Solana's DeFi Super App: The Jupiter End Game | Kash Dhanda
May 2, 2025
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Kash Dhanda, a key player from Jupiter after his stint at Super Team, dives into the future of the DeFi super-app transforming the Solana ecosystem. He discusses Jupiter's impressive revenue breakdown and its competitive edge in the app market. The conversation also touches on evolving user expectations and the innovative Jupyter Z trading system, which aims to redefine trading dynamics. Additionally, they explore the challenges and opportunities presented by global market expansion and the potential of decentralized finance to bridge cultural divides.
Kash Dhanda discusses Jupiter's ambition to become a DeFi super-app by streamlining user experiences and enhancing access to blockchain tools.
Recent acquisitions by Jupiter, including Sonar Watch and Drip House, are strategic moves to solidify its market leadership and innovation in crypto.
Jupiter's revenue model reveals a significant reliance on its perps trading product while continuing to invest in aggregator services for growth.
Deep dives
Overview of Permissionless 4 Conference
The Permissionless 4 conference, scheduled for June 24th to 26th in Brooklyn, New York, is anticipated to be a major gathering of crypto developers, investors, and founders. This conference aims to foster high-quality discussions about the future of cryptocurrency, attracting a diverse crowd that includes enthusiasts and industry leaders. The event emphasizes the growth of new crypto applications and presents an opportunity for attendees to engage in meaningful conversations and network within the industry. Additionally, a discount code, Lightspeed10, is provided for attendees looking to secure their participation.
Insights from Cash Donda's Transition to Jupiter
Cash Donda shares his recent transition from Super Team to Jupiter, noting that while he misses his old team, the new role is exciting and impactful at a much larger scale. Working at Jupiter, which boasts a substantial user base of around 980,000 token holders, brings a unique intensity to the job, requiring consistent engagement with a global community. The dynamic environment of rapid expansion and high user interaction has spurred personal growth, making it both a challenging and rewarding experience. Cash highlights the fun of building and innovating at such a significant level in the crypto space.
Jupiter's Vision for a DeFi Super App
Jupiter aims to establish itself as the comprehensive DeFi super app for the Solana ecosystem, centralizing various functionalities that users commonly seek. By acquiring several key projects, Jupiter intends to streamline the user experience and enhance convenience, targeting challenges faced by newcomers to crypto, such as how to engage with the blockchain. Jupiter is implementing features that cater to both novice and professional traders while focusing on improving user discovery and access to necessary tools. The overarching goal is to create an all-in-one platform that simplifies navigating the crypto landscape, potentially revolutionizing the way users interact with DeFi.
Jupiter's Acquisitions and Market Position
Recent acquisitions by Jupiter, including prominent projects such as Sonar Watch and Drip House, are part of a strategic plan to solidify its market leadership in crypto. The integration of these talented teams into Jupiter enhances the company's capabilities, enabling it to provide a wider range of services, including NFT functionalities. Cash emphasizes the necessity of bringing in top-performing founders to maintain the innovative edge within the rapidly evolving crypto industry. This approach not only accelerates Jupiter's development but also reinforces its ambition to become a major player across multiple segments within the DeFi space.
Jupiter's Revenue Model and Future Direction
Despite Jupiter's brand being closely associated with its swap aggregation services, the company has seen a significant portion of its revenue generated from its perps trading product. Moving forward, resource allocation skewed towards perps trading reflects its importance to Jupiter’s revenue stream, yet the company continues to invest in its aggregator services as well. As new functionalities are introduced, Cash believes that users' perceptions of Jupiter will evolve, positioning the company as a multifaceted tool for various DeFi activities. This forward-thinking approach aims to keep Jupiter relevant and competitive in an increasingly crowded market of DeFi services.
Gm! This week we're joined by Kash Dhanda live at Solana Crossroads to discuss the end game for Jupiter. We deep dive into building crypto's DeFi super-app, Jupiter's revenue breakdown, Solana vs app revenue, what's next for Jupiter & more. Enjoy!
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Ledger, the global leader in digital asset security, proudly sponsors the Lightspeed podcast. As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your Solana assets. Buy a LEDGER™ device now and build confidently, knowing your SOL are safe.Buy now on https://shop.ledger.com/?r=1da180a5de00.
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Grab your tickets to Permissionless IV. Use code LIGHTSPEED10 for 10% off: https://blockworks.co/event/permissionless-iv
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(00:00) Introduction
(01:26) The Jupiter End Game
(07:40) Growing Market Share
(12:02) Ledger Ad
(12:48) Jupiter’s Revenue Breakdown
(21:46) Does Jupiter Have A Moat?
(24:52) Is The AMM Model Doomed?
(30:40) Ledger Ad
(31:26) Solana vs App Revenue
(37:54) The JUP Token
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Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.
Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Jack, and our guests may hold positions in the companies, funds, or projects discussed.
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