On one side is the underlying routing that focuses on B-end enterprise services, and on the other is the trading front loaded with points demands; Jumper's independent token issuance seems to clarify the interests boundary between LI.FI and its clients.

Written by: Sanqing, Foresight News

On September 22, the cross-chain aggregation application Jumper announced its independence from the incubator LI.FI, with Marko Jurina serving as CEO while continuing to use LI.FI technology. The first financing after independence was completed through tokens: the public sale of JUMP will start on September 29 at 21:00 on Legion, with an FDV of $75 million, a fundraising goal of $2 million, and a hard cap of $3 million. Jumper will not engage in equity financing.

It is not suitable for water sellers to open their own stores

LI.FI was established in 2021 in Berlin by Philipp Zentner, CTO Max Klenk, and others, selling cross-chain routing services to wallets and applications through APIs and SDKs.

In July 2022, LI.FI completed a $5.5 million financing led by 1kx, with participation from Dragonfly and Coinbase Ventures; in 2023, it completed a $17.5 million Series A round co-led by CoinFund and Superscrypt; in December 2025, it secured another $29 million in Series A expansion led by Multicoin and CoinFund. Its total financing amounts to approximately $51.7 million.

According to a December 2025 report by CoinDesk, LI.FI's clients include Robinhood, Binance, Kraken, MetaMask, and Phantom, with a single-month processing volume reaching $8 billion in October 2025; Zentner stated that the number of enterprise clients currently exceeds 1,400. In May 2026, LI.FI further launched LI.FI Intents based on the Open Intents Framework led by the Ethereum Foundation, extending its business from cross-chain aggregation to intent execution and solver markets.

Jumper is a user-facing front-end launched by LI.FI in early 2023, developed under the leadership of Marko Jurina responsible for marketing, accumulating users through the XP points system, and has not been charging platform fees while successively launching Earn, Advanced, and the tokenized stock trading interface RWA.

According to official data from Jumper, its cumulative trading volume (including exchanges) exceeds $41 billion, with over 100,000 monthly active users; DefiLlama data shows that Jumper's cross-chain volume in the past 30 days is approximately $994 million, ranking fourth among cross-chain bridge aggregators with a market share of about 18.6%.

Zentner stated in the split explanation that LI.FI will focus on servicing wallets, exchanges, new banks, and AI Agents. Among these clients, there are many wallets and consumer applications that compete with Jumper for the same pool of users, and keeping its applications within the parent company makes it difficult for LI.FI to prove its neutrality. Meanwhile, according to Jumper's investment memorandum, its monthly spot trading volume is about $1.6 billion, roughly 20% of LI.FI's processing volume in October 2025; looking at the cumulative amount, Jumper's $41 billion exceeds half of LI.FI's total volume.

Early on, LI.FI relied on Jumper for volume, but now enterprise clients have become a major source. Jumper's growth has peaked, and instead, it has become a burden for LI.FI in expanding B-end clients.

The structure of financing tools is another reason. LI.FI charges according to corporate contracts, which is suitable for equity financing; Jumper's growth relies on points and trading incentives, needing tokens as an outlet. For LI.FI shareholders, the split is equivalent to gaining an additional tradable exposure without selling LI.FI equity. LI.FI currently has no public token issuance plans. The split allows it to maintain neutrality while providing shareholders with a more liquid asset.

Pricing logic of $75 million FDV

According to Jumper's investment memorandum provided on Legion's public sale page, the total supply of JUMP is 1 billion tokens, with 4% allocated for public sale, 26.07% for investors, 14.70% for the team, 33.33% for the community, and 21.90% for the treasury.

The investor share comes from LI.FI shareholders, who exchanged their holdings for locked JUMP at a significant discount, with half unlocked after 12 months; the team share is locked for 24 months, with early unlocking possible if FDV exceeds $350 million.

50% of the public sale portion will be unlocked at TGE, with the remaining released linearly over 4 months, with TGE expected in the fourth quarter. Allocation will be determined by the project team, with users of higher XP levels and the first 500 on the waiting list prioritized, and funds not allocated will be fully refunded; users from regions such as the United States, the United Kingdom, and the United Arab Emirates cannot participate.

Additionally, The Republic community at Legion has set aside about 5% for the community, which users can compete for by accumulating Valor Points (VP), but allocation is also not guaranteed and will be decided by lottery.

