Breakpoint 2025: Keynote: Jupiter

In what can only be described as a product blitz, Jupiter just dropped six major announcements in under 10 minutes at Breakpoint 2025, cementing its position as Solana's most prolific builder. From acquiring RainFi to launching a native stablecoin and putting up $1 million in trading rewards, the leading DeFi platform is making bold moves to capture the future of on-chain finance.

Summary

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Jupiter, Solana's dominant decentralized exchange aggregator, used its Breakpoint 2025 keynote to unveil an ambitious expansion of its product suite designed to accelerate the mainstream adoption of on-chain finance. Presented by podcast host Kash Dhanda, the rapid-fire presentation covered five product launches, two major announcements, a million-dollar incentive campaign, and culminated in the surprise acquisition of peer-to-peer lending protocol RainFi.

The platform's impressive metrics provide context for these announcements: over $1 trillion in trading volume this year, the top TVL position on Solana according to DeFi Llama, and nearly 35 million wallets connected to Jupiter. However, Dhanda emphasized that despite these numbers, the platform remains "tiny" compared to where on-chain finance needs to be, requiring 10-100x growth to truly go mainstream.

The announcements span the full spectrum of DeFi needs—from token verification and data infrastructure to lending, trading terminals, developer tools, stablecoins, and peer-to-peer lending. Each launch targets a specific pain point in the current on-chain finance landscape, with Jupiter positioning itself as the comprehensive solution for users, traders, builders, and asset issuers alike.

The strategic acquisition of RainFi signals Jupiter's intention to democratize yield across all on-chain assets, not just those that meet traditional lending protocol requirements. This move towards creating "a money market for every asset" could fundamentally change how meme coins, RWAs, and other emerging asset classes function within the Solana ecosystem.

Key Points:

Jupiter Verified: A Trusted Data Layer for Tokens

With approximately 30,000 new tokens created daily on Solana, navigating the "dark forest" of on-chain assets has become increasingly treacherous for both traders and legitimate project launches. Jupiter Verified addresses this challenge by building on the ecosystem's strict list that has protected Solana users for years.

The new system goes beyond simple token verification. It now includes metadata updates that allow projects to keep their token information current as their communities evolve, plus "Verified Insights" that highlight canonical information holders need to know. Perhaps most significantly, this data is available via Jupiter's Pro API, enabling any builder to integrate high-quality token data into their applications. The feature is live at verified.jup.ag.

Jupiter Lend Exits Beta with Enhanced Security

Four months after its initial launch, Jupiter Lend has emerged from beta with impressive credentials: $1.6 billion in total market supply and 99,000 positions created. The platform, described as "simpler for lenders and better for borrowers," has attracted many first-time users to borrow-lend protocols.

The exit from beta is backed by substantial security work—six audits with four independent auditors and two formal certifications in progress. In a significant move for DeFi transparency, Jupiter Lend's code is now fully open source. Dhanda emphasized this is just the beginning, promising accelerated shipping speed now that the platform is out of public beta.

Jupiter Terminal: A Bloomberg for On-Chain Trading

Jupiter Terminal represents an evolution of the Jupiter Pro trading tool, aiming to create a Bloomberg-like experience for on-chain trading. The flagship feature at launch is real-time wallet tracking—a highly requested capability that provides streaming updates for any Solana wallet's buying and selling activity with notifications.

The terminal also features enhanced AlphaSCAN functionality with more customization options, powered by Jupiter's data indexing infrastructure. Recognizing that not everyone wants a "DJN deep in the trenches" experience, Terminal includes a toggle between "trench mode" and "classic mode" for different trading preferences. The platform is live at jup.ag/terminal.

Jupiter Rewards Hub and $1M Prize Pool

To incentivize on-chain trading activity, Jupiter launched the Rewards Hub—the first program to reward users for using Jupiter and referring friends. The platform is backing this initiative with a $1 million prize pool available to anyone trading on Terminal, Mobile, or Wallet.

The gamified system works through cards earned from trading and referrals, with each card containing a randomized value between $1 and $10,000. This structure ensures that traders don't need to move millions in volume to win meaningful prizes. The competition runs until January 31, 2026, and token projects can reach out to participate and co-incentivize with their own assets.

Jupiter Developer Platform: Building the "Stripe for Crypto"

Jupiter's APIs are the most integrated across all of DeFi, with partners generating over $750 million using them. The new Jupiter Developer Platform supercharges this offering with comprehensive real-time analytics on every swap and API request, detailed logging, and debugging capabilities.

This positions Jupiter as the infrastructure layer for on-chain builders, similar to how Stripe operates for traditional payments. The platform provides complete visibility into application performance and helps developers identify and fix problems proactively. It's available at portal.jup.ag.

JupyUSD: A DeFi-Native Stablecoin

Jupiter announced that JupyUSD, built in partnership with Ethena, will launch late next week. Unlike traditional yield-bearing stablecoins, JupyUSD is designed to share underlying economics from the Jupiter product suite back to holders through deep product integrations.

The stablecoin will launch with trading and earning capabilities, with a third use case planned for Q1 2026. One example given: earning rewards while waiting for prediction market positions to settle when using JupyUSD. This approach creates what Jupiter calls a "virtuous flywheel" around usage that makes stablecoins sticky and widely adopted.

RainFi Acquisition and Jupiter Offer Book

The surprise announcement was Jupiter's acquisition of RainFi, a peer-to-peer lending protocol that has operated on Solana for over four years with 230,000 loans activated. This acquisition brings experienced DeFi builders into the Jupiter team and enables a new product direction.

