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Solana DEX Jupiter's JUP Token to Debut With 1.35B Circulating Supply
The JUP-USD perpetual traded at 65 cents on Aevo at press time, implying a market capitalization of $700 million at the inception.
Jupiter, a Solana-based decentralized trading aggregator, is scheduled to launch its native token, JUP, through an airdrop on Wednesday at 10 a.m. EST.
The token will have an initial maximum circulating supply of 1.35 billion, Jupiter's pseudonymous founder Moew said Tuesday in a forum post, downwardly revising the total number of coins available for trading from the previously decided figure of 1.7 billion.
STORY CONTINUES BELOW
In other words, the token could begin trading with a market capitalization of around $700 million, considering the JUP-U.S. dollar perpetuals traded at 65 cents on Aevo at press time.
Read more: Jupiter's JUP Token Soars After Massive $700M Airdrop to Solana Wallets
Of the initial circulating supply of 1.35 billion, 1 billion coins are for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool needs, and 250 million for a launch pool. Airdrop refers to crypto projects distributing free new or existing tokens en masse to their communities to boost adoption.
About 955,000 wallets that interacted with Jupiter before Nov. 2 are eligible for the JUP airdrop, according to data source Airdrop Official.
Everything you need to know about the Jupiter airdrop tomorrow in one page.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) January 30, 2024
(via Messari Intel) pic.twitter.com/8gH6oz0Zn1
Read: Solana Trading Aggregator Jupiter Sees Trading Volumes Jump Ahead of JUP Issuance
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