It is important to note that allocated funds will be locked until TGE, with the longest duration from the end of the public sale to the fourth quarter TGE being about 3 months, and full unlocking occurring over a maximum of 7 months. Compared to previous public sales of similar nature (where Squid ended about a month before TGE and fully unlocked), JUMP participants will need to bear a longer market volatility risk and capital occupation cost.

What investors essentially purchase is a front-end that has yet to begin monetizing.

The memorandum also disclosed that Jumper plans to trial a spot trading fee of about 2.5 bps starting in October. Based on DefiLlama's statistics of a monthly average cross-chain volume of $1 billion, its annual revenue ceiling is estimated at about $3 million, resulting in a $75 million FDV corresponding to about 25 times P/S.

In contrast, LI.FI's on-chain transaction fees in the past 30 days were approximately $2.49 million, with actual retained protocol revenue being only about $400,000 (the specific revenue sharing ratio between the two has not been disclosed). This means that even if transaction volume remains entirely intact after charging, Jumper's annual revenue would only roughly equal LI.FI's current underlying retained income.

Horizontally, deBridge (DBR) has an FDV of about $22.7 million, with annual protocol revenue of approximately $8.03 million, resulting in about 28 times; Squid (QUID) has an FDV of about $6.8 million, with disclosed annual revenue of approximately $2.8 million, resulting in about 24 times; Across (ACX) has an FDV of about $4.282 million, with transaction fees flowing to liquidity providers, and the protocol itself has no revenue.

Squid's business is similar to Jumper's. In early July, it was publicly sold through Legion and Kraken, with an FDV of $45 million, reaching a peak of about 3.2 times its public sale price after launch, currently around 1.5 times; its deposits on Legion were about $26.78 million, with actual fundraising of around $1.12 million.

The memorandum also clarified that JUMP is a functional token and does not possess governance rights; holders can receive transaction fee discounts, reward multipliers, and service rights through staking or locking; mechanisms for transaction fee distribution, repurchase, and staking values are still under design, and Jumper clearly states that related information "is for reference only and not binding."

Jumper does not have equity; JUMP is positioned as the only holding method, but how the fees collected starting in October will return to token holders is currently uncommitted.

Retention and liquidity risks after charging

Jumper has no exclusive advantage in routing. LI.FI's wallet clients use the same routing engine, making it difficult for Jumper to differentiate itself in pricing; after charging starts in October, wallets with lower fees may offer better prices.

After independence, Jumper may also choose to connect with other routing providers for pricing and bargaining power, potentially shifting from internal collaboration to a more conventional supplier-client relationship. Whether users that have always been free will remain after the start of charges is an assumption that is hard to validate in this transaction.

In terms of chip structure, the public sale share of JUMP will only account for 2% of the total circulation at TGE, but the release pace of the 33.33% community share has not yet been announced; millions of airdrop holders with XP wallets may far exceed the public sale circulation amount. Based on the public sale price, if the community share releases 5% at TGE, the circulation on the first day will rise to 7%, approximately $5.25 million, which is 2.5 times the public sale circulation; if it releases 10%, it would be 5 times.

Additionally, when Jumper Perps goes live, JUMP incentives will be issued, and the 21.90% treasury will also be used for growth, potentially becoming a source of liquidity; after 12 months, LI.FI investors' shares will also begin to unlock.

LI.FI's contract security record is also a risk that Jumper users need to consider. In March 2022, a vulnerability in the LI.FI contract led to about $600,000 being stolen, with the team completing most payments within 18 hours; in July 2024, a loophole caused losses of about $11.6 million, affecting Jumper users as well. The two incidents had similar principles, where the contract allowed arbitrary calls, compounded by users' unlimited authorization.

On Polymarket, the probability of JUMP exceeding $100 million in FDV on the second day of listing is about 85%, exceeding $200 million is about 45%, but the total transaction volume in that market is only about $5,300, rendering it less reliable.

Returning to the question posed in the title, from an odds perspective, the public sale price essentially anchors the reasonable valuation range for comparable projects, leaving little safety margin; from a certainty standpoint, the long lock-up period of several months, the yet unclear airdrop dump amount, and the decoupling between protocol revenue and token empowerment make this transaction more akin to a one-way bet on market cycles and team market-making abilities.