Jupiter’s own virtual currency “JUP” launches, listed on Binance etc. Price temporarily at $2

9 months ago 72

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Jupiter Exchange, a cryptocurrency DEX aggregator based on Solana (SOL), started the airdrop acquisition process for JUP tokens at midnight on February 1st. After that, it was newly listed on major exchanges such as Binance, Bybit, and OKX, and the price soared to $2 at one point.

The JUP token is currently trading at a price of $0.64 and has a market capitalization of approximately $860 million. Demand for the token was high, with total trading volume exceeding $400 million in just five hours after trading began. At this point, more than 50% of the tokens have already been claimed.

The initial circulation of JUP tokens will be 1.35 billion tokens, and the maximum supply will be 10 billion tokens. Additionally, the Jupiter team will manage 50% of the supply, and the remaining 50% will be distributed to the community. Of the 50% of JUP distributed to teams, only 20% will be distributed to current team members, with vesting starting after two years. This means that existing team members must be on the team for at least that amount of time in order to receive tokens.

The remaining 20% will be a strategic reserve fund. This reserve fund will be used for future team members, future strategic investors, and past Mercurial (now Meteora) associates. The remaining 10% of tokens will then be used as liquidity and moved to the team’s Hot Multisig wallet.

Additionally, the “token sale” originally mentioned in Jupiter’s green paper has been abolished.

Furthermore, regarding airdrops, on the community side, 4 billion JUP tokens will be distributed in a total of four airdrops held on February 1st every year.

connection: Solana Jupiter surpasses Uniswap for first place

Official tweet(*Be careful of fake links)

JUPUARY: T-1

JM! The launch site for JUP is officially up!

Link: https://t.co/bmdBE8v1EZ
Time: 31 July 10am EST
Support: https://t.co/z7xeqqF6lx

Check your airdrop allocation, set up your DCA/Limit orders ahead of time, and see the slot countdown.

We have made a ton of… https://t.co/HChtnhFZb0 pic.twitter.com/XObtqOVQW0

— Jupiter (@JupiterExchange) January 30, 2024

Token usage

Regarding the utility of JUP token, it will mainly be a governance token for Jupiter DAO.

In a recent AMA, Jupiter founder Meow said, “The idea that a token’s usefulness increases its value is a struggle to justify or explain why a token has value.” “I think it’s a myth created by the project’s founders. And I think most people don’t care about practicality, they care about value.”

Jupiter is planning to launch a launchpad to launch project tokens, and users who staked JUP tokens and voted for project launches will be granted rights such as participating in token sales.