The native token for the Jupiter exchange aggregator (JUP) rose more than 8% in the past 24 hours, trading at $0.21 as of 02:39 UTC, after the project rolled out its Metis V8 routing engine on the Solana blockchain. The upgrade is designed to eliminate quote-to-execution drift, a common form of slippage that can cost traders on high-volume decentralized exchanges.
Project co-founder Siong Ong hinted that the platform’s next major development will be a live launch for its anticipated Jupnet infrastructure, further strengthening its position within the Solana ecosystem. Jupiter currently processes 75% of all daily volume from decentralized exchange aggregators on the network, according to company data.
The price move was supported by a 37% increase in daily trading volume to over $26 million, expanding Jupiter’s market capitalization to $700 million. The upgrade coincided with a significant increase in capital flowing to the protocol, with its total value locked (TVL) rising to $2.94 billion, up from $2.30 billion on May 1, according to data from DefiLlama. The growth reflects renewed user trust and liquidity depth, with SOL, USDE, and WBTC among the leading assets on the platform.
This upgrade is critical for Jupiter as it aims to solidify its market dominance and provide a more reliable trading experience. By minimizing the adverse price movement between the initial quote and the final on-chain execution, Metis V8 directly addresses a key pain point for DeFi traders. The new engine implements slippage penalties and just-in-time (JIT) on-chain finalization to improve execution certainty and targets latency below 100 milliseconds.
The JUP token has bounced from the $0.19 area and is approaching near-term resistance at the $0.23 and $0.27 levels. The daily Relative Strength Index (RSI) sits at a mild 52, suggesting room for further gains before the token is considered overbought. Key support remains at $0.17.
The Metis V8 launch follows a period of strategic growth for the platform, which recently announced partnerships with institutional players like Jump Crypto and Bitwise. These collaborations, combined with technical enhancements, are part of Jupiter's strategy to handle high-frequency routing and larger order flows, which could translate to sustained TVL growth and fee generation for the protocol.
This article is for informational purposes only and does not constitute investment advice.
