Jupiter, the Solana-based decentralized finance (DeFi) aggregator, has announced that its eagerly anticipated airdrop is set to begin as soon as January.
In a colorful Twitter post written from the perspective of a cat, Jupiter’s pseudonymous founder Meow gave a slew of updates Friday regarding the project’s future plans, and detailing the breakdown of the upcoming airdrop.
As previously established, 40% of the 10 billion JUP tokens set to be minted into circulation will be reserved for airdrops that will be distributed to Jupiter community members. Earlier this month, the project rolled out a website that allows eligible Jupiter users to learn how much JUP they stand to gain.
Those funds will be rolled out in four airdrops, Meow said Friday, with the first—set for January—scheduled to drop 1 billion JUP tokens into Solana users’ wallets.
JUP PIE CATS
Over the last week, as everyone in the world was hunting me for JUP updates, I must confess to being very inspired by this video instead.https://t.co/O4znsjujFa
I mean, check this out – the level of care he takes to get the cat ready is exquisite. The cat is now… pic.twitter.com/fYyzkJPtFa
— meow 🥧 (@weremeow) December 15, 2023
The founder also announced that an additional 10% of the total JUP supply—that’s another billion tokens—will be reserved for community contributors and grants.
“This allocation, likely given to the DAO to administer, should give a lot of incentive for the community to participate in initiatives to grow Jupiter, vet projects for the Solana ecosystem, and drive the decentralized meta—all of which are our main objectives,” Meow said.
Those figures mean that 50% of all JUP tokens will eventually be distributed to the Jupiter community. The other 50% of the token supply will be managed by the Jupiter team accordingly: 20% will go to current team members, 20% will serve as a strategic reserve, and a further 10% will act as a liquidity provision, either “mostly or entirely on-chain.”
Additional details regarding the airdrop and JUP token liquidity provision will be shared in the coming weeks, Meow said.
Jupiter is one of the largest DeFi projects built on Solana. As a swap aggregator, the platform advises users on the best rates when trading tokens. It has processed about $231 million worth of transactions in the last 24 hours alone, according to CoinMarketCap.
It’s been a big few months for the Solana ecosystem, which has seen rising tides for numerous projects in the network’s ecosystem, including the recent Pyth and Jito airdrops, which injected hundreds of millions of dollars worth of free tokens into users’ wallets. Chief among those success stories has been BONK, a red-hot Solana meme coin that is up a stunning 839% in the last month.
Solana users are hopeful that the Jupiter airdrop will continue that momentum: Nearly a million SOL wallets are eligible for the giveaway, the team said last month.
Edited by Andrew Hayward
Stay on top of crypto news, get daily updates in your inbox.
Source: https://decrypt.co/210017/jupiter-airdrop-set-january-billion-jup-solana-defi-users
