Solana DEX Aggregator Jupiter YUP
-17.30%
facilitated a record $1.38 billion in trading volumes over the past 24 hours.
The figure amounts to more than double the daily trading volume Jupiter saw in recent days, making it the best DEX platform of the past 24 hours.
Yesterday’s highly anticipated Jupiter token launch and airdrop saw activity on the Solana network skyrocket, with web3 wallet Phantom proverb it had never seen traffic at such a level – as evidenced by three times the total traffic volumes it saw after the recent launch of the WEN meme token.
Daily trading volume of Jupiter. Image: Jupiter.
JUP token launch and airdrop
Jupiter’s new governance token began trading at 10am (ET) yesterday, with the tokens initially priced at $0.40 on Jupiter’s own liquidity pool – in line with the pool’s price curve. Centralized exchanges including Bybit, Binance, Bitfinex and OKX subsequently began offering trading in the token.
JUP is currently trading at $0.60, according to The Block’s price page – a 50% increase from its initial trading price. That gives it a market cap of $808 million and a fully diluted value of $6 billion.
At launch, approximately 1.35 billion tokens, or 13.5% of the total supply of 10 billion tokens, will be in circulation.
Jupiter simultaneously opened its first symbolic airborne landing. The retrospective airdrop rewards early users who traded at least $1,000 on the platform before November 2, targeting 955,000 wallet addresses. Currently, 62.9% of JUP tokens have been claimed at over 450,000 addresses. according to to a Dune Analytics dashboard.
In total, the project plans to drop four billion tokens, or 40% of Jupiter’s total supply, to users in four phases. According to Jupiter, future airdrop rounds will also reward new users.
User complaints about the launch pool
The token launch has not been without controversy. Some users complained about the token launch pool used by the team to sell tokens to the public.
In response, the project’s pseudonymous founder, Meow, said the team was transparent about the operation of the launch pool. The founder claimed that the team’s sales ratio was reduced from 20% to 5% and then to 2.5% of the token supply. Meow added that the team could have raised more money if it had wanted to through an initial DEX offering or over-the-counter sales – implying that it has taken a more transparent approach.
“Doing it this way gives airdrop recipients a huge pool to continually sell into, while potential buyers have the assurance that there is a large pool to absorb the heavy selling pressure from airdrops, giving them an immediate huge stretch will cause,” said Meow.
