# Jupiter's Net Zero Emissions and Solana's Institutional Moat

**Podcast:** The Milk Road Show
**Published:** 2026-03-09

## Transcript

I think the most surprising thing is how much divergence there is between Solana's usage and Solana's price as a token.
Uh again, it's like there's actually never been more adoption of these uh of this technology.
What's up, everybody?
It's LGG Set here, and welcome to the Milk Road Show, the daily crypto show that can't wait for the decoupling to happen and is convinced that this time is different.
Today is March 9th, 2026.
Our guest today is coming to us live from the war zone.
Cash Danda, COO of Jupiter, recently escaped Dubai, but still committed to doing the show with us.
We're gonna dig into the market and then flip real quick to how Solana is planning to stay relevant into the next bull, and how Jupyter, where he works on the app that he leads, plans to stay competitive with Coinbase and Robinhood as a top revenue generating super app in the space.
Today's episode is brought to you by Midnight, bringing rational privacy to blockchain, warbucks, the easiest way to trade crypto, and Nexo, earn interest, borrow and trade crypto.
Cash, what's up, man?
LG, it's good to be back, man.
Thanks for having me on.
Dude, I'm I'm stoked.
Listen, okay, I teased it a little too much in the intro.
Are you okay?
Is everything all right?
Are you guys are you safe?
Fully safe, uh, fully comfortable.
Uh, nothing uh nothing to stress about.
Uh left.
We were actually kind of scheduled to be in Europe anyway to see uh some family.
So the you know, getting out was its own uh little journey, but here now it's all good.
Okay, all right, all right.
He's fine.
Jupiter will live on and and everybody's happy.
So uh, dude, let's let's get right into it, man.
When we chatted with on October 28th, um, I think on our show, and a lot of you know, a lot of the episodes we're doing at the time were like, listen, 1010 liquidity problem, but things are gonna bounce back.
Q4 is gonna be super bullish.
It's been a really long time since then.
It has been like four or five months.
Very clear bear market.
Tell me from your take, Cash.
Like we're in this major downturn.
What have been the factors there?
Because I think we have a lot of different takes.
It's a it's a heap of stuff, but from your point of view, like what's what's the main thing driving this and and keeping us down here?
I think it's an unfortunate confluence of like two, maybe three different factors.
So the first one is on 1010, we now have a lot more clarity that a bunch of funds blew up, uh, basically.
They had excess leverage, they tried to trade it all back.
We saw this actually affect the gold and silver market uh allegedly uh back in February, I think it was.
Uh so you see, you know, over time there's this big explosion, but it takes a little while for the bodies to kind of float to the surface.
And now those bodies are starting to float.
Uh the good news is it seems as if most of that pain is kind of over, that those funds have already uh kind of exploded, and now a lot of that leverage has left the system, which is why I think you're seeing less volatility as of late.
But then we got hit by this second uh kind of problem, which is global macro instability across a bunch of different assets.
Uh, in particular in the last few weeks, that's obviously escalated quite a bit.
Uh, and so now we're kind of struggling against that headwind as well.
Uh once that's gone, I think it's clearer skies, but we gotta wait for the global picture to sort out a little bit.
Everything you're listening to today is also covered in our daily crypto newsletter.
And on Sundays, we even recap the best parts of the entire week's worth podcasts.
So check it out at the link below.
How long is that gonna take, man?
Uh, you were closer to the action than any guests we've had.
Not that job to say that you you have some kind of insider knowledge.
Yeah, but what like what is the deal?
I you know, it's hard for me to say.
I do think, listen, I'm not a political analyst, I don't even pretend to be one on YouTube, but I do think that there's a lot of reason for this to end somewhat quickly, and there's a lot of reason for it to be very drawn out.
Certainly from the Iranian perspective, there's not, uh, you know, they were in the midst of negotiations twice and ended up getting uh blasted.
So I don't imagine that they're looking for like a fast uh end to this.
But I think what we can hope for uh optimistically in the short term is some kind of agreement between Iran and the GCC countries, like uh Dubai, Saudi, uh, Oman, et cetera.
Uh, that would help kind of dial down the global kind of economic impacts, especially in the Strait of Hormuz.
Uh, that would be a great short-term case scenario, or maybe there's something even better, and you know, Trump's got something in his pocket that none of us actually know, and he's actually playing five D chess all along.
Uh, so we will see.
Um, but it's it's likely going to be a bit tricky for it.
You know, we had a meeting this morning with some of our team members, and somebody slipped that the that secret Trump insider wallet who had like shorted and longed the market at different times, was now like 200 million dollars long.
