Jupiter Secures First-Ever Outside Investment With $35M ParaFi Capital Deal

Jupiter, the Solana-based decentralized exchange with over $3 trillion in lifetime trading volume, has secured a $35 million strategic investment from ParaFi Capital — marking the protocol's first outside funding since its inception.

The deal is notable not just for its size but its structure: ParaFi purchased JUP tokens at market price without a discount, committed to an extended lockup period, and received warrants to acquire additional tokens at "materially higher prices."

The entire transaction was settled in JupUSD, Jupiter's dollar-pegged stablecoin launched in January in collaboration with Ethena Labs, in what amounts to a stress test of its stablecoin infrastructure for large-scale institutional flows.

"With Jupiter, we found a partner with a track record in product development throughout onchain finance," said Ben Forman, founder and managing partner at ParaFi Capital, in a statement. "We see further onchain adoption as the future of finance, and we believe the Jupiter team can execute with speed and experience to deepen their market penetration."

Bootstrapped No More

Jupiter has been bootstrapped and profitable throughout its lifespan, making the ParaFi partnership a historic departure. The protocol processed more than $1 trillion in annual trading volume over the past year and has expanded well beyond its origins as a swap aggregator into a full-suite onchain financial platform spanning perpetuals, prediction markets, stablecoins, lending, and portfolio management.

"This partnership isn't really about the capital," said Kash Dhanda, Jupiter's COO. "What mattered most was finding a partner with deep credibility who could catalyze our growth as we build the next stage of onchain finance."

ParaFi, a New York-based asset management firm with $2 billion under management, has backed several category-defining DeFi protocols since its founding in 2018.

CatLumpurr Product Blitz

The investment was announced alongside Jupiter's CatLumpurr conference in Kuala Lumpur (January 31 – February 2), where the protocol unveiled over 40 major product launches and upgrades that collectively signal the scale of its superapp ambitions.

Jupiter Lend became the fastest-growing protocol in Solana history, reaching $1 billion in total supply just eight days after its public launch. The protocol also introduced JupNet, an omnichain network designed to aggregate all of crypto into a unified decentralized ledger, enabling users to swap, deposit, and trade across chains from a single interface.

On the prediction markets front, Jupiter announced a Polymarket integration that makes it the first and only Polymarket venue on Solana, building on its existing position as the first Solana partner for Kalshi. The protocol also launched Jupiter Offerbook, a permissionless money market that allows users to borrow against any onchain asset — including real-world assets — with time-based peer-to-peer loans and no price-based liquidations.

Perhaps the most consumer-facing announcement was Jupiter Global, which brings real-world onchain payments to the platform through the Jupiter Card, Global Send for USD SWIFT transfers to over 200 countries, local payouts in more than 15 currencies, and QR Pay for scan-to-pay across APAC with zero fees — all accessible via the Jupiter Mobile app.

Superapp Ambitions

The flurry of products underscores Jupiter's "superapp" thesis: consolidating swaps, lending, prediction markets, payments, and portfolio management into a single application across web, mobile, and API surfaces.

"We share a long-term vision with ParaFi on the timing and potential of onchain finance," said Xiao-Xiao Zhu, President of Jupiter. "They've been building the bridge between traditional finance and onchain markets since 2018. That connectivity will play a large role in accelerating everything we're doing."

Jupiter currently has approximately $2.35 billion in total value locked, with annualized fees near $650 million and annualized protocol revenue around $150 million, according to DefiLlama. JUP is trading at around $0.20 at the time of writing.