The top Solana-based decentralized exchange (DEX) aggregator Jupiter has launched its new JUP token, going live at just under a $1 billion market cap.
Jupiter is one of Solana’s key decentralized finance (DeFI) hubs, and at time of writing, is doing more 24-hour volume than Uniswap, the biggest DEX on Ethereum and typically the entire crypto ecosystem.
Jupiter’s pseudonymous founder known as Meow says in a blog post that JUP is launching with a maximum of a 1.35 billion circulating supply, and team vesting won’t start until the second “Jupuary” (January).
JUP’s tokenomics are as follows:
- 1B for the airdrop
- 250M for the launch pool (Instead of 500M)
- 50M for loans to CEX market makers
- 50M for any immediate needs
Meow says there is a buffer of 33 million JUP tokens that aren’t a part of the airdrop, which includes “compromised wallets, massive number of appeals and edge cases that we could not get to in time before Jupuary.”
At time of writing, JUP is trading for $0.678 with a market cap of $924 million.
Meow says the team is considering a plan where every January 31, more tokens are distributed to Jupiter users.
“We expect Jupiter to be around for decades, and we believe that consistent token distributions are an incredibly powerful way to rally community, however it’s also incredibly distracting for the team and potentially poisoning the community, because we want people to use the product because they love it and not because of points.
Therefore to respect both those dynamics, we propose to do a Jupuary 31 every year without fail where a significant portion of tokens will be distributed to users, with the cutoff on Nov 2, with a solid 3 months focused on engaging the community, executing on major initiatives – and the rest of the 9 months focused exclusively on product and platform growth.”