Jupiter Launches JUP Token with 1.35B Circulating Supply

Jupiter, a decentralized trading aggregator developed on the Solana blockchain, plans to unveil its native token, JUP, via an airdrop scheduled for Wednesday at 10 a.m. EST.

According to Moew, the pseudonymous founder of Jupiter, the token will initially have a maximum circulating supply of 1.35 billion. 

This announcement follows Moew’s Tuesday forum post, in which he adjusted the total number of coins available for trading, revising it down from the initially planned 1.7 billion.

Everything you need to know about the Jupiter airdrop tomorrow in one page. (via Messari Intel)

— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) January 30, 2024

To put it differently, the token’s commencement of trading could result in a market capitalization of approximately $700 million, considering that the JUP-U.S. dollar perpetual was trading at 66 cents on Aevo at the time of reporting.

Out of the initial circulating supply of 1.35 billion tokens, 1 billion are allocated for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool requirements, and 250 million for a launch pool. 

Airdrop, in this context, denotes the distribution of new or existing tokens to a crypto project’s community for free, aiming to stimulate adoption. According to Airdrop Official, around 955,000 wallets that engaged with Jupiter before November 2 are eligible for the JUP airdrop.

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2024-01-31 10:28