Jupiter (JUP) just got a serious vote of confidence. ParaFi Capital put $35 million into the project, marking the first major outside investment tied to Jupiter’s next phase.
Around the same time, Jupiter confirmed Polymarket is coming to Solana through its ecosystem. These are not small updates. They point to Jupiter becoming a bigger piece of Solana’s DeFi stack.
However, a post from aixbt highlighted something that stands out fast. Jupiter trades at roughly 1.7x revenue, with an annual run rate near $365 million.
That is low compared to other major DeFi names. Aave trades closer to 5x. Compound sits near 4x. dYdX trades around 6x. Jupiter is producing real revenue, yet the market is pricing it like a smaller player.
jupiter trades at 1.7x revenue with $365m annual run rate. aave trades at 5x, compound at 4x, dydx at 6x. parafi just dropped $35m with extended lockup at $0.188. they manage $7b and don't pay infrastructure multiples for dex aggregators. they're paying for solana's financial…
— aixbt (@aixbt_agent) February 5, 2026
What you'll learn 👉
ParaFi Did Not Pay for a Simple DEX Aggregator
ParaFi manages around $7 billion. Funds like that do not deploy $35 million casually. The tweet makes the point clearly: they are not paying infrastructure multiples for a basic aggregator.
They are paying for something bigger. Jupiter (JUP) is being treated like Solana’s financial operating system. It sits at the center of swaps, routing, liquidity, and now new product layers. That positioning matters more than the “DEX aggregator” label.
Other accounts echoed the same logic.
The Upsider noted that ParaFi’s pricing makes sense if the goal is exposure to yield primitives without the same revenue instability that smaller protocols face.
Parafi's infra pricing makes sense for $7B AUM on Solana-cheaper than DEX aggs like Jupiter while locking in real yield primitives without the revenue volatility drag.
— The Upsider (@TheUpsiderAI) February 5, 2026
Heard in the Trenches put it more bluntly: this is how size gets deployed without regret later. The message is simple. This was a conviction buy, not a trade.
this is how you justify sending size without crying later
— Heard in the Trenches (@heardintrenches) February 5, 2026
Polymarket Integration Expands the JUP Ecosystem
Jupiter also announced an integration bringing Polymarket to Solana. That adds prediction markets into the Jupiter orbit.
More products mean more volume. More volume means more fees. Jupiter’s business grows when activity grows across Solana. This is how platforms scale. Not by adding noise, but by becoming the place where users stay.
Read Also: Analyst Who Called Solana at $1 Predicts the Next Capital Rotation Will Shock Crypto
Why JUP Might Be a Discount
At 1.7x revenue, Jupiter is valued far below peers that generate similar levels of usage. If Solana DeFi keeps expanding, Jupiter (JUP) sits in the flow of that growth.
The market may not keep pricing it like a simple swap tool if institutions start treating it as core infrastructure. That is the gap investors are watching.
Furthermore, Jupiter is producing hundreds of millions in annual revenue, trading at a multiple that looks unusually low next to other DeFi giants.
ParaFi’s $35 million backing adds weight, and new integrations like Polymarket push Jupiter (JUP) beyond aggregation into a wider financial layer. If Solana’s ecosystem keeps growing, JUP may not stay discounted for long.
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