Maple

Jupiter

Maple Finance

Solana-based Jupiter Exchange is projected to buy back upward of $100 million worth of its native JUP (<a href="https://cointelegraph.com/jupiter-price-index" rel="noopener noreferrer nofollow" target="_self">JUP</a>) token annually, potentially creating a steady source of demand.
On Feb. 13, the decentralized exchange (DEX) aggregator <a href="https://x.com/JupiterExchange/status/1890089764218630253" rel="noopener noreferrer nofollow" target="null">announced</a> that it would commence buying back its tokens with protocol revenue. Starting on Feb. 17, it will allocate 50% of protocol fees to buy back JUP. According to Jupiter, the tokens will be locked for three years.&nbsp;
“The consistent buy pressure will have a positive effect,” crypto research Aylo <a href="https://x.com/alpha_pls/status/1890096409333875098" rel="noopener noreferrer nofollow" target="null">said</a> in an X post, asserting the move “increases [the] number of potential new buyers, and absorbs sellers more effectively.”
“Jupiter still has enormous growth potential too, so it’s not a ‘value trap’,” Aylo added.
<figure><img alt="Jupiter buybacks to top $100M annually: Research" src="https://s3.cointelegraph.com/uploads/2025-02/01950572-2acd-70d3-ac54-9d51f589610c" title="">
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 Source: <a href="https://x.com/alpha_pls/status/1890096409333875098" rel="noopener noreferrer nofollow" target="_blank">Aylo</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/solana-app-revenue-up-213-q4" rel="noopener noreferrer nofollow" target="_self">Solana app revenues up 213% in Q4: Messari</a>
<h2 id="rising-volumes">Rising volumes</h2>
Jupiter is the most popular DEX aggregator, with around $3.2 billion in daily volume as of Feb. 14, <a href="https://defillama.com/aggregators" rel="noopener noreferrer nofollow" target="null">according</a> to DefiLlama. It has earned roughly $6 million in fees since inception, the <a href="https://defillama.com/fees/jupiter" rel="noopener noreferrer nofollow" target="_blank">data</a> shows.
As an aggregator, Jupiter routes users’ trades to various other DEXs, such as Raydium, for the cheapest swaps. It also lets traders set limit orders to automatically buy tokens at specific trigger prices.&nbsp;
Jupiter has benefited from <a href="https://cointelegraph.com/news/solana-outpaces-ethereum-l2s-despite-trading-dip" rel="noopener noreferrer nofollow" target="_self">Solana’s surging trading volumes</a>, largely driven by increased memecoin activity.&nbsp;
Since 2024, Solana-based Raydium has emerged as the most popular DEX by 30-day trading volume, eclipsing Uniswap, a DEX that originated on the Ethereum network — Solana’s main rival blockchain.
<figure><img alt="Jupiter buybacks to top $100M annually: Research" src="https://s3.cointelegraph.com/uploads/2025-02/01950575-9861-7b0f-bbe1-f1d93dd70a91" title="">
 <figcaption style="text-align: center;">
 Jupiter is currently the most popular DEX aggregator by trading volume. Source: <a href="https://defillama.com/aggregators" rel="noopener noreferrer nofollow" target="_blank">DefiLlama</a>
 </figcaption>
</figure>
<h3 id="strong-buyback-bonanza-strong">Buyback bonanza&nbsp;</h3>
Decentralized finance (DeFi) protocols are under increasing pressure to provide tokenholders with a share of protocol revenues, with projects such as Aave, Ethena and Ether.fi piloting value-accrual mechanisms for their native tokens.
This is partly due to Donald Trump’s Nov. 5 win in the US presidential election, which signaled the outset of a <a href="https://cointelegraph.com/news/grayscale-ai-launchpads-solana-defi-q1-2025-top-tokens" rel="noopener noreferrer nofollow" target="_self">friendlier regulatory environment for DeFi protocols</a>, asset manager Grayscale said in December.&nbsp;
On Nov. 15, Ethena, a yield-bearing stablecoin issuer, <a href="https://cointelegraph.com/news/ethena-adopts-fee-sharing-proposal-ena-token" rel="noopener noreferrer nofollow" target="_self">agreed to share a portion</a> of its roughly $200 million in protocol revenues with tokenholders.
In December, liquid restaking token (LRT) issuer Ether.fi proposed allocating 5% of protocol revenues to buy back native ETHFI tokens and distribute them to stakers.&nbsp;
Following this trend, Maple Finance said in January that it was considering using protocol revenues to <a href="https://cointelegraph.com/news/maple-finance-preps-token-buyback" rel="noopener noreferrer nofollow" target="_self">buy back native SYRUP tokens</a> and distribute them as rewards to stakers.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/sex-robots-agent-contracts-a-hitman-artificial-vaginas-ai-eye-goes-wild/" rel="noopener noreferrer nofollow" target="_self">Sex robots, agent contracts a hitman, artificial vaginas: AI Eye goes wild</a>

Jupiter buybacks to top $100M annually: Research

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