So we don't know if there's some kind of announcement coming or something on the Clarity Act.
Uh I don't know.
So we'll see, we'll see how that plays out.
I don't know.
That kind of stuff always, I don't I don't really pay too much attention.
It's not always accurate.
It's hard to read.
Yeah.
Yeah, it's hard to read.
Yeah, because it's also like they know you can see that.
That's the thing, is like they know you can see that stuff.
So it's not, it's purposely public.
So you don't approach it.
Um we saw some of this with the Zach XPT prediction markets.
Did you uh follow that whole story there?
Uh meteor is being sped up by insiders who are actually purposely just kind of skew the markets in order to make more money uh on what they knew to be the true answers.
And it wasn't even them, and it wasn't even them.
It was Axiom.
That's right.
It wasn't even it wasn't even about Meteora, uh, which was pretty wild for anybody who followed that story.
I think last week, yeah, it was Zach XBT, the big, the big uh a criminal investigator in the space who's anonymous, uh, said he had a big, big uh scam to report of some kind, fake fudged numbers, and there was a big poly market debate about who's gonna be and a lot of money kind of going back and forth, and and it turned out to be a protocol on Solana.
It would a lot of people thought it was Meteora because that rose to the top, and then um, which is just kind of like a uh self-custodial LP provider, the they do great job.
And um, but then it turned out to be Axiom, which is one of the the meme coin uh platforms that had an issue with one of their employees, anyways.
This is not what the show's about.
Cash, I want to know.
Let's zoom back out.
Let's go back to war stuff.
Let's this in the last 24 hours.
What's been interesting is that leading up to market open today, which saw like a 300-point uh reduction in the SP, crypto actually went up, right?
And to me, this is always super notable when you have like an opposite reaction in the markets, even if it's minimal, like you know, crypto went up, bitcoin went like we were saying 66 to 69 or something like that.
So, not not anything major, but still notable that everything else crashed, oil went up, and so did crypto.
What do you make of that?
With any market, right?
You're thinking about where the buyers and where the sellers.
I think for a crypto, what we've seen is uh a large scale and very painful in a few months that have left uh very few active sellers in the market, right?
Like, if you're still holding crypto at this point, you're not looking to get out for you know a few percentage points up or down, you're more likely to have this kind of long-term conviction.
At the same time, I think that the war is creating economic conditions that might actually lead, at least to the West, to like more liquidity being injected into the system, and I think that's kind of what's being priced in these days.
Uh and it's this funny thing where the financial markets sometimes end up a little bit detached from reality.
So even though the reality on the ground is obviously difficult and gas is going up and or oil is going up, et cetera, et cetera, you end up with this scenario where people are kind of playing the next step along, where they say, well, okay, if the markets or if the economy starts to go bad, then the Fed has to print, uh, then monetary policy has to loosen, which actually means more capital flowing to risk on assets like crypto, like equities and so forth.
Uh we'll see how sustained that is.
I think every day where the war does not get worse, you're gonna see more of that kind of uh positive lift start to happen is people could have price in uh what the government's going to end up doing.
It'll be a little while I think uh before we know.
But so is this I already asked you, but is this is this a spring and summer long malaise that we're in for with all this stuff?
Whether Iran relates uh you know resolves or not, it doesn't feel like that's the end of the road in terms of uh potential conflicts either.
There are a few more brewing on the other horizon.
But you know, I think the the smartest traders I know mostly say the same thing, which is time in the market beats trying to time the market.
And so I encourage everyone, this is actually what I do myself, is I just dollar cost average.
I started dollar cost averaging into uh a bunch of different positions in the last, I don't know, four weeks, I would say, four to six weeks.
Um, and I will continue to do so for the coming weeks uh and see what happens.
So rather than trying to catch exact bottoms or anything else, you're uh trying to build broad base exposure.
What I know looking at a lot of these crypto projects, you know, Jupyter included, uh, but there's a lot of incredible businesses out there that are printing ridiculously high revenue numbers uh that are just not being appreciated at all by the market that are trading at you know 2x multiples or 3x multiples, which for high growth uh tech startups is uh, you know, on its face nonsensical.
And so I look around and I see a lot of businesses that will rally.
I see a lot of ecosystems that are doing incredible numbers, including Solana, uh, that are going to make sure that once the kind of attention comes back, they'll be best positions to explode.
And I know on a long-term basis, the price is cheap for a lot of things right now.
Is that is that kind of like the the word behind the scenes, let's call it, even at Jupyter or some of the other Solana protocols where it's just like, listen, business as usual.
