Jupiter, the decentralized exchange on the Solana network, is launching its DAO Jupiter.
According to the Jupiter team, the platform will allocate 10 million USD Coin (USDC) and 100 million of its native JCP tokens, currently valued at $127 million, to launch its DAO Jupiter.
We have officially funded 10M USDC and 100M JUP into a DAO wallet.This operational budget provides the DAO the capability to fund the ideas with USDC and have the JUP allocation for long term incentive alignment with J.U.P Catributors.Besides LFG selection, the DAO will also…
— Jupiter 🪐 (@JupiterExchange) March 27, 2024
With this budget, Jupiter intends to fund ideas with USDC and distribute JUP funds for long-term incentive alignment with J.U.P Cattributors. The project team is expected to replenish the DAO budget annually.
“These funds are stored in a DAO multisig consisting of 3 members from the team and @C2yptic from CWG. Over the next few weeks, we will expand the multisig to include additional signers – ideally one nominated catdet and an ecosystem leader, and an additional key provided to a professional custodian.”
Jupiter is currently one of the most popular decentralized applications on the Solana blockchain. According to DefiLlama, DEX accounts for approximately 8% of the Solana ecosystem’s total TVL. The token currently has a fully diluted market capitalization of $12.5 billion.
Source: DeFiLlama
The crypto community paid particular attention to the platform at the end of January amid the drop in the JUP token on Solana.
During the airdrop, the exchange distributed one billion tokens worth $660 million to its clients. The coins were transferred to cryptocurrency traders who carried out transactions on the site until Nov. 2, 2023.
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