@JupiterExchange has opened the beta of Jupiter Vaults on @solana, a product where outside managers run yield strategies for depositors. Two vaults managed by @Re7Labs use @plumenetwork's nOPAL, a vault token backed by short-term Brazilian credit card receivables.
How Jupiter Vaults Works
Jupiter Vaults is a hub for yield strategies, ranging from stablecoin lending to strategies backed by real-world assets. Independent curators manage the strategies, rather than Jupiter itself.
Access was initially limited. The private beta opened on November 11 to more than 19,000 people on the waitlist and eligible holders of staked JUP. Decrypt reported that all Vaults strategies carry risks, including possible loss of funds, and that some may not be available in all regions, including the United States, Jupiter said. In its Friday announcement, Jupiter described the vaults as "now accessible to everyone," without saying whether those restrictions have been lifted.
Solana Compass lists the launch lineup as six vaults from three curators: Hivemind's Offerbook Liquidity Vault, Bitwise's JupLend Optimizer, sUSDai Yield and sUSDai Multiply vaults, and RE7 Labs' nOPAL Lending and nOPAL Looping vaults. In its Friday announcement, Jupiter named four curators: @Bitwise, @Re7Labs, @k3_capital and @HivemindCap. K3 Capital was not included in the earlier lineup.
What Is Behind the nOPAL Strategy
The Re7 Labs vaults are built on nOPAL. The token represents a stake in the BlackOpal LiquidStone II vault, which bundles short-duration Brazilian credit card receivables into a yield-bearing instrument. In other words, these are card payments that merchants are waiting to receive.
Yield comes from the discount on the receivables. Investors deposit into the vault and receive nOPAL tokens as receipts. They earn yield from the difference between the discounted purchase price and the full face value of the receivables when they settle. Plume's vault page lists the vault at about 11% APY, with roughly $112 million in deposits. Crypto Briefing reported a historical APY range of between 8% and 12% in September. Returns are not fixed, and past performance does not guarantee future results.
The asset already has some track record on Solana. Solana lending protocol Kamino Finance launched a dedicated nOPAL market in September, and Re7 Labs has been an official vault curator for Kamino since September 2024. Credit card receivables still carry risk. Default risk, Brazilian macroeconomic conditions, interest rate policy and consumer spending patterns all affect the quality of the underlying assets.
The launch is part of Jupiter's push beyond swaps. It also makes Plume's real-world asset vaults available to a wider pool of Solana users through a single interface.
Sources:
Decrypt: Jupiter expands beyond trading with baskets, yield vaults and a new portfolio
Solana Compass: Jupiter rolls out Baskets, curated Vaults and Portfolio V3
Plume: BlackOpal LiquidStone II vault page
Crypto Briefing: Kamino launches nOPAL, Plume Vaults' first market curated by Re7 Labs