We have some apps that are making a lot of money, including you guys.
And let's just let's just keep plugging away and ignore the price action.
Is that kind of what's going on behind the scenes or is there a different story?
Yeah, that's where it always ends up being for like the real builders.
I think there are some teams out there uh that struggle a lot more, especially if you're much smaller, if you're kind of pre-product market fit, a lot of the users go away.
A lot of the old incentive approaches no longer work.
But for a mature startup like Jupyter, right?
We have many product lines and a bunch of different users, it's a little bit easier for us to weather the storm, and it allows us to kind of focus relentlessly on the users that are still there as well as the users that are going to be uh coming very soon.
Uh so that's what we just kind of spend all of our time building.
Uh, yeah, it means that you know, trading volumes in certain pockets might be down, but that's an increased reason to go focus on, for example, the credit products and Jupyter Lend and the stablecoin and uh, you know, order book offer book, et cetera.
Um, so it maybe changes your priorities slightly on where you're focusing.
But yeah, there's uh, you know, I've this is my fourth or fifth cycle fifth cycle.
I'm sure you've seen a ton of cycles as well.
Uh like we're we're mostly used to it at this point, you know, it doesn't really freak us out.
Not as many as you, man.
Five cycles, that's a lot.
That's the that's the metal baller around here.
Maybe it's only two and it feels like it's like 10.
I don't know.
It's like I've been since 2016.
So everybody cycles that's pretty good.
Yeah, 10 years.
10 years in crypto.
Oh, yeah.
Here's a question for you, then and uh 10 years in crypto.
What at this point what has surprised you in 10 years in crypto that you didn't think was going to happen when you joined when you got into the space in 2016?
Most everything, if I'm being very honest.
You know, like I think a lot of the people I was I don't know how early I was, but uh a lot of people who kind of joined when I joined were super excited about you know land deeds on the blockchain and that being like a really huge deal, and you know, a lot of these kind of uh DAO governance was like a huge deal.
There was so many of these kind of stories that are out there, creator economy, read-write own this whole kind of theory that was uh being pushed by uh Chris Dixon and many others, and uh it turns out like almost none of that is true, right?
Like uh like web three gaming did not end up becoming a thing in the way that a lot of us thought it would back then.
Uh not yet, not yet, cash.
Maybe one day who knows, yeah.
Who knows?
Yeah, who if inshallah, you know, we'll look at it someday, but it hasn't really come so far.
And I think that that's uh a lot of the things that I thought crypto would be good for back then did not end up really happening.
Uh and the actual use cases now are so much bigger and better and more accepted in the mainstream uh than I ever could have guessed.
Like if you would have told me 10 years ago that the United States government would hold Bitcoin on the balance sheet openly and proudly, I would have called you crazy, right?
Like I would have this is nonsensical, what you're saying to me.
Uh, and so you know, the uh the tricky thing about predicting the future is that it is always surprising.
And so any prediction you have for the future that is not surprising is likely to be wrong.
Uh, and so you know, what we've seen has surprised me in basically every single way.
JP Morgan, I remember back then, Jamie Diamond, uh, you probably remember this too, was constantly talking about how it's all a scam and it's the worst industry in the world, et cetera, et cetera.
And how JP Diamond's issuing commercial paper on Solana uh and coming to breakpoint, you know, talking about it's it's nonsense.
Uh in that in how far we've come, honestly.
What flipped Jamie Diamond?
What changed?
Was it administration change and he saw an opportunity?
I uh I like to say, you know, listen, I don't know Jamie Diamond.
I I think incredibly highly of him, you know, at least the the biggest bank in the world.
Uh I think that he probably just saw the value of the tech over time.
They built a private blockchain, I think uh, you know, five or six years ago and had been piloting it internally and it was settling you know hundreds of billions to trillions of dollars for them.
And I think if after a long enough period of time, you just see that it works and you start to shed the old biases that you might have.
The utility has a way of bringing any skeptics around if it actually makes lives better.
Yeah, yeah, that makes sense.
That makes a lot of sense.
What what uh in that time, uh, the things that kind of surprise you, you're kind of explained to us in terms of largely the adoption story, right?
The institutional bit and where we're at now, and maybe faster than a lot of people expected.
Is this you know you know, I want to kind of flip over Solanum, right?
Because you're you're you guys are one of the biggest players in Solana, but not the biggest player.
And I want to ask you, like, even just for something like Solana, did you anticipate there being a chain like and how a chain like Solana, and how would you classify Solana in the ecosystem of crypto?
How would you how would you place it?
