Jupiter founder ignores Airdrop backlash: ‘People don’t understand anything’

Meow, the pseudonymous founder of Jupiter, yesterday heard complaints about the massive JUP airdrop on Solana and claimed critics had it all wrong.

“Do you know what I realized? How many people don’t understand anything?” Meow spoke today on Rug Radio’s live “FOMO Hour” about crypto influencers stopping the decline. “They only understand buy/sell.”

Solana decentralized exchange (DEX) aggregator Jupiter has launched its largest exchange. airdrop As of Wednesday 2024, a total of 1 billion JUP tokens have been offered. That’s worth more than $700 million at yesterday’s high price. Solana’s network held up and the price of JUP soared, with nearly half a million wallets already claiming their bags.

Nevertheless, there was a backlash. A viral tweet described the airdrop as a token sale by Jupiter founders. ICO disguise. The reason is that A 250 million JUP launch liquidity pool built by the team using tokens taken from half of the team’s 10 billion JUP supply.

Meow— known for his essay-length tweets — has spent most of Thursday so far responding and denying the “FUD” surrounding the airdrop, the purpose of the launch pool, and what happens to those tokens once the pool closes.

According to Meow’s tweet and comments on the show, the 250 million JUP offered in the launch liquidity pool will be available for sale by anyone for seven days after launch. Afterwards, Meow said the tokens (JUP and USDC) will be withdrawn back to the team’s treasury or used to support other liquidity pools.

Moreover, the Jupiter founder says that all this information has been provided so that all buyers can understand it before launch. All they had to do, he said, was read it before entering.

Meow detailed in a tweet that this type of approach, with a team-funded launch liquidity pool during large airdrops, would benefit JUP holders. And if the team shows that there is value in their tokens, and the tokens in the pool are ultimately worth more at the end of the 7-day period than they were at the start, then that is a fair outcome from Meow’s perspective.

And for anyone who doesn’t like Jupiter’s approach or thinks Meow’s explanation doesn’t address their concerns, he told the “FOMO Hour” team that this could be easily resolved while the launch pool remains active for six more days.

“I will tell people. It’s about hating everything you want for six days. No matter how big your dump is, you can always sell it for this price. “This pool is always ready for you to jump in right now.”