The Solana trading stack is summarized in the chart below. Aggregators on Solana currently capture slightly less than half of the chain's total spot volume. While this can spike above 60% at peak times, the broader trend suggests a challenging landscape when competing directly with spot DEXs.
The situation is even bleaker for perpetual DEX aggregators. Given their negligible daily volumes of $2M–$3M, they remain essentially a non-factor in the current market.
From a revenue perspective, comparing Jupiter (aggregator side only) to Pump.fun shows a massive disparity. Focusing strictly on Jupiter’s aggregator side - specifically the "Ultra" mode that actually charges fees - they generate roughly $2M a month. Compare this to Pump, which brings in about $33M monthly; the take rate is significantly higher.
So, how does an aggregator actually become profitable? The strategy is to capture the flow and then monetize it by offering high-margin products within the ecosystem. For Jupiter, that means leveraging that user base for lending, perps, their launchpad, and other integrated services. Jupiter's total revenue (all products) for December 2025 was $11m i.e. 80% of the total Jupiter revenue is coming from non aggregator products.
Jupiter's case study is directly relevant to Ranger Finance, which is the latest featured ICO on the Metadao launchpad. It's essentially a full stack trading terminal. There are four main aspects to the protocol:
The protocol raised $86M via the MetaDAO launchpad. Notably, this is the first MetaDAO raise to integrate a pre-existing points program.
On the tokenomics side, 39% of the supply is for the ICO. The remaining allocation details can be found here. Roughly 48% of allocation is to the team and investors.
The RNGR token is is currently down over 25% from its ICO price - this is potentially explained by the immediate sell pressure post the ICO - via the ICO token allocation (fully unlocked at TGE), Ambassadors and ecosystem partners tokens (768K tokens with 25% is immediately unlocked with a remaining 25% in a 6months linear vest) and investors tokens (4.3m with 24 month linear vesting). This implies over 40% of supply was immediately able to sell at TGE.
Valuing the protocol is also complex; the protocol launched at a $20M FDV, volumes have dipped following the end of its points program. In a bullish scenario where it returns to peak volumes, it would trade at a FDV/Revenue (ann.) ratio of 4x-making it look "cheap" compared to Jupiter’s 16x. However, based on current figures, that ratio is significantly higher.
Ultimately, the moat Ranger is targeting is only lucrative if their monetizable products take off or if the convenience of their meta-aggregator captures sufficient flow. The perp dex landscape in itself is extremely competitive and with Ranger aiming to be a more broader aggregator - this is a hard nut to crack.