Like, how would you say it's the this within or you can use an analogy or whatever else you want?
But I kind of want to understand at this point, now in the bear market, setting up for another cycle, you're you're at the forefront of what's being built there.
How does how does Solana position in in the space?
And and is that, you know, how has that come about?
Yeah, I think the simplest and best way of her to put is that Bitcoin is the asset and Solana is the infrastructure, right?
This idea of internet capital markets that go 24-7 that actually work at scale is something that only Solana has a really credible claim towards at this point.
Uh public uh blockchains that are permissionless, credibly neutral are exceedingly rare, uh, and they're even more rare if they can actually handle some real volume.
So I think Solana is really in a category of its own right now in how broad it is, how many different kinds of utilities you can get out of it.
Uh, and that kind of fundamental plumbing uh is necessary for what the next version of finance is going to look like.
Uh, and so no, I did not expect Solana to succeed as widely as it has.
Uh, I think the most surprising thing is how much divergence there is between Solana's usage and Solana's price as a token.
Uh again, it's like there's actually never been more adoption of these uh of this technology.
There's never been more mainstream brand awareness and trust into this.
There's never been this kind of thriving ecosystem of businesses built on top of it, right?
Where it's not just a bet and a hope and a prayer that someday it'll turn out to be real.
I mean, it's real today.
I mean, I think last month Solana made like $26 million in network revenue.
And applications on top of Solana made something like 87 million dollars in application revenue.
There are entire ecosystems that are not making like $100 a day, right?
That have you know multi-billion dollar valuations, by the way.
Well uh it's a that's definitely been the story.
Uh that's definitely been one of the memes on Twitter, let's say, in the last couple of weeks is that the you know the $12 daily revenue from like blast and other random L2s.
But yeah.
Uh and so, you know, seeing all this level of adoption in actual real world usage, uh, kind of detached from the ivory tower philosophizing or this kind of like random, uh, you know, VC bait uh kind of approach, I think is really what sets Solana apart.
And the numbers just kind of speak for themselves, you know, two billion transactions in February, which is like two times as many as all other chains put together.
So there's like real demand for these things, right?
Uh, like I said, the the businesses are there, the the volumes are there.
Uh, and increasingly, I think maybe the most interesting thing that we're seeing on Solana right now is more trading volumes of outside assets.
So, like the hype token did something like 250 million dollars in volume in February on Solana, which is like I think about 4% of all the on-chain trading, if I'm remembering correctly.
Um it's quite good, um, or 0.4%.
Mike gives a numbers up, but it's it's a notable percentage of these assets off.
You're seeing the trading volumes for commodities and stocks growing 50% like month on month from January to February.
Uh and I think that those trends are going to continue where there's a whole basket of Solana native assets that are awesome, like Jup, JLP, you know, JupeSt, etc.
And then there's all these kind of assets that are immigrant assets that will also become first class citizens over time.
Warbucks is the easiest way to start trading crypto.
No deposits, no wallets, no complicated setup.
Choose your path, one step, instant target, or instant funding, starting as low as 40 dollars.
Trade, stack profits and withdraw on demand in crypto or USDC.
Below the account, you only lose the test fee.
Reload and go again with warbucks.
You can profit from crypto moves in any direction, up or down.
Get funded today at milkroad.com slash warbox.
The way we build wealth is changing.
Stocks, savings accounts, real estate, that playbook is getting rewritten in real time.
Nexo is the platform built for what's next.
It's an all-in-one digital wealth platform where you can earn interest on your crypto, borrow against it without selling, and trade a wide range of assets, all in one place with 24-7 support and institutional great security.
Oh, and by the way, Nexo is back in the US with new US clients getting 30 days of wealth club premiere access.
That means elevated interest rates, lower borrowing costs, and crypto cash back on trades.
Benefits usually reserved for loyalty program members.
Get started at milkroad.com/slash nexo.
I have to ask you, man, and this is this is obviously a huge part of the narrative, and I don't feel there's anybody better to answer it than you.
You know, the narrative in some circles is like, listen, Solana was good for meme coins, and then that's it.
And obviously that's not the store, that's not what's actually true, but that is still the story being told.
Mainly on X man, because everybody people were just trying to ride their fart coins from you know 100K to 100k market caps of three billion or whatever it was, right?
And that's that's seen as a success success story.
How do you kind of uh, you know, if if you're talking to uh token holders or you're talking to um, I don't know, people like me, what what is your kind of uh response there?
How do you how do you approach that?
I think you saw Solana for even before meme coins was first kind of slandered as the the NFT chain, right?
