Solana-based decentralized finance (DeFi) aggregator Jupiter has finally announced a launch date and time for its highly anticipated JUP token airdrop.
Jupiter also used the opportunity to tease a new meme coin launch, which will launch before the airdrop.
Jupiter Finally Announces Airdrop Dates
DeFi activity has seen a considerable surge on the Solana blockchain since early December. Primary contributors to this surge have been meme coins, the Jito airdrop, and SOL’s surging price. Now, Solana-based DeFi-aggregator Jupiter has officially announced a launch date and time for its JUP token airdrop. The airdrop will deliver one billion JUP tokens into the wallets of Solana DeFi users and will commence on the 31st of January 2024 at 10:00 AM EST, according to an announcement made by the DeFi aggregator’s pseudo-anonymous founder, Meow.
“WEN: 31st of Jupuary 10 AM EST On the 1st of Jupuary, we outlined the main areas of work as we aim to get to launch. We have been right on schedule executing on all these, and we are happy to share that JUP will launch on 31st of Jupuary, 10 AM EST.”
According to an announcement by Jupiter, nearly a million crypto wallets are eligible to receive funds through the JUP airdrop. Last month, the DeFi platform released a tool allowing DeFi users to check how much JUP they are eligible to receive once the airdrop is live.
Available Airdrop Details
The bulk of JUP airdrop allocations will be determined by factors such as the user’s trading volume on Jupiter and their consistency of use when it comes to the Jupiter website. All Jupiter users are eligible to receive at least 200 JUP tokens. Additionally, users who have held assets worth $10 on the Jupiter platform or made at least 10 transactions prior to March 2022 stand to receive a further 500 JUP tokens.
The airdrop is 40% of the JUP token’s total supply, indicating the protocol and token’s popularity among traders. The protocol’s pseudo-anonymous founder, Meow, added that Jupiter was not optimizing for hype or price of perfect price discovery. Meow described the airdrop as an experiment in conducting a major token distribution, a “high-stress event.”
Jupiter’s Giveaway Roadmap
Jupiter is one of the largest DeFi projects on Solana, advising users on the best rates when it comes to trading tokens. The protocol’s debut airdrop is the first phase of an extended giveaway roadmap. Jupiter plans to roll out three more community airdrops; each made up of 1 billion JUP tokens, dates for which will be announced later. A further 1 billion tokens will be reserved for community contributors and grants.
The airdrops will total 5 billion JUP, which is half of the protocol’s supply of 10 billion JUP tokens. The remaining JUP tokens will be managed by the Jupiter team, with 2 billion JUP tokens going to current team members, while another 2 billion tokens will act as a strategic reserve, with a further 1 billion JUP tokens to act as a liquidity provision.
A New Meme Coin
Meow also announced that in preparation for the JUP token airdrop, the Jupiter platform will launch a meme coin sometime next week. The protocol’s founder added that the meme coin is not by Jupiter, but added that Jupiter is using the launch as a testing ground for a new launch platform. Meow also did not clarify if the meme token will be airdropped in the same allocation as the JUP token.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.