What Is Jumper Exchange and How to Earn XP for the Loyalty Pass

How to Earn XP for the Jumper Exchange Loyalty Pass

Jumper enables users to swap tokens across chains through bridges and decentralized exchanges. As part of the Loyalty Pass program, users can earn XP by transacting and swapping tokens on Jumper and by participating in missions. 

Key Takeaways

• Jumper Exchange is providing users with a seamless experience when swapping tokens onchain across more than 20 networks.

• It was started by LI.FI, a protocol that facilitates cross-chain asset transfers for other projects by offering APIs and SDKs.

• Users who interact with Jumper can earn XP as part of the Loyalty Pass program which aims to recognize and reward the platform’s supporters.

What Is Jumper Exchange?

Jumper Exchange is a decentralized finance (DeFi) platform that lets users swap any token onchain using any bridge and decentralized exchange (DEX). It aims to enhance interoperability between blockchain networks to provide users with a seamless experience and become “crypto’s everything exchange.”

Users can interact across more than 20 chains including Ethereum, Arbitrum, Polygon, and more. On top of that, the exchange platform is able to route users through 30 DEXs such as Uniswap, Paraswap, Pancake, and more. Jumper is also able to maintain over 15 bridge integrations which include Connext, Multichain, and Stargate amongst others. 

When a user inputs the details of their transactions, Jumper will automatically recommend the best route that takes into account security, speed, and costs. Each trade also includes vital information like estimated gas fee, estimated bridge fee, name of bridge and DEX, and estimated time of transaction.

Jumper Exchange is a user-facing product launched by LI.FI, a protocol that facilitates cross-chain asset transfers. LI.FI acts as a bridge between networks and provides developers with tools to integrate cross-chain functionality into their applications. It primarily serves as a B2B company by offering APIs and SDKs to other projects which allows them to utilize LI.FI’s cross-chain capabilities. Similarly, Jumper Exchange is powered by LI.FI’s technology with the goal of simplifying cross-chain transactions for users. Together, the two protocols work to enhance accessibility and usability of DeFi across various blockchain networks.

On July 16, 2024, LI.FI experienced a security breach due to a vulnerability in a new smart contract facet. This allowed the attacker to gain unauthorized access to user wallets that had set infinite token approval for the LI.FI contract. Users were warned to stop interacting with any LI.FI powered applications, including Jumper Exchange.

Approximately $11.6 million was stolen in total from 153 wallets on Ethereum and Arbitrum. The assets that were drained included USDC, USDT, and DAI. As highlighted by LI.FI in their incident report, the vulnerability was limited to infinite approvals and not finite approvals which is the default setting. 

Once the security breach was detected, the LI.FI team immediately activated its incident response plan to disable the vulnerable facet across all chains. As a result, the threat was contained and prevented any further access. On July 18, 2024, the official LI.FI X (formerly Twitter) account posted that the team alongside major investors were working on a voluntary compensation scheme to cover 100% of the losses. 

We and our major investors are working flat out on a voluntary compensation scheme covering 100% of the losses. 🫡 https://t.co/xFtHqhScev

— LI.FI (@lifiprotocol) July 18, 2024

While Jumper Exchange itself has not received additional funding, LI.FI previously raised $17.5 million in a Series A funding round in March 2023. It was led by CoinFund and Superscrypt and received support from Bloccelerate, L1 Digital, Theta Blockchain, and more. 

Users of Jumper Exchange can participate in the Loyalty Pass program to earn points and get exclusive access to airdrops, rewards, special deals, and free stuff. It was initially introduced alongside the concept of seasons to promote hyper-growth and onboarding more users. After running two seasons, Jumper successfully onboard one million participating wallets. Those who participated in Season 1 (March 1 to December 31, 2023) will receive a 25% boost on the xp earned during this period while those in Season 2 (January 1 to June 30, 2024) will enjoy a 15% boost on earned xp. 

Jumper is no longer running seasons, instead the Loyalty Pass is now a permanent feature meant to recognize and reward users for long term engagement and loyalty. The team also acknowledges it as a good starting point for a system to reward early supporters. 

Do take note that no official announcement has been made by the Jumper or LI.FI team on whether the Loyalty Pass will be taken into consideration for a future token airdrop. Therefore, following the steps below does not guarantee any future token airdrop allocation.

Step 1: Connect Wallet

First, head to https://jumper.exchange/ and Connect your wallet in the top right corner.

Choose your wallet from the available options. In this guide, we are connecting a MetaMask wallet.

Step 2: Make A Transaction

Under Exchange in the top menu, you can choose to swap any of your tokens on any of the chains to a new token on a different chain. Do note that some chains will have lower gas fees than others.

In this guide, we will be swapping USDT on the BSC chain.

Then choose what token and network you want to exchange it to. We will be swapping to USDC on the Arbitrum chain.

Jumper will then display a list of options for you to choose from depending on the bridge, gas fees, and time taken for the transaction. It will also suggest the Best Return for your transaction. 

For our transaction, Stargate V2 will cost us $0.47 in gas fees and take approximately two minutes to complete it while giving us a rate of 1 USDT = 1.0004 USDC.

After selecting your transaction route, you can Start Bridging. Then approve the necessary prompts in your wallet to complete the transaction.

You will be notified once the transaction is successfully executed.

Step 3: Participate in Missions

In the top right corner burger menu, select your Jumper Profile to see your XP level as well as the available and completed missions. 

There are many missions available for you to join and explore other applications. Simply click on any of the missions to go to its dedicated page. 

First you will see some information about the application. In this example, Velodrome is supported by both the Mode and Optimism chains. Participating in this mission will earn you 5 Jumper XP. 

At the same time, these missions are also part of SuperFest, an onchain festival by Optimism to highlight developments happening across applications and chains in the Optimism Collective. There are 1.5 million OP rewards allocated to this festival which can be earned through these missions.

Each application page will show you the missions needed to earn OP rewards and Jumper XP. Clicking on the mission will redirect you to the specific page to carry out the steps. 

There are many missions available for each application and we highly recommend taking the time to go through these different options to which you are able to complete.

Conclusion

Jumper Exchange is a DeFi platform that allows users to swap tokens onchain using any bridge and DEX across more than 20 networks in order to enhance interoperability between these networks while providing a seamless experience. Interacting with Jumper Exchange can now earn you XP as part of their Loyalty Pass program.

This article is only for informational purposes and does not guarantee an airdrop nor should it be taken as financial advice. Always do your own research before using any crypto protocols.