It was like where a lot of the NFT trading volumes were coming from, a lot of the the big mints and so on were happening, right?
Uh and then you saw a similar kind of pop again with meme coins.
And I think you'll whatever the next big thing is in crypto, I don't know exactly what it's going to be, but like whatever it is at a mass retail level, I can give it to you in writing right now.
You're gonna see that explode on Solana as well.
Because the core plumbing is so uh stable and so uh kind of you know available to actual users around the world that it allows it to become like the hotbed of any new on-chain activity that might happen.
Now, the question is what do you do in between these kind of big bumps where there are spikes of lots of these you know max onboarding events happening?
And that's where I think you look at the thriving kind of DeFi ecosystem on Solana, you look at the quality of uh and sustainability of the businesses that are being built.
Uh, and that's what gives you a lot of uh a lot more kind of trust.
Like you look at stable coins.
I think uh last month in stable coins we did something like $650 billion in stable coins.
Solana became the number one chain by stablecoin activity, uh, you know, for the first or second time in quite some while.
Uh and that's just again, that's just usage going back and forth.
We just launched uh Jupyter Global, which is also a stablecoin payments play in addition to our own stable coins.
So we're beneficiaries and we're both beneficiaries of Solana being used for everyday practical purposes outside of the kind of big mass onboarding spikes, uh, and we're contributing back to that as well by trying to build real products for it.
So I think if you believe that crypto is interesting because it is useful, Solana is where you go.
If you think that crypto is interesting purely because of, you know, get rich quick or these kind of speculative bubbles, all of which are fine, you know, no shade to those things.
But if that's your only kind of thesis for crypto, then I can understand why you'd say, oh, well meme coins have died down, but let me look elsewhere.
But I think if you're a true believer in this technology, and if you truly understand how bad the existing financial rails are and how good on-chain rails can be, uh, that is what makes you like a permanent Solana bull.
Should Solana be at all threatened by kind of uh, you know, the narrative with Vitalik saying L2s are useless, let's try and get some value back to the main chain now that things are pretty cheap on mainnet.
Um obviously ETH is the is the, you know, if you're saying that you're telling me Solana is the infrastructure of Bitcoin's the asset, ETH is the the the omission there naturally.
Um and the competitor as well.
Do do you see them as competitors?
And if so, like what is what's you know, what's in Solana's moat that ETH doesn't have?
I personally think that this entire space is still ridiculously tiny, right so it's something like seven percent of the global population owns crypto assets which is you know you can argue is it a lot or is it a little bit but it's you know it's seven percent it is what it is of that uh five percent of those users who already hold crypto have actually used on chain tech right that means that 95% are just on Binance, Coinbase, whatever Robinhood et cetera just buying into these centralized venues.
So you know we're at like 35 bits of the global population have actually tried like Ethereum L1 or Solana or anything else.
It's so small that I don't uh think it makes sense to kind of divide the pie just now.
So in a literal sense, sure Ethereum is a is a competitor, right?
That people might trade on Ethereum versus trading on Solana that is true.
But I do think that any ecosystem bringing new users on or creating new forms of value is good for everybody.
Because once you're in crypto and you've tried Solana one time, you never go back, right?
It's like it is it is that good.
But if you even if you start with Ethereum and God bless them it's getting a little bit cheaper et cetera it's still you know like an order of magnitude slower.
It's still much more expensive.
And there's still just like less to do on a day-to-day basis than there is on Solana.
What let's let's let's let's let's flip the Jupyter as like the leading kind of on-chain super app there as well, right?
And you guys have you guys were very early to having like stock derivatives and a lot of other stuff.
Um you guys pump out a lot of products.
What is what is something now that there's a downturn and it's a great time to build and and continue to iterate.
What's what's a pie you guys want a big piece of into into the next three, four years cycle beyond that?
Like what is something you guys are like we need to win this this thing, like RWAs or whatever you want it to be.
Well, I'm a greedy little boy, so I want a piece of every pie that's out there, and I want as much of it as I can, honestly.
Um I you know, when I talk about ecosystems, I'm very kind of grand and let's all grow it in terms of like Jupyter.
I think we we want to play in basically everything that really matters.
Um, and that's where this kind of like product strategy of just use Jupyter becomes so important that anything you want to do on chain, you should use Jupyter for.
I think that the three major areas going forward, uh, you know, it kind of going from like established to kind of emerging, uh, trading remains absolutely critical, right?
Um blockchains are built for trading in some uh kind of basic sense.
And we did 1.16 trillion dollars last year, which is like 199% increase year over year.
