JUICED

A yield-bearing token backed by JupUSD. Earns T-bill yield and borrowing interest from Jupiter Lend.

What is JUICED?

JUICED is a yield-bearing SPL token that represents a deposit of JupUSD in Jupiter Lend. Holding JUICED gives you exposure to two yield sources without any active management.

JUICED follows a vault share model: rather than distributing yield separately, the JUICED/JupUSD exchange rate increases over time as yield accrues. When you withdraw, you receive more JupUSD than you deposited.

JUICED lives in your wallet like any other token. You can hold it, transfer it, or use it as collateral on Jupiter Lend to borrow USDC, USDT, or USDG.

Mint address: 7GxATsNMnaC88vdwd2t3mwrFuQwwGvmYPrUQ4D6FotXk

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How to get JUICED

There are two ways to acquire JUICED:

Swap

Buy JUICED directly on Jupiter Swap or via the Jupiter Terminal. The aggregator handles the underlying JupUSD deposit into Jupiter Lend automatically.

This is the simplest path. You swap any supported token for JUICED in a single transaction.

Deposit

Deposit JupUSD into Jupiter Lend → Earn to receive JUICED tokens.

1. Get JupUSD

   Acquire JupUSD through Jupiter Swap or any supported Solana platform.

2. Go to Jupiter Lend

   Navigate to the Earn section of Jupiter Lend.

3. Deposit JupUSD

   Select JupUSD and enter the amount you want to deposit. You will receive JUICED tokens in your wallet.

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How JUICED works

No lock-up period. No withdrawal delay. No fees on yield. You can exit at any time.

JUICED follows a vault share model. When you deposit JupUSD, you receive JUICED tokens at the current exchange rate. As yield accrues, the exchange rate between JUICED and JupUSD increases over time.

This means:

• You don’t need to claim yield separately. It is reflected in the JUICED token price.
• When you convert JUICED back to JupUSD (by withdrawing or swapping), you receive more JupUSD than you originally deposited, proportional to the yield earned.

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Yield sources

JUICED earns yield from two independent sources. Both are accrued directly into the JUICED token price.

T-bill yield

The reserves backing minted JupUSD (target composition: 90% Ethena’s USDtb, 10% USDC) generate T-bill yield (interest from U.S. Treasury-backed reserves). USDtb is backed by BlackRock’s BUIDL fund. This yield flows to the JUICED vault through Ethena, via Jupiter’s rewards distributor.

Important: T-bill yield is generated by the reserves backing the total minted JupUSD supply, not the total JUICED supply. If the amount of JupUSD deposited into JUICED exceeds the total minted JupUSD supply, the T-bill yield per unit of JUICED is diluted. See Yield dilution below.

Currently, a static 3% T-bill yield is distributed up to 100M JUICED supply. Beyond that threshold, the T-bill yield per unit will decrease as supply grows.

Borrowing yield

When users borrow JupUSD on Jupiter Lend, they pay interest. This interest is distributed to JUICED holders as additional yield.

Borrowing yield is variable. It depends on the utilisation rate of JupUSD on Jupiter Lend: higher utilisation means more borrowing demand, which means higher interest rates flowing to JUICED holders.

Yield rates are variable and not guaranteed. Both T-bill yield and borrowing yield can fluctuate based on market conditions, reserve composition, and lending activity. Past or current rates are not indicative of future performance.

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Yield dilution

The T-bill yield component deserves specific attention because its per-unit distribution depends on the relationship between two numbers:

• Minted JupUSD supply: the total JupUSD that has been minted against reserves. This is what generates T-bill yield.
• JUICED supply: the total JupUSD deposited into the JUICED vault. This is what the yield is distributed across.

If JUICED supply is less than or equal to minted JupUSD supply, the full T-bill yield rate applies. If JUICED supply exceeds minted supply (because JupUSD circulates on secondary markets before being deposited), the T-bill yield per JUICED token is diluted proportionally.

Example: if 100M JupUSD is minted (generating T-bill yield on 100M) but 120M JupUSD is deposited into JUICED, the T-bill yield generated on 100M is split across 120M holders. Each unit receives ~83% of the full rate.

Borrowing yield is not affected by this dynamic. It comes from lending activity on Jupiter Lend and is additive to the T-bill yield.

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Using JUICED as collateral

JUICED can be used as collateral on Jupiter Lend. This means you can:

• Hold JUICED to earn yield
• Simultaneously borrow USDC, USDT, or USDG against your JUICED position

This allows you to remain exposed to JUICED yield while accessing liquidity through borrowing.

Borrowing against JUICED creates a leveraged position. If the value of your collateral drops relative to your debt, your position may be liquidated. Understand the liquidation parameters on Jupiter Lend before borrowing.

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Risks

All JupUSD risks apply to JUICED, since JUICED is backed by JupUSD. In addition, JUICED carries the following specific risks:

Jupiter Lend smart contract risk

JUICED depends on the Jupiter Lend protocol. A vulnerability in the lending contracts could affect deposits, withdrawals, or yield distribution, independently of the JupUSD program itself.

Variable yield

Neither the T-bill yield nor the borrowing yield is fixed. T-bill rates depend on macroeconomic conditions and the reserve composition. Borrowing yield depends on JupUSD utilisation on Jupiter Lend. Both can decrease, and total yield could be lower than current or historical rates.

T-bill yield dilution

As described above, the T-bill yield per JUICED token decreases if more JupUSD is deposited into JUICED than has been minted against reserves. This dilution effect grows as JUICED supply increases beyond the minted JupUSD supply.

T-bill yield continuity

The T-bill yield depends on Ethena’s distribution of reserve income. Changes in Ethena’s operations, the regulatory environment, or the reserve composition could affect or interrupt this yield source.

Liquidation risk (if used as collateral)

If you borrow against JUICED on Jupiter Lend, your position is subject to liquidation if the collateral value falls below the required threshold. This is an additional risk on top of holding JUICED.