Solana · pump.fun · Jupiter Lend
Nobody's deposit pays
for the launch. The
interest on it does.
People park USDC behind a coin. It earns in Jupiter Lend, and when the interest reaches the creator's target the coin is created on pump.fun and that interest makes its first buy. The parked money is never spent and can be withdrawn at any time.
Open a vault
Live from the chain
Every vault the program holds.
Read straight from the program's accounts. A vault creates its coin only once it has earned the target, so most of these have no coin yet.
Reading the chain
Fetching vaults from the program.
The core flow
How a vault turns into a coin.
Four of these take one transaction each. The third one takes weeks, which is the whole point: the first buy is being earned rather than collected.
Someone opens a vault
A creator names the coin, sets how much interest it needs and by when, and a cut for themselves of at most 10%. They put in nothing but rent.
People park USDC
Anyone deposits. It goes into Jupiter Lend in the same transaction and starts earning straight away.
It sits there and earns
This is the slow part. Only the interest counts toward the target, and the parked money can leave whenever its owner wants.
The coin is created
Once the interest covers the target, anyone can fire it. One transaction takes the interest out of Jupiter Lend, creates the coin on pump.fun and spends it all on the first buy.
Everyone gets paid
Money back, coins in proportion to how much was parked and for how long, and the coin's pump.fun creator fees for as long as it trades.
What the program does
Where your deposit actually sits.
In Jupiter Lend, as jlUSDC held by the vault's own address, in an account that records what you put in. The launch can only spend what that position earned above everyone's principal.
Principal is kept apart from interest
At the launch the program refreshes Jupiter Lend's share price, keeps enough jlUSDC to cover every dollar of principal plus a tenth of a cent, and redeems only the rest. Whatever stays behind is by construction enough, so a withdrawal never depends on the launch going well.
Allocation is deposit size times seconds held
Every deposit earns the same rate in the same place, so that weight is exactly the share of interest a depositor contributed. Ten times the money held for the last day of a six month run comes to under 6% of the coins.
The vault is the coin's creator
pump.fun pays a creator fee on every trade. The vault's own address is the creator, so those fees, in USDC, go to depositors on the same weights, on the curve and on PumpSwap after it graduates. Anyone can trigger the sweep.
A missed target returns more than it took
Past the deadline anyone can cancel. The interest is paid out on the same weights the coins would have used, and principal comes out alongside it.
Measured on a mainnet fork
Numbers from the test run.
The end to end test runs the program against the real Jupiter Lend and pump.fun programs and their live accounts, with the clock moved forward. These are its outputs.
Interest on $130,000 over 26 days, with $1m more for the last day, at about 4.8% a year. It bought 125m coins as the first buy on a fresh curve.
Raised by $3m in 36 days. The curve took $12,313 and filled; the $1,499 it could not take went back to depositors in USDC.
Returned to a $100,000 depositor whose vault missed its deadline 31 days in.
What firing a launch costs whoever does it: pump.fun's rent for a new coin plus a little for the vault to buy with.
Risk
What can go wrong.
One venue holds everything
Every vault earns in Jupiter Lend's USDC pool. A loss there, a pause, or a long stretch of very high utilisation reaches every vault at once. Jupiter Lend also limits how much can leave in a short window, so a very large withdrawal can have to wait for that limit to widen.
The rate is variable
The rate on this page is what Jupiter publishes today, not a promise. A lower rate means a longer wait, and any date this site estimates will be wrong.
Creators can cancel
A creator can cancel at any point, including just before the target is hit. Depositors get principal and interest back but lose the coins they waited for.
The first buy is the raise
A $500 raise buys about $500 of coin at the bottom of the curve. After that the coin trades like any other pump.fun coin, and its price is up to the market.
Unaudited
46 end to end checks and 10 unit tests pass against mainnet state, but no third party has reviewed the program.