Jupiter's JUP Token Successfully Launched with a USD 700M Airdrop

Jupiter's JUP Token Successfully Launched with a USD 700M Airdrop 

Jupiter has successfully launched its JUP token with a USD 700 million airdrop. The token was distributed to almost a  million wallet holders and is one of the largest airdrops in the crypto world.

 

JUP Tokens Airdrop Distribution Covers a Million Wallets 

Jupiter, a Solana-based decentralized trading aggregator, launched its native token, JUP, on January 31. The cryptocurrency world witnessed one of the largest token airdrops in its history. The launch event distributed JUP tokens valued at USD 700 million to nearly a million wallets.

Jupiter’s founder, pseudonymously known as weremeow on X, shared the launch details in a forum post, revealing the initial circulating supply of JUP as 1.35 billion tokens, a reduction from the earlier estimated 1.7 billion. The total supply of 10 billion JUP tokens is evenly split between the team and community wallets. The airdrop of one billion JUP is 10% of the total supply.

The distribution strategy was to engage and reward the community. The allocation includes 250 million JUP for a launch pool and 50 million each for loans to market makers on centralized exchanges and liquidity pools. 33 million JUP are for various contingencies.

The launch was notable for the massive scale of the airdrop and the impact on the Solana blockchain. The network was stable despite the huge influx of transactions, processing claims, and trades on decentralized exchanges with minimal issues. However, some RPC nodes that faced challenges in the initial 30 minutes did affect the user experience.

Token Registers Remarkable Growth

20% of the 1 billion JUP claims for the airdrop were over in the first hour. The token registered remarkable growth, opening at USD 0.41 and reaching USD 0.72, pushing its fully diluted market cap above USD 6 billion.

The JUP token was on the list of most of the centralized exchanges, including Bybit, Binance, Bitfinex, and Okx. The trading occurred shortly after the airdrop, with a baseline price aligned with the price curve of the liquidity pool at approximately USD 0.40.

The successful launch not only benefits JUP holders but also boosts confidence in the Solana network’s scalability and reliability.

Did you receive a JUP airdrop, and if so, what did you do? Please share your thoughts and opinions in the comments section below.