DEX Aggregator · JUP · $1.6B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy A, Growth BB. Solana super-app ambition; strong fees; JUP unlocks ongoing.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $2.5B | $1.6B |
| 12-month TVL change | -40% | -30% |
| Worst 90-day drawdown | 45% | 25% |
| Drawdown scored | 45% (90-day only, v1.0) | 30% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 64.8 | A · 71 |
| Growth | BB · 59.8 | BB · 59.8 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at A (71 / 100), previously BBB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 25% and 12-month TVL change is -30%. TVL stability is scored on the 12-month decline of 30%, because it is worse than the latest 90 days. Sustainability ratio (4x), unlock pressure (8%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (73 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (59.8 / 100), unchanged from the July 27, 2026 screen. TVL is $1.6B, -30% over twelve months (it was -40% at the previous screen). Category share (60%) and momentum (6 / 10) are carried over from July 27, 2026.
The credit grade is Solvency A. Legitimacy is A and the Growth outlook is BB; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Jupiter survive stress and pay its users back. Legitimacy (A) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
Jupiter is Solana's liquidity front door — the aggregator through which the majority of the chain's swap flow routes — and it is spending that position aggressively to become a super-app: perps, launchpad, mobile, and portfolio products all shipped within the snapshot window.
Solvency screens at BBB. Fee generation is genuinely strong (~4x sustainability) because aggregation and perps monetize volume regardless of TVL, but the 45% drawdown and ongoing ~8% JUP unlocks weigh on the screen. Risk posture is reasonable; the aggregator surface is inherently wide, touching every venue it routes through.
Legitimacy screens at A on the strength of team and delivery — the shipping cadence is among the best in DeFi, and community communication is unusually direct. Audit depth (7/10) trails the expanding product surface, and governance, despite active JUP voting, still concentrates practical control with the core team.
Growth screens at BB: commanding 60% category share and fair momentum against a 40% twelve-month TVL decline that tracks Solana's cycle. The super-app strategy is an attempt to buy uncorrelated growth; the screen scores its progress, not its ambition.
Composite BB. Strong operator, honest chain-beta, live dilution. The full-rating question is whether fee diversity across the product suite can outgrow the unlock schedule.
