Solana-based Jupiter has airdropped its JUP token, immediately becoming the sixth-largest decentralized exchange by market capitalization, according to CoinGecko.<\/p>\n
JUP\u2019s market cap was at $905 million within 30 minutes of its 10am EST launch, according to Coingecko<\/a>. That would make it the sixth largest decentralized exchange. Jupiter is a Solana-based DEX aggregator.<\/p>\n 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.<\/p>\n The airdrop of 1 billion tokens<\/a> 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<\/a> from meow<\/a>, the project\u2019s founder.<\/p>\n JUP tokens will be split 50-50 between the team and the broader community, according to meow\u2019s post<\/a> introducing the token.<\/p>\n At $661 million in volume the last 24 hours, Jupiter is the largest aggregator in crypto, according to DeFi Llama<\/a>. The project also facilitated over 80% of decentralized exchange (DEX) volume on Solana, according to a Dune Analytics dashboard<\/a>.<\/p>\n Jupiter features other products outside its aggregator \u2014 it offers perpetuals, limit orders, and dollar-cost-averaging functionality. Meow\u2019s post<\/a> calls JUP a \u201cfull-stack ecosystem play.\u201d<\/p>\n Zeta Markets launched perpetuals for Solana today.<\/p>\n JUP\u2019s launch comes amidst a revival<\/a> of Solana in terms of SOL price, active addresses, and major partnerships<\/a>. The founder has framed the token as a \u201csymbol for DeFi 2.0\u201d \u2014a phrase which momentarily gained popularity<\/a> in 2021\u2014 and is focused on pushing usage in crypto. <\/p>\n \u201cDecentralized adoption is not when people buy crypto, it is when people use crypto,\u201d he said<\/a> on X in December.<\/p>\n Meow has expressed an unconventional view on the airdropped token\u2019s value. <\/p>\n \u201cThe 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,\u201d he said in a response<\/a> to an Ask-Me-Anything (AMA) on Reddit last month. <\/p>\n Meow is a colorful character \u2014 his personal site features original poems<\/a> among his musings<\/a> on cryptocurrency.<\/p>\n Moving forward, meow is open to the JUP token gaining utility. <\/p>\n \u201cThings start changing in a few years tho, if we\/solana\/meta experiences 10x-100x growth, and the platform and the community scales along accordingly,\u201d he said in the Reddit AMA. \u201cBecause then, JUP will have the chance to be the token for the entire Jupiter economy.\u201d<\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F8c388f874b81904d336116e40758645bce7a80b0-621x352.png&w=828&q=100\")
Solana Revival<\/h2>\n
JUP Utility<\/h2>\n
Community Ownership<\/h2>\n