The team plans to allocate similar amounts annually for the development of the ecosystem

Solana-based Jupiter exchange launches a $139 million DAO

28.03.2024 - 11:28

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3 min

What’s new? The Jupiter team launched a Decentralized Autonomous Organization (DAO) to manage the project and invested 10 million USDC stablecoins from Circle and 100 million JUP native tokens in its multi-signature wallet for a total of $139 million. This budget will allow DAO participants to fund development and other initiatives to grow the ecosystem.

Source: Twitter.com

What else is known? To ensure that DAO can fulfill the project’s development goals in the long term, the team intends to allocate a similar amount of cryptocurrencies to it each year.

The funds have been placed in a wallet whose signatories include three members of the Jupiter team, as well as a member of the core working group under the nickname @c2yptic. Over the next few weeks, the number of signatories will be expanded to include a selected community member and ecosystem leader, as well as a third-party custodian.

Jupiter is a decentralized exchange (DEX) based on the Solana blockchain, launched on the mainnet in late January this year. In terms of daily trading volume, it ranks second in the overall DEX ranking at $1,1 billion, behind only Uniswap version three, which runs on the Ethereum blockchain. Jupiter’s total value locked (TVL) is $382,76 million, according to DeFiLlama.

On January 31, the launch and airdrop of the native token JUP took place. The total supply amounted to 10 billion coins, 1 billion was allocated for the first distribution, this volume is divided 50/50 between the community and the project’s team.

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Later, the head of venture capital firm CEHV Adam Cochran accused the Jupiter team of selling JUP for $30 million on the day of the asset’s launch, On the first day of trading its rate fell by 24%.

At the time of writing the news, JUP is 71st in the overall ranking of cryptocurrencies by market capitalization with a figure of $1,74 billion and is trading at $1,29, having lost 0,3% over the day. The weekly decline amounted to 1,6%. JUP’s value peaked at $1,57 on March 18.

Earlier this month, the Web 3.0 wallet of the Binance crypto exchange integrated the Solana blockchain and added support for applications based on it, including Jupiter.

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