Solana-based DEX aggregator Jupiter’s token surged to $905 million within 30 minutes of its release at 10 a.m. ET.
Solana-based Jupiter has airdropped its JUP token, instantly becoming the sixth-largest decentralized exchange by market capitalization, according to CoinGecko.
According to Coingecko, JUP had a market capitalization of $905 million within 30 minutes of its release at 10 a.m. ET. This would make it the sixth largest decentralized exchange. Jupiter is a DEX aggregator based on Solana.
According to CoinGecko, JUP bounced between an initial $0.86 and a low of $0.5. At the time of writing, its price is hovering around $0.6.
1 billion tokens were airdropped to approximately 955,000 different wallet addresses. According to the post, the total circulating supply is 1.35 billion, of which 250 million are used for the product launch pool developed by Jupiter for issuing tokens, 50 million are used to provide loans to market makers on centralized exchanges, and 5,000 Thousands of coins are used to provide liquidity. Meowthe founder of the project.
According to meow’s post introducing the token, JUP tokens will be split 50-50 between the team and the wider community.
According to DeFi Llama, Jupiter’s trading volume in the past 24 hours was $661 million, making it the largest aggregator in the cryptocurrency space. The project also drives more than 80% of decentralized exchange (DEX) trading volume on Solana, according to the Dune Analytics dashboard.
Jupiter also offers other products outside of its aggregator – it offers perpetual contracts, limit orders, and dollar-cost averaging functionality. Meow’s post called JUP a “full ecosystem game.”
Zeta Markets today launched perpetual contracts for Solana.
Solana Revival
The launch of JUP comes amid Solana’s resurgence in SOL prices, active addresses and key partners. The founders define the token as “a symbol of DeFi 2.0” — a phrase that became popular in 2021 — and focus on promoting the use of cryptocurrencies.
“Decentralized adoption is not when people buy cryptocurrencies, it’s when people use cryptocurrencies,” he said explain December X.
JUP utility
Meow expressed an unconventional view on the value of airdrop tokens.
“The initial value of JUP is [a] “The value of UNI is a symbol of Jupiter and DeFi 2.0, just like the value of UNI is a symbol of Uniswap DeFi 1.0 and does not come from any utility,” he responded to Ask-Me-Anything (AMA) on Reddit last month said.
Meow is a colorful character – his personal website features original poetry from his musings on cryptocurrency.
Going forward, Meow is open to the JUP token gaining utility.
“If we experience 10x to 100x growth in /solana/meta and the platform and community scale accordingly, things will start to change in a few years,” he said in a Reddit AMA. “Because by then, JUP will have the opportunity to become the token for the entire Jupiter economy.”
community ownership
Tristan FriezaThe CEO of Zeta Markets, a Solana-based derivatives platform, supports meow’s approach.
“JUP is a bold step towards full community ownership, where the protocol can accumulate value by building a broad and loyal community and strong ecosystem partners,” he told Defiant. “By growing the pie first, Meow and the team will create a strong distribution base for their token and protocol that future utilities can easily layer on.”
For now, Meow is not willing to change his stance that the utility behind the token is a myth. “That’s it, I refuse to overthink it because cats have such small brains,” he said on Reddit.
[ With reporting help from Pedro Solimano.]
