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Buy JLP. Check out Jupiter. Ticks all your boxes.
JLP is the Jupiter Liquidity Pool. It’s not an useless token, but it generates 70% of all fees in the Jupiter perpetual page, which is the biggest in Solana. The funds are deposited in a mix of SOL, ETH, BTC and USDC, and it grows with the fees generated. I understand the skepticism but it’s actually among the most legit stuff you can find (Jupiter is the biggest DApp in Solana) and it’s a 330M USD fund.
I would add that I would put 20% in JLP. It’s funding leveraged trading and it’s generating crazy fees (150% APY) Even during this market crash, the value of JLP has been stable like a rock because liquidations generate extra revenue. I’m putting my profits in JLP for that reason. This isn’t your typical useless coins, it’s actually generating profits from those degenerate traders.
I'll tell you the answer you're looking for - JLP. DYOR
As an everyday user, of probably 50 different protocol/apps/ etc., swapping is probably the most frustrating, when you have to execute but you've gotta keep refreshing...but, Have you ever used uniswap on eth? Great OG in the game right? Try using Jupiter on Solana and tell me honestly you'd prefer uniswap...NOT GONNA HAPPEN! JUP is a beast, with their swap, DCA, perps, JLP, and LFG launchpad...having said that, failing transactions isn't an everyday occurrence for me, and has never been enough to detour me from the chain. It's too quick, to inexpensive/txn, and I've made way too much money... Also, the tech on Solana is second to none. They've got some of the most unique projects in the industry. I came from Eth about a year and a half ago, and never left... They are top of the podium in AI/DePin/graphics rendering/etc., with projects like Render($rndr), IO.net, and up and comers like the Dither seerbot ($DITH)(predictive time series-large language model)and too many other projects to list... The NFT game is much more nimble, and way more innovative than ETH imo... You've got a few major platforms to choose from, tensor being my favorite(trading strategies, UI is similar to Webull for stocks) Then you've got spin offs like Drip.Haus, which take ART through nfts to a whole new level...(gotta check out the artist Degen Poet...this guy makes legendary typewriter art!) All of these things happen in real time, by the second, and don't cost you an arm and a leg to take part. Try it...
Dipping my toes into Solana DeFi. Any suggested protocols to explore? Planning to park my funds into JLP while I study further.
Me too! Everyday I login to my phantom and make my transfer through RH connect for USDC Solana. On the Solana blockchain I diversify by lending on dapps like marginfi, staking on marinade, and investing in liquidity pools like JLP with Jupiter.
Everybody is telling you risky assets. JLP. Basically a share in a liquidity pool where 55% is USD and the rest is ethereum bitcoin and Solana. It gets fees from traders using leverage. So it gets +100% APY. around 7-8% per month. Look at the graph, very low volatility. It’s in Jupiter, that is the most used DApp in Solana. Super high quality project. No shenanigans. It has a cap limit of funds. Right now 190M, and it has increased a lot, so there is very small premium to buy tokens, but the premium is going to get bigger, because having the funds in JLP is a great business.
The meme chasing is crazy! What it comes down to is people giving tokens to influencers to shill their project and farming exit liquidity. Anything trending will immediately have them launch tokens to leach the hype. Than dozens of copycats will launch if anything gains momentum to again to leach hype. Most of the memes are done by the same groups of people, they launch dozens of tokens at once to see what gains momentum and ditch the rest. It's an absolute joke, esp since all the 100x or whatever are all do the immense amount of snipe bots pumping up micro starting liquidities. Since the bonk hype on sol people are producing about ~3,500 new tokens a day on sol. What's the success rate of becoming a big name? 0.00000001% As far as Jupiter, they are one of sols top dexes with lots of features. They just released a new launchpad and recently tested it (trying to throttle bots and create a truly fair distribution model for airdrops, if you check the visualization data the decentralization of the WEN airdrop looks beautiful) with dropping WEN equally to a million wallets that traded at least $5 through the dex in the last 6 months. ~$40-$80 or whatever depending when you sold. This launchpad test is in anticipation of the JUP launch. Their dex has dca options and a perpetuals beta platform with a JLP token (revenue sharing and losses sharing) that collaterizes the perps trading capped at $70million with people fighting to get in and become counter-parties. It may get wrapped up in the meme category buts it's no fly by night operation with Jupiter. As far as I can tell they are the most legit thing on solana, but only time will tell as it is crypto. * I do not hold any WEN (claimed airdrop and sold all) or JLP, I frequently short solana. I just give credit where it's due, not shilling anything here. Just dropping basic info and people can research from there.
Unlikely, but still wanted to list the risk because it does exist by design. I'm extracting more than the fees so I'm actually not beneficial to JLP since profits are taken from revenue as explained in the DOCs. The currency in/out is also by design. If you long you're paid in sol (or whatever your longing) and usdc for shorting. Obvious a long would want sol and a short obviously wants something else. If you're just playing for gains, instead of swapping you can change your form of payment to open the position.
Unlikely people dump JLP as the pool fills when they increase the AUM cap. Appreciate you using Jup though as a JLP holder 😂 Only thing that sucks about Jupiter is your currency in and currency out are usually different. So you're gonna have to pay an additional swap fee to go back to whatever you originally had, or risk being exposed to price movement you didn't want.