> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

# Transparency

> Jupiter revenue model, value accrual, market maker arrangements, and key resources.

## Revenue

Jupiter generates revenue from fees across its product suite, including perpetuals, spot swaps, limit orders, DCA, and onchain/offchain liquidity aggregation.

Revenue is split as follows:

* **50% of onchain revenue** is sent to the Litterbox Trust, a non-profit entity with the mandate to accumulate JUP through programmatic onchain purchases.
* **The remaining 50% of onchain revenue**, along with offchain revenue, forms the operational budget of the team. Excess funds go into treasury reserves. This budget is distributed across Foundation and Labs entities.

No profit (revenue net of costs) flows to founders or insiders.

## Litterbox Trust

The Litterbox Trust has been active since February 2025. It receives 50% of all onchain Jupiter revenue and uses it to buy JUP on the open market through automated, programmatic onchain transactions.

The trust functions as a long-term strategic reserve. To date, it has burned approximately 134 million JUP.

<Tip>
  Track the Litterbox Trust wallet on Solscan:
  [`6tZT9AUcQn4iHMH79YZEXSy55kDLQ4VbA3PMtfLVNsFX`](https://solscan.io/account/6tZT9AUcQn4iHMH79YZEXSy55kDLQ4VbA3PMtfLVNsFX)
</Tip>

For more context on the Litterbox Trust's role, see [Meow's overview](https://meow.bio/jup-4.html).

## Value accrual

There is no equity entity within Jupiter's structure. All value generated by Jupiter products accrues to the JUP token and the protocol. There are no present or future plans to return cash flow to equity holders through dividends or share repurchases.

JUP holders do not receive a direct percentage of protocol fees. They benefit indirectly through the Litterbox Trust's programmatic JUP purchases, funded by 50% of onchain revenue, and through ASR rewards distributed quarterly to stakers based on time-weighted stake.

Additional utility for JUP stakers is being explored across the Jupiter product suite. No specific features have been confirmed at this time.

## Related party transactions

Jupiter commits to publicly disclosing all related party transactions within 30 days.

## Market makers and exchange listings

Jupiter has never conducted an OTC sale and has not made any discounted sales to market makers. The team has worked with three market makers:

| Market maker | Tokens | % of supply (at launch) | % of supply (post-burn) | Call options | Term    |
| ------------ | ------ | ----------------------- | ----------------------- | ------------ | ------- |
| Kbit         | 6M     | 0.06%                   | 0.086%                  | 2M tokens    | 2 years |
| Wintermute   | 15M    | 0.15%                   | 0.214%                  | 5M tokens    | 2 years |
| DWF          | 20M    | 0.20%                   | 0.286%                  | 20M tokens   | 2 years |

Jupiter has never directly allocated tokens to centralized exchanges for market making. 10 million tokens were provided to DWF to facilitate listing arrangements independently. Jupiter is not party to any listing agreements.

## Key resources

<Accordion title="View all JUP resources">
  | Resource                           | Link                                                                                                                                   |
  | ---------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- |
  | JUP: The Genesis Post              | [jupresear.ch](https://www.jupresear.ch/t/jup-the-genesis-post/478)                                                                    |
  | JUP: Minting and Accountability    | [jupresear.ch](https://www.jupresear.ch/t/jup-minting-and-accountability/464)                                                          |
  | JUP Community Audit: July 2024     | [jupresear.ch](https://www.jupresear.ch/t/jup-community-audit-jul-2024/20810)                                                          |
  | JUP Community Audit: February 2025 | [jupresear.ch](https://www.jupresear.ch/t/jup-community-audit-feb-2025/34764)                                                          |
  | Supply Reduction Proposal          | [jupresear.ch](https://www.jupresear.ch/t/proposal-enhance-certainty-for-jup-holders-and-community-via-a-token-supply-reduction/20919) |
  | JUP Unlock Schedule                | [CoinMarketCap](https://coinmarketcap.com/currencies/jupiter-ag/#token_unlocks)                                                        |
  | JUP Token Holder Update (Q2 2025)  | [jup.ag](http://jup.ag/update/q2-2025)                                                                                                 |
  | JUP Token Holder Update (Q3 2025)  | [jup.ag](http://jup.ag/update/q3-2025)                                                                                                 |
  | Case Study: JUP Launch             | [Meteora blog](https://meteoraag.medium.com/dlmm-case-study-the-jup-launch-cf1d34d366a9)                                               |
  | Jupiter Dashboard                  | [Blockworks](https://blockworks.com/analytics/jupiter)                                                                                 |
</Accordion>