Solana DEX aggregator Jupiter JUP
-4.56%
put forward three “OG” Solana projects to potentially become the next tokens to launch on its new LFG launchpad.
Jupiter launched its own native governance token, JUP, via the launchpad last week, coinciding with an airdrop to nearly one million wallets on Solana. Independent Solana-based memecoin WEN was the first token launch to test the LFG launchpad last month.
Liquid staking service Sanctum, NFT collateralization platform Sharky and cross-chain interoperability protocol deBridge were highlighted as the next potential LFG candidates in a post by Jupiter’s pseudonymous founder Meow yesterday, inviting them to share their plans.
Despite appearing to have picked these projects, Meow emphasized that LFG is a community initiative and the Jupiter team should play no role in selecting the tokens suitable for launch. That will be decided by a community governance vote.
“Over the next two weeks, we will be introducing these projects to the community via a variety of channels, including a townhall, a special channel for each project and X summaries as well,” Meow said. Other projects will also be able to apply.
Alongside further product updates, Jupiter intends to initiate the Jupiter DAO with operational funds and participation incentives this month. The DAO will initially focus on evaluating and approving the launchpad projects, approving grants and releasing budgets for ongoing community and ecosystem initiatives. All launchpad fees earned from its JUP token launch — some 100 million JUP worth $54 million — will be allocated to governance participants over the first year as an incentive, Meow said.
Closing the Jupiter token launch pool
JUP’s launch did not pass without its controversy. Some users complained about the token launch pool being used by the team to sell tokens to the public. Responding at the time, Meow said it was transparent about the mechanics of the launch pool.
Yesterday, Meow confirmed that the pool was being closed as planned, seven days after the launch, with its 96 million JUP tokens ($52 million) removed to a cold multisig wallet and nearly 70 million USDC to be removed in $10 million batches over the next few months.
The launch pool was designed to stabilize volatile price swings and enable airdrop recipients and early buyers to sell into the pool if they chose to. “However, this pool is not good for price discovery, due to the buy and sell walls on both sides,” Meow said, adding its closure will allow JUP to regain price discovery.
JUP is currently trading at $0.54, according to The Block’s data dashboard.
JUP/USD price chart. Image: The Block/TradingView.
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