JUP Token Rockets to Top 10 DEX by Market Cap Minutes After Launch

De-fi

JUP Token Rockets to Top 10 DEX by Market Cap Minutes After Launch – Crypto News

Published

1 year ago

January 31, 2024

Dripp

The token of Solana-based DEX aggregator Jupiter shot to $905 million within 30 minutes of its 10am EST launch.

Solana-based Jupiter has airdropped its JUP token, immediately becoming the sixth-largest decentralized exchange by market capitalization, according to CoinGecko.

JUP’s market cap was at $905 million within 30 minutes of its 10am EST launch, according to Coingecko. That would make it the sixth largest decentralized exchange. Jupiter is a Solana-based DEX aggregator.

JUP has bounced between an initial $0.86 and a low of $0.5, according to CoinGecko. It was hovering near $0.6 at the time of writing.

JUP Price – GeckoTerminal

The airdrop of 1 billion tokens went to roughly 955,000 different wallet addresses. The total circulating supply is 1.35 billion with 250 million going to a launchpool, a Jupiter-developed product for releasing tokens, 50 million going to loans to market makers on centralized exchanges and 50 million for liquidity provision, according to a post from meow, the project’s founder.

JUP tokens will be split 50-50 between the team and the broader community, according to meow’s post introducing the token.

At $661 million in volume the last 24 hours, Jupiter is the largest aggregator in crypto, according to DeFi Llama. The project also facilitated over 80% of decentralized exchange (DEX) volume on Solana, according to a Dune Analytics dashboard.

the-defiant — DEX Agg Volume – Dune Analytics

Jupiter features other products outside its aggregator — it offers perpetuals, limit orders, and dollar-cost-averaging functionality. Meow’s post calls JUP a “full-stack ecosystem play.”

Zeta Markets launched perpetuals for Solana today.

Solana Revival

JUP’s launch comes amidst a revival of Solana in terms of SOL price, active addresses, and major partnerships. The founder has framed the token as a “symbol for DeFi 2.0” —a phrase which momentarily gained popularity in 2021— and is focused on pushing usage in crypto.

“Decentralized adoption is not when people buy crypto, it is when people use crypto,” he said on X in December.

JUP Utility

Meow has expressed an unconventional view on the airdropped token’s value.

“The initial value of JUP will be [a] symbol for Jupiter and DeFi 2.0, much as the value for UNI is a symbol for Uniswap DeFi 1.0, not from any utility,” he said in a response to an Ask-Me-Anything (AMA) on Reddit last month.

Meow is a colorful character — his personal site features original poems among his musings on cryptocurrency.

Moving forward, meow is open to the JUP token gaining utility.

“Things start changing in a few years tho, if we/solana/meta experiences 10x-100x growth, and the platform and the community scales along accordingly,” he said in the Reddit AMA. “Because then, JUP will have the chance to be the token for the entire Jupiter economy.”

Community Ownership

Tristan Frizza, CEO at Zeta Markets, the Solana based derivatives platform, is supportive of meow’s approach.

“JUP is a bold step towards full community ownership where value is accrued to the protocol by building a wide and committed community and strong ecosystem partners,” he told The Defiant. “By first growing the pie, Meow and team will create a strong base of distribution for their token and protocol, into which future utility can easily be layered.”

For now, meow isn’t willing to change his stance on utility behind a token being a myth. “That’s it, i refuse to overthink it, since cat brains are smol,” he said on Reddit.

[ With reporting help from Pedro Solimano.]