Jupiter Chief Operating Officer Kash Dhanda at down with Genfinity to walk through the company’s 2026 stack. His technical title, by his own account, is not COO. “My technical title is actually not COO,” Dhanda said. “It’s cat herder.” That flippancy captures how much surface area Jupiter now covers.
The protocol runs eighteen distinct products across trading, earning, and asset management. It holds roughly $2.6 to $3 billion in total value locked as of mid-2026. Additionally, it handles about 95% of aggregator market share on Solana. It also routes more than half of all Solana DEX trading volume through its interface. “Anything you can do on chain, we want you to do with Jupiter,” Dhanda said.
Solana Exclusive 🪐 Wall Street Finds Gravity on Jupiter@JupiterExchange is becoming the institutional onramp for onchain equities:
— Generation Infinity (@Genfinity) July 23, 2026
• Solana: 95%+ of onchain equity volume
• Jupiter: #1 TVL protocol on Solana
• Tokenized equities live since May
• Every asset, onchain,… pic.twitter.com/HKisPXhCDC
The Liquidity Problem Jupiter Was Built to Solve
Jupiter started as a Solana DEX aggregator in 2021 to fix a very specific user experience gap. Early Solana traders had to bounce between Orca, Raydium, and Serum to find best execution. Jupiter’s router consolidated that flow into a single interface. However, Solana’s liquidity landscape has since evolved in less obvious directions. Order books like Manifest now offer better pricing in specific assets, and proprietary AMMs have taken share from traditional pools.
Dhanda flagged prop AMMs as the most important market structure change in onchain trading in years. “Prop AMMs, I think, are the biggest kind of market structure development in on-chain trading in the last few years,” he said. “It was born on Solana and it was born on Jupiter in particular.” These pools use private liquidity, algorithmic pricing, and centralized-exchange hedging to tighten spreads onchain. Some days, prop AMMs move more volume than traditional Solana DEXs. Most of them run without a front end of their own. “Their only front end is Jupiter,” Dhanda said.
Regulated US Equities Now Trade Directly on Solana
Jupiter opened the first fully onchain, regulated tokenized equities venue on May 5, 2026. The launch stitched Securitize, Jump Trading Group, and Jupiter into a single trading stack. Securitize handles the regulatory layer as a broker-dealer, transfer agent, and Alternative Trading System. Jump Trading provides institutional liquidity through its proprietary AMM infrastructure. Jupiter provides the distribution layer for both retail and institutional traders. Solana already processes over 95% of tokenized equity trading volume globally.
Dhanda flagged KYC fragmentation as the biggest remaining friction for onchain equities. “It’s not going to be a great experience to have to KYC at every single asset issuer,” he said. “It’s like spinning up a new credit card every time you go to a different store.” He pointed to the Jupiter Global stablecoin spend card as an underrated wedge into the KYC problem. Users verify identity once for a very concrete use case, then plug into other regulated assets on the same stack. “Everything is going to be listed on Solana at some point,” Dhanda said. “All the users are going to be using Solana, and we’re hoping that they’re all going to use Jupiter as they access these assets.”
Offerbook Brings Fixed-Rate Credit to Long-Tail Assets
Jupiter opened Offerbook public beta on May 27, 2026 on Solana mainnet. The product came out of Jupiter’s late-2025 acquisition of RainFi. RainFi had already processed more than 230,000 peer-to-peer loans before joining Jupiter. Offerbook offers fixed-rate, fixed-term USDC loans against nearly any onchain asset. Borrowers can post tokens, NFTs, meme coins, governance tokens, or graded trading card slabs as collateral.
Dhanda argued that variable-rate lending simply does not work for real business planning. “You cannot be paying 4% one day and 8% the next and 15% for 24 hours,” he said. “That’s just no way to run your business.” Traditional DeFi credit also requires deep DEX liquidity and reliable oracles to function safely. Most tokenized assets, including many real-world assets, cannot meet those thresholds today. Offerbook removes the oracle dependency by letting counterparties negotiate LTV, rate, and duration directly. A KYC lane for regulated products is coming next, according to Dhanda.
