Solana DEX Aggregator Jupiter YUP
-6.60%
has proposed three “OG” Solana projects that could potentially become the next tokens launched on its new LFG launchpad.
Jupiter launched its own native governance token, JUP, via the launch pad last week, coinciding with an airdrop to nearly a million wallets on Solana. Independent Solana-based memecoin WEN was the first token launch to test the LFG launchpad last month.
Liquid staking service Sanctum, NFT collateral platform Sharky and cross-chain interoperability protocol deBridge were marked as the next potential LFG candidates in a message from Jupiter’s pseudonymous founder Meow yesterday, inviting them to share their plans.
Despite appearing to have chosen these projects, Meow emphasized that LFG is a community initiative and that the Jupiter team should have no role in selecting the tokens suitable for launch. That will be decided by a community board vote.
“Over the next two weeks we will be introducing these projects to the community through various channels, including a town hall, a dedicated channel for each project and also X summaries,” Meow said. Other projects can also register.
In addition to further product updates, Jupiter plans to initiate the Jupiter DAO this month with operational funds and participation incentives. The DAO will initially focus on evaluating and approving the launch pad projects, approving grants and releasing budgets for ongoing community and ecosystem initiatives. All launchpad fees earned from the launch of the JUP token – approximately 100 million JUP worth $54 million – will be allocated as an incentive to board participants in the first year, Meow said.
Closing the Jupiter Token Launch Pool
The launch of JUP was not without some controversy. Some users complained about the token launch pool used by the team to sell tokens to the public. Responding at that moment, Meow said it was transparent about the operations of the launch pool.
Yesterday, Meow confirmed that the pool was closed as planned, seven days after launch, with the 96 million JUP tokens ($52 million) removed to a cold multisig wallet and almost 70 million USDC to be transferred in $10 million batches over the coming period. would be removed. few months.
The launch pool is designed to stabilize volatile price fluctuations and allow airdrop recipients and early buyers to sell into the pool if they wish. “However, this pool is not good for price discovery because of the buying and selling walls on both sides,” Meow said. Adding its closure allows JUP to regain price discovery.
JUP is currently trading at $0.54, according to The Block’s data dashboard.
JUP/USD price chart. Image: The block/trade view.
