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What is JUICED

JUICED is the JL Token you receive when depositing JupUSD into Jupiter Lend’s Earn product. Like other JL Tokens (JL-USDC, JL-SOL), it represents your share of the pool and accrues yield over time. What makes JUICED different from other JL Tokens is that it earns from two yield sources instead of one: borrowing interest from Jupiter Lend (like all JL Tokens), plus T-bill yield from the reserves backing JupUSD. JUICED is an SPL token that lives in your wallet. You can hold it, transfer it, swap it, or use it as collateral to borrow on Jupiter Lend. Mint address: 7GxATsNMnaC88vdwd2t3mwrFuQwwGvmYPrUQ4D6FotXk

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How to get JUICED

Buy JUICED directly on Jupiter Swap or via the Jupiter Terminal. The aggregator routes through the deposit automatically, so you get JUICED in a single transaction without manually depositing into Earn.

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How it works

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Vault share model

JUICED works like other JL Tokens: it follows a vault share model. The JUICED/JupUSD exchange rate increases over time as yield accrues. When you withdraw, you receive more JupUSD than you deposited, proportional to the yield earned during the period. There is no lock-up and no withdrawal delay. You can convert JUICED back to JupUSD or swap it at any time.

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Two yield sources

Unlike standard JL Tokens that only earn borrowing interest, JUICED accrues yield from two sources. Both are reflected directly in the token price. Borrowing interest When users borrow JupUSD on Jupiter Lend, they pay interest. This interest is distributed to JUICED holders, just like any other Earn pool. The rate is variable and depends on the JupUSD pool’s utilization rate. T-bill yield The reserves backing minted JupUSD (primarily Ethena’s USDtb, backed by BlackRock’s BUIDL fund) generate T-bill yield. This yield flows to the JUICED vault through Jupiter’s rewards distributor. T-bill yield is generated by the reserves backing the total minted JupUSD supply, not the total JUICED supply. If the JUICED supply exceeds the minted JupUSD supply, the T-bill yield per unit is diluted. For a detailed explanation of this mechanic, see Yield dilution in the JupUSD documentation.
There are no additional fees on JUICED yield beyond the standard 10% reserve factor applied to borrowing interest across all Earn pools.

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Using JUICED as collateral

JUICED is accepted as collateral on Jupiter Lend. This means you can earn yield on your JupUSD position while simultaneously borrowing against it.

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Supported borrow assets

You can borrow the following assets against JUICED:
  • USDC
  • USDT
  • USDG

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Parameters

ParameterValue
Loan-to-value (LTV)[TBC]
Liquidation threshold[TBC]
Liquidation penalty[TBC]
Max borrow cap[TBC]
These parameters are managed by the protocol and can be updated. Check the Protocol Details page for current values.

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How it works

When you supply JUICED as collateral and open a borrow position:
  1. Your JUICED tokens continue to accrue yield (both borrowing interest and T-bill yield) while locked as collateral.
  2. You receive the borrowed asset (e.g., USDC) in your wallet.
  3. Your position is monitored against the liquidation threshold. If the value of your JUICED collateral drops relative to your debt, the position may be partially or fully liquidated.
For details on how liquidations are processed, see Liquidation mechanism.
Borrowing against JUICED creates a leveraged position. While JUICED is designed to appreciate over time, its value depends on yield accrual and the underlying JupUSD peg. Understand the liquidation parameters before borrowing.

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Risks

All standard Earn risks apply to JUICED (smart contract risk, oracle risk, market and liquidity risk). See the Earn risks section for details. JUICED introduces additional considerations: JupUSD dependency JUICED is backed by JupUSD. Any event affecting JupUSD (reserve composition changes, peg instability, custodian issues) also affects JUICED. See the JupUSD risk section for details. Variable T-bill yield The T-bill yield component depends on Ethena’s distribution of income from the reserves backing JupUSD. This yield is not guaranteed and could be reduced or interrupted due to changes in reserve composition, macroeconomic conditions, or Ethena’s operations. T-bill yield dilution If the total JUICED supply exceeds the total minted JupUSD supply, the T-bill yield per unit decreases. This dilution does not affect the borrowing interest component. Liquidation risk (collateral use only) If you borrow against JUICED, your position is subject to liquidation. While JUICED is expected to appreciate from yield accrual, sharp changes in oracle pricing or market conditions could trigger liquidation. This risk only applies if you are actively borrowing against your JUICED position.