Jupiter Gacha Turns Pokemon Cards Into Productive Collateral
Jupiter launched a gacha-style collectibles product with Collector Crypt on July 13, 2026. Buyers rip a pack, receive a physically authenticated Pokemon or One Piece card, and hold an onchain token. That token trades instantly on Jupiter’s Solana exchange. Pack tiers range from a $25 Silver pack to a $2,500 God pack. Collector Crypt processed over $209 million in gacha spend in June 2026 alone. Additionally, users can post graded cards as Offerbook collateral for stablecoin loans.
Dhanda framed the long-tail push as core to crypto’s actual advantage over traditional finance. “There are extremely deep treasury markets that already exist,” he said. “It is precisely the long tail assets where crypto has a 10x value improvement.” He compared collectibles today to what meme coins did for Solana’s early infrastructure buildout. “What meme coins did for Solana is allow us to build out the better infrastructure,” Dhanda said. That user base and payments plumbing set up Solana to dominate tokenized equity volume. In his view, the same pattern is now repeating with collectibles and other long-tail real-world assets.
GUM: The Omnichain Bet Beyond Solana
Jupiter is also pushing beyond Solana with its Giant Unified Market initiative. The internal shorthand is GUM, and a private beta of the omnichain product is now live. The design targets spot and perps trading across every supported chain. Dhanda called chain fragmentation the next iteration of the DEX fragmentation Jupiter first solved. “An end user fundamentally should not care on what infrastructure their assets live on,” he said.
The plan brings meme coins, real-world assets, equities, and forex into one venue over time. However, the team remains firmly Solana-native for the full eighteen-product suite. “We are extremely bullish on Solana and we’ll remain so well into the future,” Dhanda said. GUM simply acknowledges that traders should not have to care where an asset was minted. The goal is unified liquidity from the trader’s seat, regardless of which network hosts it.
The Giant Unified Markets Initiative by @JupiterExchange aims to bring all asset markets to Solana in a single, globally accessible, and lightning-fast atomic marketplace 🪐
— Solana (@solana) May 21, 2024
It’s time to chew GUM. https://t.co/9ikkxmpBDX
“Useful, Usable, Used”: The Framework Dhanda Uses
Dhanda closed the interview with a three-phase model for technology adoption. “Things move from being useful to usable to used,” he said. Early DeFi from 2016 to 2017 was useful but painful, according to Dhanda. ICOs solved capital formation, but transactions were slow, expensive, and prone to scams. Solana then made onchain trading usable at consumer speeds and low fees.
“The first time I used Solana, I was like, this is actually nice,” Dhanda said. “I’m not waiting for 20 minutes for my transaction to land. I’m not paying $30 to move $10 around.” The current cycle, in his view, is about actual usage at scale. “I got into crypto to create real value for real people in the real world,” he said. “And that’s exactly what is now happening.” Jupiter’s full-stack 2026 roadmap targets that third phase directly.
The Forward Bet: Give Users a Real Edge
Jupiter’s forward roadmap centers on giving users a measurable edge in the market. Dhanda broke that edge into three categories: informational, execution, and risk management. Better information helps users spot opportunities before the rest of the market moves. Better execution means transactions land, fees stay tight, and slippage stays contained. Better risk management helps users survive the cycle intact. “Rule number one in crypto is to survive,” Dhanda said.
The signals of institutional conviction are already piling up. ParaFi committed $35 million in institutional capital to Jupiter earlier this year. The JLP pool also crossed $2 billion in TVL during 2025. Meanwhile, Jupiter Perps has recorded daily trading volume above $1.13 billion at peak. Together, those numbers point to real capital moving, not just narrative momentum. Jupiter’s full-stack thesis is starting to look less like ambition and more like execution.
*Disclaimer: News content provided by Genfinity is intended solely for informational purposes. While we strive to deliver accurate and up-to-date information, we do not offer financial or legal advice of any kind. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial or legal decisions. Genfinity disclaims any responsibility for actions taken based on the information presented in our articles. Our commitment is to share knowledge, foster discussion, and contribute to a better understanding of the topics covered in our articles. We advise our readers to exercise caution and diligence when seeking information or making decisions based on the content we provide.
