Jumper, a cross-chain aggregation app incubated by LI.FI, is separating into an independent operation and will fund itself through a token sale instead of equity. The project said JUMP’s public sale will open on Legion at 21:00 on Sept. 29 at a $75 million fully diluted valuation, with a $2 million fundraising target and a $3 million hard cap. Marko Jurina will become CEO, and Jumper will continue to use LI.FI on the technical side.
Why the split happened
LI.FI was founded in Berlin in 2021 by Philipp Zentner, CTO Max Klenk, and others. The company sells cross-chain routing services to wallets and applications through APIs and SDKs.
Its financing history in the article includes a $5.5 million round led by 1kx in July 2022, with Dragonfly and Coinbase Ventures participating; a $17.5 million Series A in 2023 co-led by CoinFund and Superscrypt; and a $29 million Series A extension in December 2025 led by Multicoin and CoinFund. That brings LI.FI’s cumulative funding to about $51.7 million.
According to a December 2025 CoinDesk report cited in the piece, LI.FI’s clients include Robinhood, Binance, Kraken, MetaMask, and Phantom. The company processed $8 billion in volume in October 2025 alone, and Zentner said enterprise customers had grown to more than 1,400. In May 2026, LI.FI also rolled out LI.FI Intents under the Ethereum Foundation-led Open Intents Framework, extending its business beyond cross-chain aggregation into intent execution and the solver market.
Jumper was launched in early 2023 as LI.FI’s user-facing frontend. Jurina, who handled marketing, led that effort. The app built traction through its XP points system and did not charge platform fees. It later added Earn, Advanced, and an RWA interface for tokenized stock trading.
Jumper says cumulative trading volume, including swaps, has topped $41 billion, with more than 100,000 monthly active users. DefiLlama data cited in the article shows roughly $994 million in cross-chain volume over the past 30 days, ranking Jumper fourth among bridge aggregators with about 18.6% market share.
Zentner said in the split explanation that LI.FI will focus on serving wallets, exchanges, neobanks, and AI agents. Many of those clients are consumer-facing apps competing for the same users as Jumper. Keeping Jumper inside the parent company made it harder for LI.FI to demonstrate neutrality, according to the article.
The report also cites Jumper’s investment memo, which says the app’s monthly spot volume is about $1.6 billion, only around one-fifth of LI.FI’s $8 billion monthly processing volume in October 2025. On a cumulative basis, though, Jumper’s $41 billion is more than half of LI.FI’s total. The article’s framing is that Jumper once helped LI.FI build traffic, but as enterprise clients became the main growth source, the frontend increasingly turned into a burden for LI.FI’s B2B expansion.
Funding structure is presented as another reason for the split. LI.FI charges enterprise contracts and fits an equity-financing model. Jumper depends on points and trading incentives, which makes a token a more suitable outlet. The article says the separation gives LI.FI shareholders an additional tradable exposure without selling LI.FI equity. LI.FI itself has no public token issuance plan at this stage.
JUMP token allocation and sale terms
Jumper’s investment memo on Legion says JUMP has a total supply of 1 billion tokens. The breakdown is:
- 4% for the public sale
- 26.07% for investors
- 14.70% for the team
- 33.33% for the community
- 21.90% for the treasury
The investor allocation comes from LI.FI shareholders, who will receive locked JUMP based on their original ownership and at a sizable discount. Half unlocks after 12 months. Team tokens are locked for 24 months, with early unlock possible if FDV rises above $350 million.
For the public sale, 50% unlocks at TGE and the rest vests linearly over four months. TGE is expected in the fourth quarter. Allocation decisions will be made by the project team, with priority given to higher-XP users and the first 500 people on the waitlist. Funds from unsuccessful applicants will be fully refunded. Users in the United States, the United Kingdom, and the United Arab Emirates, among other regions, are not eligible.
The article also notes that Legion community The Republic has set aside about 5% in community allocation. Users can compete for access by accumulating Valor Points, or VP, but allocation is still not guaranteed and will be determined by lottery.
Funds committed in the sale will remain locked until TGE. That means the period from the end of the sale to a fourth-quarter TGE could stretch to about three months, and full unlock could take as long as seven months from the sale date. The article contrasts that with earlier token sales such as Squid, where TGE came about a month after the sale and tokens were fully unlocked immediately.