Uh and we want to see those numbers continue to go up and to the right.
Uh yeah, it's it's very important.
And what were people what were people trading?
Like, what were the top pairs that people traded?
So USDC uh remains the top pair uh for basically for us and everyone else, I would say.
Uh, but you know, we did so we did like 890 billion uh something like that in spot, um, and then you know, another few hundred billion in perps.
Uh, and we did a bunch in Lend actually towards the end of the year through like flash loans and trading people swapping back in and out of things and uh doing multiply loops.
Uh so yeah, it was really across the board.
When it was meme coins, that's where a lot of the volumes were in the kind of quieter periods, it's much more of the majors like Solana itself, JLP is a is a majorly traded asset and so forth.
Uh but you know, right now we're pretty concentrated in spot.
I think we want more perps.
We want more prediction markets in particular.
That's kind of like the bet over on that side uh that I think we have a lot further to go.
Uh but you know, we just released in private beta a telegram trading about, you know, uh, because we still think that there's a lot of value in being available on every single surface for professional traders.
Uh we have prediction markets and we have a new social gamified experience that's more built for kind of you know, your brother, your cousin, etc.
Uh, and so we're going to continue to do way more stuff in trading.
It's just like a as a baseline.
What about on-chain stocks, man?
Oh, sorry, sorry, I thought you were done.
Go ahead, go ahead.
I'm gonna ask about the stocks.
No, you keep talking.
I want to hear what else you have to say.
Okay, we'll go back to the stocks.
I'll go through the rest for it pretty quickly.
The second major category is still on the uh what we call the yield side internally, right?
So this includes credit and anything else around it.
Um, so we are extremely excited about this order book approach to credit that's coming up that we can talk a little bit uh more about if you're interested.
Um, and then the third and like really critical area is on kind of bridging on-chain and off-chain finance.
Uh, this is where Jupyter Global and our card product uh comes in, where we know that that one of the major blockers to on-chain adoption is just getting in and getting out in a reliable way, uh, and allowing people to use it for something outside of just speculation.
And so that is like maybe the pie that I'm most uh excited about us going after now.
Uh, we're very late to that game, quite honestly.
There's a bunch of great companies that have done a lot of great work in front of us, but uh, we have a number of differentiated uh ideas, both on the product side and on the regulatory side that I think will help us grow faster.
So, you know, if you're we're we're really excited about staple coins, stable coin payments, we're excited about yield and trading is our bread and butter.
Okay, there's a lot to unpack there.
You mentioned everything that you guys do.
Do you find actually here's okay?
Here's a real question for you.
When when somebody do people give you feedback that they feel there's too many things to do on Jupyter?
This is actually a question I've had for all the super apps, right?
Because you guys are sort of sort of compete.
You're you're competing with like the Coinbase and the Robinhood and everybody is trying to do like all this different stuff.
You guys are good on chain option, competing with hyperliquid as well.
Um, but do you feel like there's too many things?
Do people ever tell you that?
People definitely tell us that they are surprised by how many things.
And every time I talk to someone and uh they'd be like, oh, yeah, you know, you should think about doing this.
I'm like, actually, we launched that a few weeks ago.
Uh so yeah, there is definitely feedback that it's a lot because it is.
Uh, and I think that internally this is a key focus, right?
So we're actually in the process of kind of coming up with our company objectives for the next few months and for you know, Q2 and all that.
Uh, and number one with a bullet on that list is increasing kind of cross product discovery.
It is the major problem.
So we have a complexity tax inherent to Jupyter, right?
Where every new product that we add makes it on the margin harder to understand and use the existing products, right?
Uh, because there's just so many options.
And it is incumbent upon us, and quite honestly, I don't think we've done a great job on this of tying the different products more tightly together so that it all feels like one kind of cohesive experience rather than a series of these kind of products, each with their own tab that you have to navigate to.
Uh, so yeah, we get that feedback, mostly people who are upset that they didn't know that you know portfolio is the greatest thing since sliced bread or whatever.
Uh, and we have a lot of work to do to get better on that.
But you know, we shipped this new homepage uh somewhat recently that improves discovery, and we have some other tricks up our sleeve that I think will help a lot.
What what you guys are doing right now about like 10 million dollars in in monthly revenue, give or take.
What what leads that?
Where is most of where are you guys making most of that money across all your products?
Right uh today, it's perps uh for sure.
So perps, uh we did a we did a 2025 recap uh and people should go check that out.
It's like yeah, let's just check it out.
Let's open it up.
Yeah, the perps was something like 55% of our revenue last year.
