Project Research Dossier: Jumper

1/ What it builds: Jumper is the consumer app that grew up inside LI.FI. Swap and bridge across 65+ chains, Earn, Portfolio, RWA trading, private swaps. Perps are "coming weeks."

The spin-out splits the stack. LI.FI keeps the routing infra, Jumper becomes the app company. JUMP funds the app.

2/ Why it matters: nobody should have to pick a bridge by hand. The layer that owns the user is usually the one that gets to charge.

That's the whole bet: distribution beats infrastructure.

3/ Tokenomics: none in any primary source as of today. Legion's own post says the team will publish full tokenomics before the sale.

So FDV, float at TGE, allocations, cliffs and emissions are all unconfirmed. The tables on your timeline are leaks. Don't price off a screenshot.

4/ What IS officially stated: • The token launches separately, after the raise. No TGE date. • Proposed utility: stake or lock for fee discounts, multipliers, perks. • No equity round. The token is pitched as the only ownership.

Not in the official text: governance, revenue share, buybacks.

5/ Here's the problem with fee-discount utility. From Jumper's own fee page:

Stables: 0 bps swap, 1 bp bridge Majors: 2 bps Everything else: 5 bps

Their example: a $10k major swap costs $2. A discount on that saves you about a dollar. That's no reason to lock a token.

6/ Flip it around. Every $1B routed at the majors rate is $200k to Jumper.

Cheap fees are the growth strategy. That's exactly why the token needs a value path beyond discounts. The terms should say what that path is.

7/ Unlocks. When terms drop, check these in order:

Float at TGE as % of total supply, not just the sale %

Anything liquid at TGE besides sale tokens

Team and investor cliffs. A cliff dumps a block on one day. Linear vesting bleeds.

Who controls the community/treasury bucket, and how fast it can move