News Report Technology
March 21, 2024

Jupiter Allocates $10M USDC and 100M JUP to Jupiter DAO, Fuels Jupiverse Growth

In Brief

Jupiter allocates 10 million USDC and 100 million JUP to DAO to facilitate its involvement in public goods funding and expand the Jupiverse.

Jupiter Allocates $10M and 100M JUP to Jupiter DAO to Fuel Jupiverse Growth

Cryptocurrency exchange Jupiter (JUP) announced its allocation of 10 million USDC and 100 million JUP to Jupiter DAO–a decentralized autonomous organization aimed at fostering the growth of the Jupiter ecosystem–to facilitate its involvement in public goods funding and achieve its mission of expanding the Jupiverse. The funds will be transferred to a designated DAO wallet, with the 10 million USDC sourced from revenues and the 100 million JUP from the community allocation.

Additionally, Jupiter DAO intends to launch the Fund the Core Working Group proposal, outlining the operational framework of the working group and initiating community discussions regarding the grant program.

According to a post on the social media platform X, “The CWG has been working tirelessly to support the JUP community by bootstrapping and taking on crucial processes such as the LFG initiative, the Voting platform, and the Token-List. This is the first WG vote and an important one for confirming how WGs will work moving forward.”

Keep track of cryptocurrency distributions in our Airdrops Calendar.

Jupiter Emerges as Leading DEX Aggregator on Solana 

Jupiter is a platform aggregating liquidity from different decentralized exchanges (DEXs) on the Solana (SOL) blockchain, allowing users to access the most favorable rates for token swaps. Launched by pseudonymous developers in October 2021, Jupiter has listed over 740 tokens and offers more than 11,900 trading pairs. The platform strategically routes orders to various Solana-based exchanges, ensuring trades are executed at the best available price for the requested asset. Earlier this year, Jupiter distributed 1 billion of its governance token, JUP, through an airdrop to the community.

Currently, the platform is recognized as one of the largest DEX aggregators on Solana based on swap volume, experiencing a significant surge in trading volume from approximately $4 billion in November to over $33 billion in March.

Recently, according to data from CoinGecko, Jupiter has recorded higher trading volume in the past 24 hours compared to Uniswap V3’s Ethereum DEX, attributed to the prevailing memecoin trend on the Solana blockchain.

Over the past four months, the weekly DEX volume on Solana has been on the rise compared to Ethereum. Presently, the ratio of weekly DEX volume on Solana to that on Ethereum is 29.41%, marking an increase from 10.71% at the start of December 2023. Solana is trading at $189, reflecting a 10% increase over the last 24-hour period as of the writing time, based on data from CoinMarketCap.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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