Jupiter, a Solana-based decentralized exchange (DEX) aggregator, has launched a new JUP token with a market capitalization of just under $1 billion.
Jupiter is one of Solana’s main decentralized finance (DeFI) hubs and, at the time of this writing, is handling more trading volume around the clock than Uniswap, Ethereum’s largest DEX and the entire cryptocurrency ecosystem in general.
Jupiter’s pseudonymous founder, known as Meow, said in a blog post that JUP will launch with a maximum circulating supply of 1.35 billion and team vesting will not begin until the second “Jupuary” (January).
JUP’s token economics are as follows.
- 1B for airdrop
- 250M for launch pool (instead of 500M)
- $50 million for lending to CEX Market Makers
- 50M for immediate requirements
Meow says it has a buffer of 33 million JUP tokens that are not included in the airdrop. “Damage to wallets, huge number of appeals and edge cases that cannot be reached in time before Jupuary.”
As of this writing, JUP is trading at $0.678 with a market capitalization of $924 million.
Meow said the team is considering a plan to distribute more tokens to Jupiter users every January 31st.
“We expect Jupiter to be around for decades and believe consistent token distribution is an incredibly powerful way to bring the community together. But it can also be distracting to the team and potentially detrimental to the community. I like it and it’s not because of the points.
Therefore, to respect both of these dynamics, we propose to distribute a significant portion of tokens to users every year on July 31st. It will run for three months, with a focus on community engagement, ending on November 2nd. “After executing our key initiatives, we spent the remaining nine months solely focusing on product and platform growth.”
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