Published: January 31, 2024 at 2:36 am Updated: January 31, 2024 at 2:36 am
Edited and fact-checked:
January 31, 2024 at 2:36 am
In Brief
Jupiter is set to launch its governance token JUP today through an airdrop, with the initial maximum circulating supply of 1.35 billion.
Decentralized exchange aggregator Jupiter (JUP) built on the Solana blockchain, is set to launch its governance token JUP through airdrop–a widespread distribution of free tokens to the community. The token will have an initial maximum circulating supply of 1.35 billion. The airdrop is scheduled for Wednesday at 10 AM EST.
According to Jupiter founder Meow, the initial maximum circulating supply of the token has been revised downward, reducing the total number of coins available for trading from the previously determined figure of 1.7 billion. Thus, the token might commence trading with an estimated market capitalization of approximately $700 million, given that JUP-US dollar perpetuals were traded at 65 cents on Aevo.
Out of the initial circulating supply of 1.35 billion tokens, 1 billion are allocated for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool requirements, and 250 million for a launch pool.
Approximately 955,000 wallets engaged with Jupiter before November 2 are eligible for the JUP airdrop, as reported by the data source Airdrop Official.
Jupiter initially announced its retrospective airdrop plans in November to acknowledge early users, with its airdrop allocation website becoming operational on December 1. The project distributes four billion tokens, which account for 40% of Jupiter’s overall token supply of 10 billion, across four phases to users. As outlined by the project, new airdrop rounds are designed to benefit new users.
Solana’s DEX Aggregator Surges in Trading Volume
Jupiter is a platform aggregating liquidity from various decentralized exchanges (DEXs) on the Solana blockchain, ensuring users can access the most favourable rates for their token swaps. Developed by a group of pseudonymous developers in October 2021, Jupiter listed 550 tokens and more than 5,550 trading pairs. The platform strategically directs orders to multiple Solana-based exchanges, executing trades at the best available price for the requested asset.
Jupiter stands as the largest DEX aggregator on Solana by swap volume, witnessing a notable increase in trading volume from around $4 billion in November to over $16 billion in December.
Recently, Jupiter witnessed over $500 million in trades within a 24-hour period, making it the leading trading platform in terms of that metric. Jupiter’s trading volumes exceeded those of Uniswap v3, an Ethereum-based DEX, which recorded $483 million in trades. Typically, Uniswap v3 holds the position as the largest DEX by volume. The surge is associated with Jupiter’s native token issuance.
With the upcoming token airdrop, Jupiter is set to reward its loyal community, solidifying its position as a leading exchange by trading volume, making a notable impact in the dynamic cryptocurrency landscape.
About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]
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Alisa Davidson
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]
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