@JupiterExchange has opened the beta of Jupiter Vaults on @solana, a product in which outside managers run yield strategies for depositors. Two of the vaults, both managed by @Re7Labs, draw on @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, from stablecoin lending to strategies backed by real-world assets, managed by independent curators rather than Jupiter itself.

Access started out limited. The private beta opened on November 11 for more than 19,000 people on the waitlist and eligible holders of staked JUP. Decrypt reported that all Vaults strategies carry risk, including the possible loss of funds, and some may not be available in all regions, including the United States, Jupiter said. Jupiter's announcement on Friday describes the vaults as "now accessible to everyone," without saying whether those limits have been lifted.

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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. Jupiter's announcement on Friday names four curators: @Bitwise, @Re7Labs, @k3_capital and @HivemindCap. K3 Capital was not part of the earlier lineup.

What Is Behind the nOPAL Strategy

The Re7 Labs vaults are built on nOPAL. nOPAL represents a tokenized stake in the BlackOpal LiquidStone II vault, which bundles short-duration Brazilian credit card receivables into a yield-bearing instrument. In plain terms, these are card payments that merchants are still waiting to be paid.

Yield comes from the discount on those receivables. Investors deposit into the vault, receive nOPAL tokens as receipts, and earn yield generated by the spread 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 range of between 8% and 12% APY in September. Returns are not fixed and past performance does not guarantee future results.

The asset has some track record on Solana already. Solana lending protocol Kamino Finance launched a dedicated market for nOPAL 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 fits Jupiter's push beyond swaps. It also brings Plume's real-world asset vaults 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