Jupiter, a decentralized exchange (DEX) aggregator built on Solana, has revealed plans to potentially introduce three additional tokens through its launchpad. This announcement comes shortly after the launch of its native token, JUP, via the LFG launchpad last week.
Does Solana’s Community Possess the Authority?
Following the scheduled closure of the JUP launch pool, Jupiter Exchange and its founder utilized X (previously known as Twitter) to unveil the subsequent actions for the Solana-based project.
As Meow, the pseudonymous founder, expressed, the LFG launchpad serves as Jupiter’s endeavor to foster the growth of noteworthy projects, ensuring they garner awareness, community support, and users for sustained success. Consequently, three “OG” Solana projects have been proposed to the community for potential inclusion in the next launchpad.
The first contender is Sanctum, a liquid staking service boasting expertise in constructing the initial SPL program utilized by stake pools, alongside liquidity sources like unstake.it. Next up is Sharky, an expanding NFT collateralization platform on Solana, enabling NFT holders to borrow and lend against their assets for leverage or yield generation.
Rounding off the selection is deBridge, a cross-chain infrastructure provider facilitating rapid asset trading across chains without the necessity for wrapped assets or liquidity pools.
Jupiter’s founder emphasized that the community will ultimately decide on project participation in the launchpad. Given that LFG is a community-driven initiative where Jupiter’s team “should play no role,” it’s the responsibility of Solana users to deliberate and determine if any projects are fit for launch on the LFG platform.
Furthermore, the post outlined that the projects’ introduction process to the community will occur over the next two weeks through various channels, including dedicated ones for each project and a summary on X. Looking ahead, Jupiter’s team will establish application channels for other projects interested in joining.
Project’s Next Moves
The project confirmed in an update on February 7 that the launch pool, as scheduled, closed after seven days. In this process, 90 million JUP tokens were withdrawn and transferred to a cold multi-sig wallet, effectively reducing their circulation.
Additionally, the project revealed that the remaining balance in the launch pool consists of 65.5 million USDC, serving as a liquidity backstop for JUP. However, the USDC will be gradually withdrawn in $10 million increments over the next few months. This approach aims to facilitate price discovery for the JUP token while assuring participants of the team’s commitment to a gradual withdrawal of USDC liquidity.
The founder of Jupiter announced the intention to establish a decentralized autonomous organization (DAO) this month, aiming to transform it into a leading and dynamic entity within the space gradually. Initially, the JUP DAO will focus on tasks such as evaluating and approving launchpad projects, allocating budgets for working groups, approving grants, and funding community initiatives. To encourage community involvement and provide financial support, the team plans to distribute 75% of future LFG launchpad fees to governance participants, allocate 100M JUP earned from the LFG launchpad for voting incentives, and utilize 6.15M JUP from operational funds for this purpose.
Jupiter is trading at $0.5276 in the daily chart. Source: JUPUSDT on Tradingview.com
