Jupiter’s JUP Token Launch: Unveiling One Of Crypto’s Largest Airdrops
Jupiter achieved a major milestone with the successful launch of its JUP token, marking one of the largest token airdrops in crypto history on January 31.
The Solana-based decentralized trading aggregator distributed an impressive $700 million worth of JUP tokens to nearly a million wallet holders. weremeow, Jupiter’s founder, shared launch details in a forum post, announcing a reduced initial circulating supply of 1.35 billion tokens, contributing to a total supply of 10 billion JUP tokens, evenly split between team and community wallets. The 1 billion JUP airdrop, constituting 10% of the total supply, aimed at engaging and rewarding the community.
Despite challenges faced by some RPC nodes in the initial 30 minutes, the Solana blockchain demonstrated stability during the massive transaction influx. By the end of the first hour, users had claimed over 20% of the airdropped JUP, propelling the token’s price from $0.41 to $0.72. The successful launch not only benefits JUP holders but also instills confidence in the scalability and reliability of the Solana network.
Clever Robot News Desk 2nd February 2024