Jupiter (JUP) is one of the largest DeFi protocols on Solana. The project announced the first round of $JUP airdrop at the end of 2023. This airdrop will account for 40% of the total supply of JUP tokens (10 billion), and it is initially expected that 955,000 wallets will be eligible for the airdrop. Will you be one of them?
In this article, we will introduce you to all the information about Jupiter $JUP , including the JUP airdrop, its uses and future prospects.
Jupiter (JUP) protocol introduction
Jupiter is a liquidity aggregator developed using the Solana blockchain. It is also one of the largest DeFi protocols on Solana, with transaction volume in November 2023 alone reaching $3.7 billion.
Jupiter started out as a liquidity aggregator for token swaps, similar to 1inch on Ethereum. Through this protocol, users can trade cryptocurrencies on-chain. But just recently, the platform also added a GMX-style perpetual contract.
Essentially, Jupiter optimizes the platform to support dApps that run securely on public and private networks. At the same time, the project allows users to securely access the blockchain.
As of January 28, Jupiter's 24-hour trading volume reached US$388 million, surpassing Uniswap V3 and ranking first among DEXs.
Features of Jupiter
The Jupiter project provides a friendly user experience to every user. Basic functions on Jupiter include token exchange, cross-chain and liquidity provision, etc. In order to meet the needs and ease of use of dApps, the protocol will continuously optimize its functions to achieve the best results.
Jupiter's biggest feature is that it connects all decentralized exchanges (DEX) and automated market makers (AMM) pools, and provides the best quotes through its exclusive Smart Routing System. This feature automatically updates newly added tokens, adds platform transaction fees and converts them into revenue within the platform. Users can also place any order for faster exchange.
Leveraging the strengths of blockchain in the Solana ecosystem, Jupiter provides different exchange methods for many applications, dApps, liquidity sources, token lists, and more.
To date, Jupiter has cooperated with multiple projects, including: Raydium, Saber, Orca, Mercurial, Aldrin, DEXlab, Step Finance, Cropper, etc. Most of these Dapps are leading mining pool providers on Solana.
What are JUP tokens?
JUP is the governance token on Jupiter, allowing community members to vote on various aspects of the Jupiter platform.
The total supply of JUP is 10 billion, of which a total of 4 billion JUP will be distributed to users, accounting for 40% of the total supply of tokens. It should be noted that the 4 billion JUP coins issued to users are not issued at once, but are distributed in four stages.
The following is the specific token allocation of JUP:
40%: used for community growth and airdrops
20%: Distributed through token sale
40%: allocated to internal personnel and strategic reserves
JUP Token Economics
According to the tentative plan for the JUP token released by Jupiter co-founder meow, the project plans to first mint 10 billion JUP, including:
5% of the share is used to build initial liquidity
Withdraw 10% from the team wallet and 15% from the community wallet respectively for liquidity, first airdrop and recent community needs.
It is expected that on the first day of launch, 15% – 17.5% of the tokens will enter the market circulation, 10% – 7.5% will be stored in hot wallets, and 75% will be stored in cold wallets.
JUP airdrop information
At the beginning of December, Jupiter announced that it would begin the first round of airdrops (10%-1 billion JUP), and its distribution is as follows:
2% of tokens allocated to all wallets;
The 7% allocation is “an allocation based on tiered scores, with scores based on adjusted volumes”;
1% will be allocated to community members and developers on Discord and Twitter.
In addition, the number of JUP coins that different users can receive is also different, as shown in the figure above:
The top 2,000 users by trading volume can receive 100,000 $JUP;
The next 10,000 users can receive 20,000 $JUP;
The next 50,000 users can receive 3,000 $JUP;
The next 150,000 users can receive 1,000 $JUP.
Meow, the anonymous founder of Jupiter, said they believe this segmentation will bring more rewards to power users and contributors, while also potentially giving others a reason to come back and participate.
News of the airdrop announcement sparked excitement among Jupiter users and Solana enthusiasts. For users who qualify for the airdrop, the airdrop is another indicator of Solana’s growing importance following its impressive recovery since October.
2024 JUP Airdrop Latest News
As reported by CoinDesk in January, Jupiter co-founder Meow said that he planned to conduct an airdrop of JUP tokens at the end of January. Nearly 1 million Solana wallets are eligible for the airdrop, accounting for 40% of the total JUP supply.
How to obtain JUP air investment qualification?
955,000 wallets that have interacted directly with Jupiter before November 2, 2023 are eligible for the first JUP airdrop, one of the largest airdrops to date.
Specifically, the people who can receive the JUP airdrop are:
User wallets whose transaction volume reaches the standard on Jupiter (as of 11/2);
User wallets that have interacted with Jupiter can get about 200 coins per wallet;
Member of Jupiter's Discord, X (formerly Twitter) and developer community.
If you are not eligible for this JUP airdrop, don’t worry, there will be more airdrops in the future.
For updates on future JUP airdrops, be sure to follow the Jupiter official account on X. Also, keep in mind that airdrop rewards are often tied to events. Therefore, the more you buy, sell and trade on Jupiter, the higher your future JUP airdrop allocations are likely to be.
When will the JUP token airdrop take place?
On January 31, the first JUP airdrop officially began and was open to 955,000 eligible users who reached the $1,000 trading volume requirement before the November 2023 snapshot date.
You can check your eligibility and allocation in Jupiter's official airdrop checker.
According to Dune data, 430,712 addresses have received a total of 607 million JUP airdrops, and the addresses and airdrops that have been received account for 45.1% and 60.8% respectively.
Jupiter StablecoinSUSD
Jupiter plans to release a decentralized stablecoin—SUSD in the future.
Jupiter believes that stablecoins such as USDC and USDT have multiple levels of custody and regulatory risks, and in order to avoid this problem, the team plans to launch its own stablecoin—SUSD. According to Jupiter, SUSD is a fully decentralized stablecoin backed by Solana Liquid Collateral Token (LST), which can serve as an alternative to USDT and USDC.
In addition to having a greater degree of decentralization, SUSD also introduces interest-free loans, whereby SOL used as collateral for minting SUSD earns yield, which in turn covers the cost of minting, thereby gaining exposure with SOL permanent interest-free loan.
JUP Price Trend Analysis
After airdrop applications were opened, major exchanges also launched JUP spot trading pairs one after another. Among them, the price of JUP on the Bybit exchange once reached $2, an increase of up to 9900%. However, currently, its currency price has fallen back to around $0.5.
What is the future prospect of Jupiter (JUP coin)?
As a leading decentralized finance project, Jupiter plays a very important role in the Solana blockchain. The protocol can help users find the best token trading rates through its exchange aggregation platform.
With its strong track record, coupled with its active user base and growing adoption, Jupiter is well-positioned to capitalize on the growing interest in decentralized finance and contribute to Solana’s overall ecosystem.
Summarize
Overall, Jupiter's JUP airdrop on the Solana blockchain aroused enthusiasm among users and Solana enthusiasts, promoting the widespread adoption of Solana. As a key player in decentralized finance initiatives, Jupiter enhances its potential to gain traction in the growing financial landscape. As the airdrop further unfolds and trading of the JUP token begins, market participants will be paying close attention to the token’s impact and future potential. In addition, this airdrop will help increase Solana’s visibility and acceptance in the blockchain field and further promote the development of the platform.
Please do your own research and risk management before starting to invest.
