From the Libra scandal to Solana's blood loss, can Jupiter's multi-strategic layout restore market confidence?

Author: Nancy, PANews

At present, Solana ecosystem is experiencing a "blood loss" crisis triggered by the Libra coin issuance scandal. The double blow of liquidity loss and market confidence has intensified the internal challenges of the ecosystem. As a star project of Solana ecosystem, Jupiter once played a core role with its super high liquidity share, but the involvement of the Libra scandal and the overall ecological crisis made it deeply trapped in the quagmire. Despite this, Jupiter is trying to send signals to the outside world to break through several strategies such as ecological expansion, token repurchase plans, product iteration, etc.

Trading engine slows down? Jupiter 's multiple data still occupies

the ecological advantages of Solana

Jupiter once drove the prosperity of Solana's ecosystem with its strong market appeal, but the crisis of Solana's ecological confidence slowed down its trading engine and it was difficult to survive.

Artemis data shows that Jupiter's daily trading volume reached its historical peak of $2.9 billion in mid-January this year. However, the trading activity then showed a gradual decline. Trading volume fell back to US$1.2 billion as of March 3, a sharp drop of 58.6% from its peak.

Changes in daily active addresses also reveal a decline in community participation. On January 20 this year, Jupiter's active address number hit a new high of 1.2 million, highlighting the user participation boom at that time. However, as of March 3, this number has dropped sharply to 394,000, a drop of 67.2%. The sharp decline in active addresses not only points to a slowdown in transaction activity, but also implies that users' confidence in Jupiter and even the Solana ecosystem has been impacted. However, Solana's overall daily active address also fell by about 48.1% during the same period, which also indicates that Jupiter's decline is synchronized with the ecological environment.

The weakening of trading activity directly affected Jupiter's revenue performance. Artemis data shows that its aggregator daily revenue fell 83.3% from its peak of $1.3 million to just $216,000 as of March 3. This income weakness also reflects Jupiter's vulnerability in the current market environment.

Despite pressure on transaction activity and revenue, Jupiter's weight in the Solana ecosystem still shows some resilience. Artemis data shows that Jupiter's daily trading volume accounts for 11.6% of Solana's overall, a slight increase from 10.4% at its peak in January. However, Jupiter's daily active addresses accounted for 36.5% of the peak, accounting for 9.4% of Solana's overall as of March 3.

From the perspective of ecological ranking, according to Artemis data, since 2025, Jupiter has ranked second in the Solana ecosystem with a daily trading volume of US$260 million, second only to Raydium; the number of daily active addresses has ranked third with 572,000; Gas consumption contributed US$45.7 million, ranking second. These data also show that Jupiter still maintains the role of Solana's core liquidity pillar, but has reduced its influence.

In addition, the official website shows that the total pledge of JUP exceeds 580 million, accounting for more than 21.5% of the circulation, which also reflects the community's continued participation in JUP DAO governance, which may provide a short-term selling pressure buffer for tokens.

From the crisis of trust to long-termism, **Jupiter 's multi-line

layout wins confidence**

The Libra scandal was the fuse for Jupiter to fall into the quagmire. During the LIbra insider trading storm in February this year, Libra created a liquidity pool on Meteora, and Jupiter was accused of joining forces with Meteora to do evil due to Meow's dual identity (co-founder of Meteora). Although Meteora Ben resigned afterwards, and Jupiter responded that he did not participate in the Libra issue in any form, saying that he did not find any snatching behavior among team members, it did not help Jupiter get rid of the reputation crisis, and its token JUP also fell for a while.

"We are talking about encryption as the future, but in reality, we often show a serious lack of willingness to be responsible for long-termism and results. One thing is certain: we believe in what we are doing, believe in being responsible for long-term results, and believe that the crypto industry will truly change the world in the future, even if the short-term fluctuations are severe, it doesn't matter." Meow recently issued an article.

Faced with the slowdown in Solana's ecosystem and the Libra storm, Jupiter responded with a diversified strategy. In recent times, it announced multi-line layouts such as acquisition expansion, token economic adjustment and transparent governance, trying to regain market trust.

In terms of ecological expansion, Jupiter has conducted several recruitment and acquisitions over the past year, including the acquisition of majority stakes in Sonarwatch and Moonshot in recent months, and is still conducting two unannounced acquisitions to enhance the capabilities of the team and the three pillar platforms Jup.ag, Jupiverse and Jupnet. The acquisition funds will be paid by the Treasury.

In terms of token value empowerment, Jupiter recently announced that an independent third party will conduct a comprehensive audit of the founder, Jupiter's Ministry of Finance, Meteora's Ministry of Finance and JUP tokens; at the same time, Jupiter established Litterbox Trust, which is managed by an independent third party and has begun operations. It will receive 50% of the agreement's revenue in the next two years to strategically accumulate JUP, aiming to enhance the long-term stability of the token. Officials said that this move does not involve near-term benefits, but is a long-term development layout for the ecology and community. Artemis data shows that as of March, Jupiter has repurchased $10.8 million worth of JUP since February 17.

Not only that, Meow recently proposed the "2030 Proposal", planning to use its 280 million personal JUP tokens for team incentives and receive 500 million JUPs as compensation in 2030. The proposal still requires community voting. In addition, Jupiter has also recently announced the launch of the "GOAT Framework", aiming to build JUP into the best token in the crypto industry through four core dimensions: governance (including 30% supply destruction, "Jupuary" activities and work group budget adjustments), organicity (emphasizing the rejection of behind-the-scenes transactions, KOL promotion or market manipulation), consistency (coordinated holders, community and team interests) and transparency (three token audits, multi-sign wallet disclosure and large-scale flow records), and establish its position as a long-term token.

In addition, Jupiter has also recently announced the 2030 team strategy, which will focus on decentralized liquidity platforms, global community expansion and Jupnet ecosystems in the next five years, and plans to allocate 280 million JUPs to new team members in the next three years (the startup team currently holds 1.4 billion JUPs), but the source of funds requires community decisions, and there are two main solutions for choice: one is to use strategic reserve allocations, unlocked from July 2025, without community voting; the other is to pay by Meow's personal holdings, and recover from the strategic reserves in 2030, and apply for an additional 220 million JUPs as incentives (DAO can be adjusted).

In terms of product iteration, Jupiter and ApePro were merged and renamed to Jup Trenches, which can provide features including dual account types, private key exports, real-time data, and Jupiter Mobile launched last year will also undergo major updates.

In general, although the slowdown in the trading engine has put pressure on Jupiter in the short term, its position as the core pillar of Solana ecosystem has not been lost. Whether it can achieve ecological bleeding and even positive growth through diversified strategic layout and Solana recovery will still need time to verify.