpetual interest-free loan exposed to SOL.
JUP Coin Review
JUP coin is a governance token that allows community members to approve all aspects of the Jupiter platform, apply sanctions to inappropriate decisions, and vote. JUP coin serves many purposes including transaction approval, sanctions, and voting.
As of the date this article was prepared, January 31, 2024, the total supply of JUP coin is capped at 10 billion, and the initial circulating supply will be 1.35 billion.
How to Buy JUP Coin?
JUP coin, with its transaction volume, will be securely traded on Binance, the world’s largest cryptocurrency exchange. JUP coin will be listed on Binance on January 31, 2024, and will be available for trading in JUP/USDT, JUP/FDUSD, and JUP/TRY trading pairs.
To purchase JUP coin, one must first register with the Binance exchange if not already a member. After completing the registration process, cryptocurrency or fiat currency such as Turkish Lira should be transferred to the account wallet on Binance. Once the transfer is complete, JUP coin can be purchased from the above five trading pairs.
To buy JUP coin in the JUP/USDT trading pair on Binance, one must first go to the interface of this trading pair. In the limit tab of the trading pair interface, the desired amount to be purchased is entered. After entering the amount, the purchase is completed with the Buy JUP order.
