Jupiter Z: Innovation in Swaps

4 min readJan 10, 2025

For crypto users, high slippage, poor liquidity, and slow UX are the common pain points when swapping tokens. But now there is a better swapping solution — Jupiter Z.

The latest offering from Jupiter offers:

Gasless swaps — swap even if you don’t have SOL in your wallet
0% slippage — get the token at the same price which is shown at the initiation
Best prices — thanks to the unique RFQ model combined with the Jupiter routing capabilities
Better UX — all of these are done almost instantly

How does Jupiter Z work?

The Secret Formula

Onchain Liquidity + Top Market Makers = Deeper and Better Liquidity for Solana

With Jupiter Z, On-chain meets Off-chain. Jupiter Z changes the game by aggregating liquidity from existing on-chain sources and top market makers like Wintermute.

But what is a Market Maker?

A market maker is like a store that’s always open, ensuring you can buy or sell whenever you need. They don’t just wait for customers — they actively buy when sellers show up and sell when buyers arrive.

For new tokens launched recently or for old tokens if the market is not active enough there is not enough liquidity, market makers make sure liquidity is available and price is not highly volatile.

RFQ Model

Z leverages a real-time Request for Quote (RFQ) model specifically designed for Solana. The RFQ model ensures users always get the best price.

Say someone wants to sell USDC and buy some SOL. This is how Jupiter Z in action will be:

1. A user initiates a swap request

2. Jupiter’s engine sends the order to both:

On-chain liquidity pool
Off-chain market makers

3. Both sources provide real-time quotes back to Jupiter.

4. Jupiter compares the quotes and displays the best price to the user.

So if the Market maker price is better then that is shown on Jupiter. If the on-chain liquidity shows a better price then the user swaps the token as usual. Ultimately it is the price which determines if the swap will go JUP route or RFQ route.

This dual approach ensures that whether the better price comes from on-chain liquidity or off-chain market makers, the user wins every time.

The Journey: 6 Months of Iteration and Innovation

The development of Z was not without its challenges. When the team was testing internally the first version of RFQ it was clear that a traditional approach won't work for Solana.

Swapping tokens on Solana is fast and frictionless. Users on Solana are used to swapping in seconds not like the 5–10 seconds speed which is common in other ecosystems.

There was a fundamental redesign — market makers can do the transaction signing and fee prioritization.

So now the process looks like —

Users sign a single transaction.
Market makers handle the rest, including signing the transaction and covering the fees.
The result? A gasless, instant swap experience

Bringing Liquidity to Solana

One of the exciting aspects of this is to onboard new liquidity sources. This is important not just for Jupiter but the overall Solana ecosystem.

Market makers who operate primarily on centralized exchanges like Binance and OKX can now easily provide liquidity on Solana. Jupiter RFQ will make integrations easier for these partners. They can provide pricing quotes directly to the routing engine.

The user wins with a better price

Now as Jupiter is bringing market maker’s liquidity on-chain to Solana, there will be more competition. And they will compete to offer the user a better price.

If the chain is congested the market makers even pay priority fees.

How to use Jupiter Z?

The feature is already integrated on Jupiter.

Users can toggle between the new Z and the usual Jupiter route swap method.

Whatever suits your needs best!

What’s Next for Jupiter Z?

Jupiter Z is a game-changing product that promises 0% slippage, gasless swaps, and the best prices on Solana. The cutting-edge RFQ model brings together the power of on-chain liquidity and top-tier market makers making the users winners ultimately.

The team is already working on onboarding more Market makers.

If you are a Market Maker interested in Jupiter RFQ, reach out to Soju — https://x.com/0xSoju

For any feedback or suggestion please reach out to me @its0xRay on X or Discord. If you found this essay helpful, do consider sharing it with your friends who may be interested in exploring the Jupiverse.