Markets News Report
January 30, 2024

Jupiter and WEN Developers Reveal the Ecosystem’s Future Steps, Allocate 0.75% of WEN Tokens to JUP DAO

Solana memecoins continue to be a hot topic in the crypto community. Following the explosive growth of BONK and Dogwifhat in December, a new meme token — WEN, launched on January 26, quickly caught users’ attention. The token’s trading volumes neared $200 million in just a few days after launch, according to CoinMarketCap data.

According to a recent statement by @weremeow, the developer of Jupiter and Meteora, one of the critical objectives of the WEN launch was to conduct a stress test of Jupiter’s new LFG launchpad. The developers position the LFG Launchpad as an attempt to provide a comprehensive support system for on-chain launches, aiming to enhance the success prospects of projects while simultaneously safeguarding users.

Regarding recent token decisions, @weremeow also noted that 1% of all WEN tokens were distributed to the Jupiter development team as part of the LFG Launchpad, with 0.75% allocated to Jupiter DAO.

The team has also announced the establishment of a Constant Product Market Maker (CPMM) liquidity pool, backed by a riskless loan of $250,000 in WEN tokens. This means that in case of a significant drop in the token’s price, the team will absorb the loan.

All these developments followed the burning of all unclaimed tokens (approximately 27% of WEN’s initial 1 trillion supply) on January 29. Contrary to the expectations of many token holders, the action resulted in a sharp price drop. In turn, this resulted in raising doubts among part of the community.

The developers acknowledge that the burning process and the lack of clarity regarding the token handover have caused pessimism among some community members. However, the team expressed optimism about the future plans for WEN, learning from the mistakes made. They also stated that these lessons will be considered for the upcoming airdrop of the platform’s governance token JUP, scheduled for January 31.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Ilya is an experienced writer specializing in the topics of blockchain technology and crypto markets. Over the years, he has worked on various articles, research publications, and full-fledged reports spanning across different fields. Ilya's passion lies in delivering up-to-date observations and insights to readers, driven by a commitment to contribute to the future landscape of the tech industry.

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Ilya Lazarev
Ilya Lazarev

Ilya is an experienced writer specializing in the topics of blockchain technology and crypto markets. Over the years, he has worked on various articles, research publications, and full-fledged reports spanning across different fields. Ilya's passion lies in delivering up-to-date observations and insights to readers, driven by a commitment to contribute to the future landscape of the tech industry.

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