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Overview

JUICED is a yield-bearing SPL token issued by Jupiter Lend. It represents a deposit of JupUSD (a reserve-backed stablecoin pegged to $1) into the Jupiter Lend Earn protocol. JUICED follows a vault share model: the JUICED/JupUSD exchange rate increases monotonically as yield accrues. The rate never decreases. Yield comes from two sources, both accrued into the token price:
  • Borrowing interest from JupUSD utilisation on Jupiter Lend.
  • T-bill yield from the reserves backing minted JupUSD (primarily Ethena’s USDtb, backed by BlackRock’s BUIDL), distributed through Jupiter’s rewards distributor.
JUICED can be held, transferred, and used as collateral. This guide covers everything a protocol needs to integrate JUICED as a collateral asset.

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Token details

FieldValue
NameJUICED
TickerJUICED
Mint address7GxATsNMnaC88vdwd2t3mwrFuQwwGvmYPrUQ4D6FotXk
StandardSPL Token
Decimals9
Underlying assetJupUSD (JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD)

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Pricing

JUICED is contract-priced. Its value is derived from the onchain exchange rate against JupUSD: 
JUICED price = exchange_rate × JupUSD price ($1)
JupUSD is pegged to $1 on the borrow side of Jupiter Lend, like other stablecoins.

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Reading the exchange rate onchain

The Jupiter Lend program (Fluid) exposes two functions to read the current JUICED/JupUSD exchange rate: get_underlying_balance returns the underlying JupUSD balance for 1 share (1e9 lamports). This is the effective price of one JUICED token in JupUSD terms. get_exchange_price returns the exchange price of 1 share directly.

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Rate update frequency

The exchange rate is updated on every interaction with the protocol (deposit, withdraw, borrow, repay). A weekly cron job ensures the rate is updated even if no interactions occur for an extended period.

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Rate behaviour

The exchange rate is monotonically increasing. It does not decrease under normal protocol operation. This makes JUICED suitable as collateral with predictable value appreciation.
An additional Jupiter Lend oracle is available for pricing via CPI. Contact the Jupiter team for integration details.

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Deposit and withdraw

Protocols can deposit JupUSD to receive JUICED, or withdraw JupUSD by redeeming JUICED. Two integration paths are available: the Lend API (HTTP) and the Lend SDK (TypeScript).
The Lend API is the simplest integration path. It returns a signed transaction that you submit to the network.
An API key is required. See API Key Setup for details.
Deposit JupUSD to receive JUICED
const response = await fetch("https://api.jup.ag/lend/v1/earn/deposit", {
  method: "POST",
  headers: {
    "Content-Type": "application/json",
    "x-api-key": "your-api-key",
  },
  body: JSON.stringify({
    asset: "JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD", // JupUSD mint
    amount: "1000000000", // Amount in lamports (1 JupUSD = 1e9)
    signer: wallet.publicKey.toString(),
  }),
});
Withdraw JupUSD by redeeming JUICED
const response = await fetch("https://api.jup.ag/lend/v1/earn/withdraw", {
  method: "POST",
  headers: {
    "Content-Type": "application/json",
    "x-api-key": "your-api-key",
  },
  body: JSON.stringify({
    asset: "JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD", // JupUSD mint
    amount: "1000000000", // Amount in lamports
    signer: wallet.publicKey.toString(),
  }),
});
You can also use the mint/redeem endpoints to operate in share amounts (JUICED units) instead of underlying amounts (JupUSD units):
// Deposit by share amount
const response = await fetch("https://api.jup.ag/lend/v1/earn/mint", {
  method: "POST",
  headers: {
    "Content-Type": "application/json",
    "x-api-key": "your-api-key",
  },
  body: JSON.stringify({
    asset: "JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD",
    signer: wallet.publicKey.toString(),
    shares: "1000000000", // JUICED shares to mint
  }),
});
For the full API schema, see the Lend API Reference.

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Read functions

The SDK provides read functions to query token and position data: 
import { getLendingTokens, getLendingTokenDetails } from "@jup-ag/lend/earn";

// List all available lending tokens
const allTokens = await getLendingTokens({ connection });

// Get details for JUICED (supply, rates, liquidity)
const juicedDetails = await getLendingTokenDetails({
  lendingToken: new PublicKey("7GxATsNMnaC88vdwd2t3mwrFuQwwGvmYPrUQ4D6FotXk"),
  connection,
});
Token data is also available via the API: 
const vaults = await (
  await fetch("https://api.jup.ag/lend/v1/earn/tokens", {
    headers: { "x-api-key": "your-api-key" },
  })
).json();

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Withdrawal behaviour

There are no supply limits on the Earn protocol. Withdrawals use an Automated Debt Ceiling: the withdrawal allowance increases every block, creating a smoothing curve that prevents sudden large outflows. Under normal conditions, withdrawals are instant.

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Program IDs

ProgramAddress
Jupiter Lend Earnjup3YeL8QhtSx1e253b2FDvsMNC87fDrgQZivbrndc9
Jupiter Lend Borrowjupr81YtYssSyPt8jbnGuiWon5f6x9TcDEFxYe3Bdzi
Jupiter Lend Earn Rewardsjup7TthsMgcR9Y3L277b8Eo9uboVSmu1utkuXHNUKar
Jupiter Lend LiquidityjupeiUmn818Jg1ekPURTpr4mFo29p46vygyykFJ3wZC
Jupiter Lend Borrow Oraclejupnw4B6Eqs7ft6rxpzYLJZYSnrpRgPcr589n5Kv4oc

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Risk considerations for integrators

Protocols integrating JUICED as collateral should evaluate the following: Exchange rate is monotonically increasing. Under normal protocol operation, the JUICED/JupUSD rate only goes up. This simplifies collateral valuation but does not eliminate all risk vectors. JupUSD peg dependency. JUICED value ultimately depends on JupUSD maintaining its $1 peg. JupUSD is backed by Ethena’s USDtb and USDC, held in an Anchorage Porto Wallet. A depeg event on JupUSD would directly impact JUICED valuation. T-bill yield is variable and can be diluted. T-bill yield is generated by the reserves backing minted JupUSD but distributed across all JUICED supply. If JUICED supply exceeds minted JupUSD supply, per-unit T-bill yield decreases. This does not affect the exchange rate direction (still increasing) but affects the rate of appreciation. Withdrawal liquidity. Withdrawals are subject to the Automated Debt Ceiling smoothing mechanism. In extreme scenarios (mass withdrawals, high utilisation), redemption to JupUSD may be delayed. Smart contract risk. JUICED depends on the Jupiter Lend program (Fluid). JupUSD has been audited by Offside Labs, Guardian, and Pashov. Jupiter Lend contracts have been audited by Zenith and Offside. Third-party dependencies. The yield chain involves Ethena (USDtb issuer), BlackRock (BUIDL fund), and Anchorage (custody). Changes in operations or regulatory status of these parties could affect JUICED yield or JupUSD backing.