Solana DEX Aggregator Jupiter yup
-9.66%
We present three “OG” Solana projects that have the potential to become the next tokens to be launched on the new LFG Launchpad.
Jupiter launched its native governance token, JUP, via Launchpad last week, along with airdrops to nearly one million wallets on Solana. WEN, an independent Solana-based memecoin, was the first token launched to test the LFG Launchpad last month.
Liquid staking service Sanctum, NFT collateral platform Sharky and cross-chain interoperability protocol deBridge were highlighted as the next potential LFG candidates in a post yesterday by Jupiter’s pseudonymous founder Meow, inviting them to share their plans.
Despite appearing to select these projects, Meow emphasized that LFG is a community initiative and the Jupiter team should have no role in choosing the right token for launch. This is decided through community governance voting.
“Over the next two weeks, we will be introducing these projects to the community through a variety of channels, including town halls, special channels for each project, and X recaps,” Meow said. Other projects can also apply.
Along with additional product updates, Jupiter plans to launch the Jupiter DAO this month with operating funds and participation incentives. The DAO will initially focus on evaluating and approving Launchpad projects, approving grants, and releasing budgets for ongoing community and ecosystem initiatives. Meow said all Launchpad fees earned from the launch of the JUP token (approximately 100 million JUP worth $54 million) will be allocated to governance participants during the first year as an incentive.
Jupiter Token Launch Pool Closed
The launch of JUP did not pass without controversy. Some users complained about the token release pool that the team uses to sell tokens to the public. At the time, Meow said the mechanics of the launch pool were transparent.
Yesterday, Meow confirmed that seven days after launch, the pool was closed as planned, with 96 million JUP tokens ($52 million) removed to cold multi-signature wallets and nearly 70 million USDC in the next $10 million batch. A few months.
The launch pool is designed to stabilize volatile price movements and allow airdrop recipients and early buyers to sell into the pool if they wish. “However, this pool is not suitable for price discovery due to buy and sell walls on both sides,” Meow said. “Closing this pool will allow JUP to regain price discovery,” he added.
According to The Block’s data dashboard, JUP is currently trading at $0.54.
JUP/USD price chart. Image: Block/TradingView.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.