How the $75 million FDV is framed
The memo says Jumper plans to begin testing a spot trading fee of about 2.5 bps from October. Using DefiLlama’s roughly $1 billion in average monthly cross-chain volume, the article estimates an annualized revenue ceiling of around $3 million. At a $75 million FDV, that works out to roughly 25x price-to-sales.
For context, LI.FI generated about $2.49 million in on-chain fees over the past 30 days, but retained only around $400,000 in protocol revenue, with the exact split not yet disclosed. The article argues that even if Jumper starts charging fees and loses no volume at all, its annual revenue would only be roughly on par with LI.FI’s current retained base-layer revenue.
It also compares Jumper with several listed peers:
- deBridge (DBR): about $227 million FDV and roughly $8.03 million annualized protocol revenue, or around 28x
- Squid (QUID): about $68 million FDV and roughly $2.8 million in annualized revenue disclosed in its public sale materials, or around 24x
- Across (ACX): about $42.82 million FDV, with fees going to liquidity providers rather than the protocol itself
Squid is treated as the closest business comparison. It ran a public sale through Legion and Kraken in early July at a $45 million FDV. After listing, its peak reached about 3.2x the public sale price and now sits around 1.5x. Deposits on Legion were about $26.78 million, while the actual amount raised through Legion was about $1.12 million.
The memo also says JUMP is a utility token and carries no governance rights. Holders may receive fee discounts, boosted rewards, and service perks through staking or lockups. But fee distribution, buybacks, staking, and similar value-capture mechanisms are still being designed. Jumper explicitly said those points are "for reference only" and are non-binding.
That leaves a central issue raised by the article: Jumper has no equity, and JUMP is framed as the only way to hold exposure, yet there is still no commitment on how the fees planned for October would flow back to token holders.
Retention and liquidity risks after fees begin
The article says Jumper does not have an exclusive advantage in routing. LI.FI’s wallet clients use the same routing engine, which limits Jumper’s room to differentiate on quotes. Once Jumper starts charging in October, wallets with lower fees could end up offering users better prices.
After the split, Jumper may also integrate other routing providers to improve pricing and negotiating leverage. That would shift the relationship with LI.FI away from internal coordination and toward a more standard vendor-client setup. Whether users who became accustomed to a free product will stay after fees are introduced remains an open assumption in the deal, according to the article.
On token supply overhang, only 2% of total supply from the public sale is expected to be circulating at TGE. But the release schedule for the 33.33% community allocation has not been disclosed. The article notes that a potential airdrop to millions of XP-holding wallets could easily exceed the float from the public sale. At the public sale price, if 5% of the community allocation is released at TGE, day-one circulating supply would rise to 7%, or about $5.25 million, which is 2.5x the public-sale float. If 10% is released, that rises to 5x.
There are additional sources of supply as well. JUMP incentives will be distributed when Jumper Perps goes live, and the treasury allocation, which accounts for 21.90% of supply, is also intended for growth. Investor allocations tied to LI.FI shareholders begin unlocking after 12 months.
Security history and market signals
LI.FI’s contract history is another factor the article says users should weigh. In March 2022, a vulnerability in LI.FI’s contracts led to roughly $600,000 in losses, with the team completing most reimbursements within 18 hours. In July 2024, another exploit caused losses of about $11.6 million, and Jumper users were affected as well. The article says both incidents stemmed from a similar issue: arbitrary call functionality combined with users granting unlimited token approvals.
On Polymarket, the implied probability that JUMP would open with an FDV above $100 million on the day after listing was about 85%, while the probability of exceeding $200 million was about 45%. Still, total trading volume in that market was only around $5,300, so the article describes its usefulness as limited.
What the article’s answer comes down to
The piece closes by returning to valuation and participation. On relative payoff, it says the public sale price appears to be anchored near what comparable projects trade for, without leaving much of a safety cushion. On certainty, the long lockup period, the still-unclear size of community and airdrop selling pressure, and the disconnect between protocol revenue and token value capture make the trade look more like a one-way bet on broader market conditions and the team’s market-making execution.
The original article also carried a disclaimer saying the market involves risk, investors should act with caution, and the piece does not constitute investment advice.
