Markets News Report
February 08, 2024

Jupiter Removes 90 Million JUP and 10 Million USDC Liquidity from Issuance Pool

Jupiter Removes 90 Million JUP and 10 Million USDC Liquidity from Issuance Pool

The decentralized finance (DeFi) platform Jupiter unveiled a series of community-driven initiatives and the establishment of a decentralized autonomous organization (DAO).

Regarding the launch pool updates, Jupiter has withdrawn 90 million JUP tokens from circulation, to ensure a stable and sustainable environment for participants. Additionally, plans are in place to withdraw USDC in $10 million batches, with the first batch already completed. This gradual withdrawal of USDC liquidity is expected to facilitate price discovery while reaffirming the team’s dedication to long-term liquidity management.

Under the banner of “J.U.P.: Jupiter United Planet,” the platform is gearing up to embark on a journey to Jupiter, metaphorically speaking, by introducing key initiatives and updates throughout February. These initiatives include the launch of the J.U.P. initiative, product updates, and the introduction of potential projects to the community.

According to company announcement on platform X, one of the aspects of this development is the establishment of the Jupiter DAO. To enhance the growth of Jupiter, Solana and the broader ecosystem, the DAO will be fueled by capital generated from various sources.

To incentivize participation in the DAO, Jupiter plans to allocate governance incentives from launchpad fees, while operational needs will be covered by fees generated from the Decentralized Liquidity Mining Mechanism (DLMM). This allocation of resources is aimed at community engagement and decentralization.

Jupiter Introduces LFG Initiative, Prioritizing Community in Next Phase

As per Jupiter, 75% of future launchpad fees from the Let’s Find Growth (LFG) initiative and DLMM launchpool fees will be allocated to the DAO, ensuring ample resources for pursuing essential initiatives.

As part of the community-driven ethos, Jupiter is actively engaging its community in the decision-making process for potential LFG launches. Three projects – Sanctum, Debridge, and SharkyFi – have been identified as potential candidates for the LFG initiative. The community will have the opportunity to evaluate these projects and collectively decide on the first LFG launch.

Moreover, Jupiter emphasizes inclusivity, welcoming other projects to apply for involvement in the LFG initiative.

As Jupiter prepares for the next phase of its journey, the platform emphasizes inclusivity and community participation. Channels for project applications and community involvement have been established, reflecting Jupiter’s commitment to fostering an open and collaborative ecosystem.

Jupiter’s announcement signals a step forward in its evolution, marked by community-driven initiatives and the establishment of a robust governance framework. With the stage set for further growth and development, Jupiter is poised to make a lasting impact within the crypto community and beyond.

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

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

More articles
Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Figure Raises $675M Funding for Humanoid Robot Development, Collaborates with OpenAI for AI Model Research
Business News Report
Figure Raises $675M Funding for Humanoid Robot Development, Collaborates with OpenAI for AI Model Research
February 29, 2024
Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
News Report Technology
Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
February 29, 2024
FTX-Linked Crypto Hedge Fund Rebrands to MNNC Group, Attracts “Mid-Eight-Figure” Investment Post-FTX Collapse
Business News Report
FTX-Linked Crypto Hedge Fund Rebrands to MNNC Group, Attracts “Mid-Eight-Figure” Investment Post-FTX Collapse
February 29, 2024
Silence Laboratories Raises $4.1M Funding to  Protect Enterprise Data with Cryptographic Multiparty Computation 
Business News Report
Silence Laboratories Raises $4.1M Funding to Protect Enterprise Data with Cryptographic Multiparty Computation 
February 29, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.