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.
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.”
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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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