Uh, and then spot trading across the different flavors of it was you know something like 30, 35%.
Uh, you know, we'll see it on the chart in just a second.
Uh so trading's still by far the biggest thing uh for us in terms of actual uh revenue numbers that are coming through the door.
Uh but what I'm most excited about is how we can kind of increasingly diversify the business.
So, like a year ago, it was only perps and spot.
Now, you know, dupe soul makes the money.
We have this launchpad thing, quite studio, we have uh Jupiter Lend, obviously, the stable coin prediction markets and so on.
So by the end of next year, the goal is for that pie chart that I think is on the next slide to look much more even than it does right now.
Yeah.
Here you go.
Oh, I see.
Okay.
How do you how do you compete with hyperliquid?
Or do you, or is it just like there's plenty of pie for everybody?
We definitely want to do more uh with hype uh like uh in the hyperliquid domain.
Full credit to those guys, absolute killers.
I think that like everyone in crypto is like a little jealous of like how well they execute and how uh how tight they are.
Uh we are all but very excited about what we're gonna bring to the table.
So we have JukeNet coming up in the very near future.
I don't think I'm allowed to say the exact date yet uh but it's coming up very soon uh and jupe net is an omnichain liquidity hub that is purpose built for order book trading of spot and perps uh incredibly low latency a bunch of different features that make it better for like sophisticated traders and you know things like uh you know maker cancellation priority and stuff like that uh are all built in and so we think as a trading experience that's going to be incredibly powerful uh and we have uh we we hope to bring like a product that is uh not just as good but actually better uh to market and see if we can get some people to use it.
The transparency of traditional blockchains forces a difficult choice utility or privacy you shouldn't have to choose midnight empowers innovators to break free from this limitation to a place where privacy isn't just a feature but foundational go to milk bro.com slash midnight to learn more okay okay that makes sense yeah just go back to the perps thing is that you guys you grew your perpse revenue from 2024 to 2025 which I think is really impressive given that that is that overlaps with hyperliquid's launch.
Right.
I guess I guess hyperliquid was around before, but I feel like their revenues and volume has gone up since the token has been out.
Yeah, because they also have like a pending potential more token release airdrop, although who knows, I don't know what's going on with that.
But I'm just saying that I think that that in the age of hyperliquid, you guys are growing.
And they they I think perps like they seem like such a giant, but clearly you guys are doing, you guys are doing really well there too.
Yeah.
A destination for people.
I think my fees generated, actually, yeah, we remain among the top uh Purpose platforms in all of crypto.
Um and then part of that is like because of like the way that our model works.
But honestly, it's like the value prop is you get guaranteed liquidity at size.
Uh the liquidity is always there because we use this AMN-based model.
You know, so you can do a 20 million dollar trade of Bitcoin and guarantee that that money's gonna be there when whenever you want to close, uh, which is not the case for you know a lot of the other protocols that are out there.
Uh Cash, what was the you guys had a big proposal passed recently.
What was that about?
We did, yeah.
We were uh had some fun at Dow politics.
Basically, we looked at the markets and we said, like, hey, we know that uh things might be a little bit rough for a little while.
And moreover, we were struggling with the same kind of problem that I think any mature token struggles with, right?
All tokens last year are Dow, whatever it becomes somewhere between 60 and 95%.
And so we were trying to think like, hey, what can we do to show to send a real signal to the market that we want to take a differentiated approach that we're deeply invested in the future of the growth JIP token?
We don't have the same like equity token uh issue that some others do, right?
Like I don't get any equity, all I get is tokens, that's all anyone on the team gets.
Everything is just kind of circling over there.
But we wanted to make sure uh that everyone else knew about it as well.
Uh and so we put up a proposal to the community called net zero emissions.
And the idea was hey, we could do status quo, which is we do the Jupyry airdrop.
Uh, we have team members continue to vest.
We have these other group called the Mercurial stakeholders continue to vest, uh, and things go status quo as normal.
Or we can go after this brave new world and get to a point of net zero uh emissions for the foreseeable future.
Something which no mature token has, right?
Because all of them have VCs and these other kind of stakeholders that are forcing them uh to kind of emit over time.
We don't have that problem.
We don't have VCs.
And so that allows us to try something kind of new.
We put that up to the community, and I will say I was very impressed by how uh kind of balanced the debate was.
Obviously, there were a lot of airdrop people kind of screaming racist slurs in my DMs.
Uh that's not great, but the actual community uh, you know, have like a real discussion where like these are two good options, right?
Either one of these could be good.
And that's why we wanted to make it a vote was uh, you know, we didn't want to just do some rubber stamp nonsense.
