CEHV chief accuses the Jupiter team of selling $30 million worth of native token JUP on the asset’s launch day

What’s new? Adam Cochran, chief of the venture capital firm Cinneamhain Ventures (CEHV) has said that the team of decentralized exchange aggregator (DEX) Jupiter on the Solana network earned $30 million by selling the native token JUP on the first day of trading of the asset. He noted that the creators kept 50% of the offering, used their own platform for the sale, and took some liquidity out of the pool.

Source: Twitter.com

What else is known? JUP was launched on January 31, then it was listed by exchanges Binance and Bithumb, and the creators distributed 1 billion coins among active users of Jupiter. A total of 1,35 billion coins went into circulation on launch day, including the volume allocated to market makers.

The total supply is JUP 10 billion, 5 of which is allocated to airdrops and grants and the other 5 to the team. That said, it has been reported that the team will start to gradually receive its 5 billion JUP from January 2025, when the two-year unlocking cycle will be launched.

Cochran notes that the coins intended for the team have not been blocked for sale. “Shitty antics throwing away reputation of what could have been a *very* successful business long term. But, feels like they failed the marshmallow test. I wouldn’t ever trust someone who can’t wait for the other…” concluded the head of CEHV.

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On the launch day, the value of JUP reached $0,75, but it collapsed by 24% within a day, partially recovering to $0,6173 by the time of writing.

In response, the developer of Jupiter under the nickname @weremeow stated that he did not know “how to respond to this level of shitposting with zero facts.” At the same time, he committed to analyzing the dynamics of the asset’s value after the launch.

Source: Twitter.com

In a separate post, the developer said that the team’s stake in the overall offering had been reduced to 2,5%. He also added that the team could have earned more by utilizing over-the-counter (OTC) or initial DEX offering (IDO), but declined these methods in the interest of users.

Source: Twitter.com