Jupiter expands into aggregation & vaults

Overview

Jupiter COO Kash Dhanda joins Gareth Jenkinson on The Starting Block to discuss Jupiter's "Aggregate Everything" product release. and makes the case for why he believes Solana will be the leading chain for tokenized assets.

Episode 52 of The Starting Block, hosted by The Block's Gareth Jenkinson, was broadcast live on November 10th with Jupiter COO Kash Dhanda.

Key Topics
• Jupiter launched 'Aggregate Everything,' a four-product release built around aggregation.
• New vaults feature brings diverse yield strategies to Jupiter users on Solana.
• Dhanda calls tokenization overrated, citing a ~99% onchain utilization gap.
• Security is Jupiter's top 2027 priority; firm acquired auditing firm Offside Labs.
• Jupiter did $22 billion in perps volume last month, driven by its YOLO product.

Outline

- Intro
- The Block Briefing
- Hot Seat: Jupiter's Big Release
- Vaults Explained
- Solana TVL vs. Ethereum
- Tokenization: Overrated?
- 2027 Priorities & Perps
- Security & The Solana Ecosystem

Summary
In the Hot Seat, Kash Dhanda explained Jupiter's "Aggregate Everything" release, and how it covers four products built around the theme of aggregation, with more announcements planned for Breakpoint in London the following week. He explained that the new vaults are the most significant launch, and are designed to act like containers that abstract away complex yield-generating strategies such as options, RWA looping, and delta-neutral hedging, and bring them directly to users on jup.ag. Launch partners for vaults include Bitwise, RE7, K3, and Hivemind. Dhanda said the goal is for Jupiter to become the default destination for earning yield, just as it is for buying tokens, and argued that growing Solana's TVL requires this kind of institutional-grade infrastructure. He also noted that Solana already leads all chains in stablecoin transaction volume, which he views as a key indicator of genuine onchain activity.

On tokenization, Dhanda said he views the space as somewhat overrated at present, citing data from rwa.xyz showing roughly $390 billion in tokenized assets of which only about $39 billion is onchain and only $4-5 billion is actively used in DeFi, a near-99% utilization gap. He argued that for onchain assets to pull real flows, they must be three times as good as their off-chain equivalents in terms of access, liquidity, and productive use. Jupiter's new Pulse product was cited as a step toward that goal, offering improved information and execution for tokenized equities. On security, Dhanda said it is Jupiter's top priority for 2027, noting the platform acquired auditing firm Offside Labs earlier in the year and has continued hiring security talent. He praised the Solana Foundation's STRIDE and CERN programs, calling CERN an emergency support mechanism that any large Solana protocol can access. He also flagged Jupiter's $22 billion in perpetuals volume last month, driven largely by its YOLO product, as a sign of momentum on the perps side heading into next year.

About the guest
Kash Dhanda is the COO of Jupiter, Solana's largest DeFi and trading platform, which started as a DEX aggregator in 2021 and has since grown into a full-stack financial ecosystem offering swaps, lending, perpetual futures, and portfolio management. Before joining Jupiter in 2025, Dhanda was a founding member of Superteam, a Solana ecosystem contributor network.