JUP price rallies as Jupiter Lend public beta launches with $2M rewards

• Jupiter releases Lend in public beta with $2M in incentives and over 40 vaults.
• The addition introduces higher borrowing limits and simplified earnings with reduced liquidity risks.
• Native JUP has turned bullish following the announcement.

While most cryptocurrencies traded with unclear trajectories on Wednesday, Jupiter Exchange’s native token led the upside with a 6.99% uptick on its daily chart.

The altcoin turned green after the DeFi ecosystem confirmed the Jupiter Lend public beta launch.

Termed as “the most advanced money market on Solana,” the new functionality comes after weeks of development with Ethereum-based developer 0xFluid.

The beta launched with more than 40 vaults and over $2 million in incentives.

After weeks of testing, audits, and feedback, we’re launching with 40+ vaults and $2M+ in incentives from Jup, Fluid, and partners.

Jupiter Lend aims to transform how users borrow, lend, and maximize returns in the cryptocurrency world.

Simplified participation will likely enrich Jupiter’s DeFi landscape.

The exchange’s native token extended its daily recoveries after the announcement.

It has gained 6.99% on its 24-hour timeframe to press time’s $0.4980.

Built with proven expertise

The partnership has marked the first time two renowned DeFi teams from diverse ecosystems have converged to launch a blockchain protocol.

While Jupiter brought its Solana-native know-how, 0xFluid leverages its 7-year experience in building Ethereum-based money markets to provide an advanced liquidation and lending infrastructure.

Besides user benefits, the launch has attracted attention as it marked the first time two teams from different ecosystems have teamed up to launch a protocol that promises fairness for borrowers and simplicity for lenders.

Jupiter’s team highlighted:

For the first time, two top-tier DeFi teams from two different ecosystems are joining forces. Lend was built together with 0xFluid – a team that has spent 7 years perfecting money markets on Ethereum. We’ve worked together for months to build a Solana protocol that is simpler for lenders and better for borrowers.

Meanwhile, the platform opened Jupiter Lend to the public after months of collaborative development.

Multiple users participated in stress testing, whereas Offside Labs and Zeninth256 performed audits.

JUP’s new utility as a collateral asset

The new feature has enriched JUP’s use cases. The platform confirmed that users can deposit the native token as collateral.

That means individuals can borrow stablecoins like USDC against their JUP holdings while bolstering the ecosystem’s growth.

Such a move reflects the exchange’s emphasis on boosting the community token’s utility as the central asset for the blockchain.

JUP price outlook

The native coin soared nearly 7% over the past 24 hours to $0.4980.

JUP remains poised to extend its rally in the short term as upside sentiments surface.

Buyers are targeting price levels above $0.54.

However, improved trading volumes remain paramount to support sustained rallies.

Also, decisive momentum shifts in the broader market are crucial for JUP’s trajectory in the upcoming sessions.