Jupiter (JUP) Burn

JUP's lifetime burn is 3,137,568,855 tokens — 31.4% of the 10B max supply — and exactly 10B minus the on-chain total supply of 6,862,431,144. Of that, 3,000,000,001 JUP was destroyed on 26 Jan 2025 at the Catstanbul conference, worth $3.16B at that day's price: the team announced a cut in max supply from 10B to 7B, and on-chain data shows the whole of it executed within the day across 52 burn instructions, not the "gradual burn" many reports described. It was a burn of unissued reserves — no revenue spent, nothing bought on the market — so the real effect is on max supply, not circulating supply.

Beyond Catstanbul, the ledger records three small rounds (761k in Apr 2025, 192k in Sep 2025, 1.55M in Apr 2026 — by this ledger's reading, project wallets and users burning on their own) and a single meaningful one: 135,023,162 JUP on 25 Nov 2025, $34.1M, drawn from the Litterbox by DAO vote. On an ordinary day only a handful of JUP is burned — JUP has no automatic fee-linked burn; every large burn is a one-off decision.

The Litterbox Trust is wallet 6tZT…NsFX, which receives 50% of protocol revenue and buys JUP on the market daily; the other half is converted to SOL/USDC for the team treasury. From the first fill on 17 Feb 2025 to 28 Aug 2026 the ledger counts 88,775 fills totalling 296.9M JUP for $96.27M — an average purchase price of $0.324 — well above where JUP has traded through 2026. The strongest buying day was 25 Feb 2025: $3.37M for 4.82M JUP, right after Catstanbul with revenue still near its peak; in Aug 2026 the usual pace is 200–400k JUP a day, with 25 Aug spiking to 1.51M JUP ($320k) — the highest in months.

The promise is 50%; this ledger measures purchase dollars over nine-product revenue by month: 20% in Feb 2025 (half a month only), 62% in March, around 50% through mid-2025, up to 81% in Dec 2025 and 60% in Jan 2026, then sliding to 30% in Aug 2026 ($1.87M bought on $6.13M of revenue). Over the whole period Feb 2025–Aug 2026: $96.3M bought on roughly $203M of revenue, about 47% — close to the commitment, but the latest month is clearly low. The gap could come from lag between revenue day and purchase day, from Jupiter's definition of "revenue" differing from DefiLlama's, or from a change in allocation — the ledger draws no conclusion, it records the measurement. A proposal on the Jupiter Research forum asks to raise the share to 70%; as of 3 Sep 2026 the ledger has seen no vote pass.

The Litterbox was announced as buy-and-hold for at least three years, a capital reserve for the DAO. In late October 2025, after scaling down the DAO and a "community reset", Jupiter put to a vote burning all ~130M JUP bought so far (about 4% of circulating supply), arguing the stash "created uncertainty for token holders". The vote passed, and on 25 Nov 2025 135,023,162 JUP left the stash into burn instructions — $34.1M at that day's $0.252, well below the average cost of those tokens. It is the only time Jupiter's buyback money has become an actual burn.

Since then the stash has refilled: as of 3 Sep 2026 it holds 165.07M JUP, about $37M — shown in the Litterbox stash cell on this page, separate from the burn column. Jupiter said a separate vote would decide how to handle inflows after the burn; this ledger has recorded no burn from the stash since 25 Nov 2025, so for JUP holders the rule stands: buybacks reduce the float on exchanges, but not the supply — until the DAO votes to burn again.

Jupiter's combined nine-product revenue (aggregator, perps, Lend, DCA, limit, Studio, Prediction, Offerbook, Lend DEX) per DefiLlama: about $124M in 2024, about $175.5M in 2025 — record days of $3.23M on 2 Feb 2025 and $3.21M on 11 Nov 2024 — then only $46.0M in the first 8 months of 2026: $9.5M in January, down to $4.1M in May, back to $6.1M in August. The full-year 2026 pace is around $69M, down almost 60%. Perps is the largest source — fees of $298M in 2024, $446M in 2025, just $85.6M so far in 2026 — and the one that shrank most; the aggregator is steadier ($37.7M → $50.5M → $22.4M revenue). Because the Litterbox tracks revenue, August 2026 purchases (9.56M JUP) are about a fifth of the early-2025 months.

Burns did not rescue the price: JUP peaked at $2.00 on 31 Jan 2024 — launch day — and bottomed at $0.1358 on 12 Feb 2026, three weeks after the Team unlock schedule ended. On the counterweight: DefiLlama records Team receiving 38.9M JUP a month and Mercurial stakeholders 14.6M a month through 27 Jan 2026, then a final Mercurial round of 77.97M on 25 Feb 2026 — after which the source lists no next event, so the unlock card on this page is empty. But 3.54B JUP (6.86B total supply minus 3.32B circulating) is still non-circulating, including reserves for Jupuary rounds and the team treasury; those are released by individual DAO votes, with no fixed schedule the ledger could project.

Burn = every SPL burn instruction on the JUP mint on Solana, aggregated by UTC day (Dune); the 3,137,568,855 total matches 10B minus on-chain total supply to the token — the tightest cross-check of any ledger on this site. Buyback = JUP flowing into the Litterbox wallet 6tZT…NsFX fill by fill, USD at execution price; total inflow differs from wallet balance plus burned amount by under 0.01%. Revenue = the sum of nine Jupiter slugs on DefiLlama, dailyRevenue column — not total fees; perps fees are 4x revenue because most goes to JLP liquidity providers. The buyback column for the latest few days may be empty until Dune refreshes. Stash balance, price, ATH/ATL: CoinGecko and Solana RPC. The buyback-to-revenue ratio is this ledger's estimate — Jupiter publishes no reconciliation.