We wanted to put it out there where we thought that both options were credible and strong.
In the end, something like 75% of token holders or 75% of tokens voted in favor of net zero emissions.
Uh, I don't think this is well known by the broader market yet.
So shout out to anyone here who's kind of like picking up the alpha, but we are uh again, one of the very few tokens that does not have any kind of net new emissions coming to market for the foreseeable future as a result of this proposal.
Are you guys doing buybacks?
Is there a buyback part of that?
We are.
We are indeed.
So we do 50% of our revenues, our on chain revenues go to buybacks right now.
We've bought 220-ish million.
Yeah.
Something like that.
Yeah.
Depends on what we're doing.
So net zero.
So net zero emissions, net zero emissions for the is that forever.
Is that for the foreseeable future, or is that what's the timeline?
Foreseeable future is what we're saying.
One of the things that one of the mistakes that we've made in the past, I will say, yeah, uh, is that we sometimes like pre-conf pre-commit to things.
So even this Jupiter airdrop, uh, you know, it was initially announced two and a half years ago or three years ago or something like that.
It was very exciting, man.
It was very exciting.
Like, every January we're hitting with airdrops.
You know, it was like, well, yeah, people.
But it turns out, you know, times change.
Uh, and like the strategy that looks good, especially in crypto, like two or three years ago is not necessarily the strategy that makes sense on a go forward basis.
Um, and we saw this even like actually there was a great stat uh that it was passed this Jupiter for 2026 was approved by the Dow back in late 2024, I believe.
Um, and so uh we kind of tracked some of the loss that voted in that last vote to do Jupiter on this new vote to basically postpone Jupiter indefinitely.
Um a supermajority of those people actually voted against Jupyry happening this time.
They voted for net zero emissions.
And so, yeah, you just see like people's minds change over time and like light of new market conditions.
And this is the beautiful thing about tokens is they do align your economic interests, right?
Like that we all want the same thing, which is for that number to go up uh in the long run.
Uh and yeah, this time the Dow kind of did their thing, made it happen.
Well, I think people want clarity as well on like what is going to happen to the tokens, right?
So I think you guys committing, you know, with uh uh something like Jupyry always looming, I think it was really hard for people to to see any clarity with the token and and being unsure what the amounts would be and not knowing how many airdrop farmers are gonna soak up a lot of the supply and then dump it immediately, right?
Like I think people don't realize in the last like six months to a year, like airdrops have become pretty shit.
Like it's just been like a dump fest on airdrops, right?
Like hyperliquid is like the last amazing one, where it's like, man, you hold that, it's like a 40x.
And then everything since then is like you hold it and you're gonna be down 90% really quick.
So I think it's like I think it's really smart for you guys to not continue at the airdrops.
Like you've got the community and the holders that you want already, and you know, you don't need to go and reward people that are using it just for that, right?
Like clearly you got enough people using it for what they want it, and you don't need to to reward the the farmers with with with more.
They've gotten plenty.
You guys have done like three Jupyers, like you don't need more.
You guys gotta you guys got tons, okay.
We've given away, I think it's like uh at the time of release, it's like more than a billion dollars in value already.
Yeah, come on, guys.
I think or something like that.
So you know, we've uh we've given away quite a bit.
Uh two people who have been like very helpful and critical.
So like nothing against people that are like using it for airdrops.
I think that's that that that's how crypto goes.
But ultimately, the important thing is to not optimize for anyone's like kind of short-term economic benefit, but rather the long term success of the project.
Yeah, that makes a lot of sense.
Cash, if people want to see this report, um, your 2025 report, where can they where can they find that?
The best place is just to go on Twitter to the Jupyter uh page.
We are building a new website to house this report and others.
That'll be out very soon.
But you can find the report right now.
It's you got a g slash uh update slash I think Q4 or 2025 recap, I believe.
But you can just find it on Twitter.
That's the easiest place at Jupyter Exchange.
Go find it on there.
Got it.
Got it.
All right.
Cash Danda, thank you, man.
Thank you for coming on the show.
Safe travels from here, sir.
Uh, and thank you for giving us a great update and and many reasons to be bullish on Solana and Jupyter uh going forward into hopefully uh greener candles towards the end of the year.
Or before maybe before.
We don't know.
Want insights on what's moving crypto markets and how we're trading each event?
Subscribe to our channel, join the Milgro Daily and Pro Newsletters, and start investing like the top one percent.
This show is for educational purposes only.
Nothing we say is financial advice.
Investing is risky.
Never invest more than you can afford to lose.