The Jupiter Q3 Token Holder Update: We believe that the future of finance will be decentralized. By building the best infrastructure, the best UX, and the best brand, Jupiter is best positioned to be the primary conduit by which the masses access the global unified market. We’ve made tremendous progress towards this core objective. 18 months ago, we were a web-only DEX aggregator. Today, we have developed into the most comprehensive DeFi platform in crypto. Driven by a world-class team with full-stack expertise across infra, onchain tooling, data, UX, and distribution, we’ve been able to grow across multiple dimensions at a rapid pace. In just the last 3 months, we’ve launched the most advanced trading engine in crypto (Ultra v3), launched a Lending protocol that became one the fastest growing protocols in Solana history, and improved the utility and yield of JLP with major innovations. Portfolio reached millions of users, Mobile dramatically increased its functionality to become the best wallet, and many more updates that are covered in the Product Recap section. Our underlying business also remained strong, generating ~$46m in revenue in Q3. While our core focus remains product quality, core tech development and team competency, these revenues provide us a solid foundation for continued growth without the need for external funding sources. Critically, we also made strong progress on Jupnet, our upcoming omnichain hub. We formalized the jupVM as the most functionally innovative VM, rethinking core tenets such as interchain operations and toxic flow prevention. And the shipping won’t stop there - in the coming months Jupiter will have its own stablecoin, prediction market, and innovative launch platforms. We’ll be shipping significant updates to our trading infra, our wallets, and our product suite. And through it all, we’ll continue growing our community. Given all of this, we believe $JUP has massive room for growth. Once weighed down tremendously by an over-focus on governance and noise, we’ve scaled back the DAO to only vote on critical issues that affect all token holders - no more Working Groups or small scale items. Instead, we will double down on $JUP as a core strategic resource and seek to integrate the token more deeply into Jupiter’s future roadmap. And we are re-orienting the community’s focus to be on growing the number of DeFi users, adoption of Jupiter products globally, and awareness of the $JUP token as the leading symbol of DeFi’s continued expansion. Ultimately, the Jupiter story is a growth story, and we’re still in the early stages of our journey. Yes, we are considered one of the leading DeFi protocols in crypto. But DeFi itself is still tiny, with perhaps millions of real users across ecosystems. In contrast, CEXes have hundreds of millions of users. There remains an obvious 100x growth potential for DeFi, and even more upside when you consider DeFi’s fundamental advantages. And that simple fact explains our entire strategy and approach. By building a comprehensive set of integrated DeFi tools, backed by a rabid community, we’re creating a world where every user of finance knows the best way to get onchain: Just Use Jupiter. Onward and Upwards, The Jupiter Team A special thanks to the Jupiter Token Holders, who have been with us through thick and thin. We are deeply grateful for your trust, support, and feedback. (and for the full report, check the post below 👇)