Together, they will build Jupiter Offer Book, a peer-to-peer lending platform launching in Q1 2026. Unlike traditional borrow-lend protocols that require deep liquidity and established assets, Offer Book will allow users to set their own terms around any collateral, enabling meme coins, RWAs, and commodities to become yield-generating assets.

Facts + Figures

• Jupiter has processed over $1 trillion in trading volume in 2025 alone
• The platform holds the #1 TVL position on Solana according to DeFi Llama
• Nearly 35 million wallets have connected to Jupiter
• Jupiter operates 12 products across web, mobile, and API services
• Approximately 30,000 new tokens are created daily on Solana
• Jupiter Lend reached $1.6 billion in total market supply in just four months
• 99,000 total positions have been created on Jupiter Lend
• Jupiter Lend underwent six audits with four independent auditors
• Jupiter partners have generated over $750 million using the platform's APIs
• RainFi has activated 230,000 loans on its peer-to-peer marketplace
• The Rewards Hub competition features a $1 million prize pool
• Individual reward cards range from $1 to $10,000 in randomized value
• The rewards competition ends January 31, 2026
• JupyUSD launches late next week (approximately December 2025)
• Jupiter Offer Book is scheduled for Q1 2026
• Cat Lempore community conference is scheduled for late January in Kuala Lumpur

Top Quotes

"Nobody ships like Jupiter, which is great news for our users. It is great news for the ecosystem. It is terrible news for me personally right now."

"The shift to on-chain finance has already begun. It is going mainstream right now."

"If you are trying to navigate that complexity as an actual good faith actor, whether you're launching a meme coin, an RWA, a commodity, or a project token, it can be very difficult."

"I love ETFs and ETPs as much as the next guy. But if the end state of this industry is everyone trading ETFs on centralized exchanges, we have not fulfilled our mission."

"We believe in a future where every asset on-chain is productive. That's how you make things 10x better than traditional systems."

"Building on chain, if you are building on chain, you really should be building with Jupiter."

"As nice as these numbers might look on the slide here, the truth is that we are still tiny. In order for on-chain finance to actually go mainstream, we need to 10x to 100x from here."

"Stablecoins are great, but you need to have a virtuous flywheel around the usage in order to make them sticky and adopted by large swaths of people."

"We are going to keep building until the entire world is saying the same three words when they want to get on-chain. Just use Jupiter."

Questions Answered

What is Jupiter Verified and why does it matter?

Jupiter Verified is a new token data verification and information layer that helps users navigate the increasingly complex Solana token landscape. With 30,000 new tokens created daily on Solana, it's become extremely difficult for both traders and legitimate projects to operate safely. The system builds on Jupiter's existing strict list that has protected Solana users for years, while adding new features like metadata updates for evolving projects and Verified Insights for highlighting important project information. The data is also available via API, allowing any builder to integrate quality token information into their applications.

How secure is Jupiter Lend now that it's out of beta?

Jupiter Lend has undergone extensive security validation during its beta period, completing six audits with four independent security firms and having two formal certifications currently in progress. The platform has also been made fully open source, allowing the community to review and verify the code themselves. With $1.6 billion in total market supply and 99,000 positions created in four months, the platform has been battle-tested in real market conditions. The exit from beta signals Jupiter's confidence in the security and stability of the lending infrastructure.

How does the Jupiter Rewards Hub work?

The Rewards Hub is Jupiter's first program to reward users for trading and referring friends. Users earn cards through trading activity on Terminal, Mobile, or Wallet, and through successful referrals. Each card contains a randomized value between $1 and $10,000, meaning even smaller traders have a chance at significant prizes. Jupiter has committed $1 million to the prize pool for the initial campaign, which runs until January 31, 2026. Token projects can also participate by reaching out to co-incentivize with their own rewards.

What is JupyUSD and how is it different from other stablecoins?

JupyUSD is Jupiter's native stablecoin built in partnership with Ethena, designed specifically for on-chain finance. Unlike typical yield-bearing stablecoins, JupyUSD focuses on sharing underlying economics from Jupiter's product suite back to holders through deep product integrations. For example, users can earn rewards while waiting for prediction market positions to settle. Jupiter believes that stablecoins need a "virtuous flywheel" of product integrations to become truly sticky and widely adopted, rather than relying solely on yield to attract users.

What does the RainFi acquisition mean for Jupiter users?

The acquisition brings RainFi's experienced team and peer-to-peer lending technology into Jupiter's ecosystem. RainFi has operated on Solana for over four years with 230,000 loans processed. Together, they will build Jupiter Offer Book, a peer-to-peer lending platform where users can set their own terms for loans using any collateral they choose. This enables assets that don't qualify for traditional lending protocols—like meme coins and newer tokens—to become yield-generating. The product is expected to launch in Q1 2026.

What is the Jupiter Developer Platform?

The Jupiter Developer Platform is an enhanced toolset for builders using Jupiter's APIs—the most integrated APIs across all of DeFi that have generated over $750 million for partners. The platform provides comprehensive real-time analytics on every swap and API request, detailed logging capabilities, and debugging tools to fix problems proactively. Jupiter positions this as making on-chain building as straightforward as using Stripe for traditional payments, providing complete visibility into application performance.

When will these new Jupiter products be available?

Several products are already live: Jupiter Verified at verified.jup.ag, Jupiter Terminal at jup.ag/terminal, the Rewards Hub at jup.ag/rewards, and the Developer Platform at portal.jup.ag. Jupiter Lend's exit from beta and open source release is also effective immediately. JupyUSD will launch late next week with trading and earning features, with a third use case coming in Q1 2026. Jupiter Offer Book, the peer-to-peer lending product from the RainFi acquisition, is also scheduled for Q1 2026.