Solana’s Jupiter Reveals Three Token Candidates For Next Launchpad
08 Februar 2024 - 10:00PM
NEWSBTC
Solana-based decentralized exchange (DEX) aggregator Jupiter
recently announced the possible launch of three new tokens through
its launchpad. The announcement follows the launch of its JUP
native token via the LFG launchpad last week. Related Reading:
Solana DEXs Outperform Ethereum In Key Metric, Here’s What This
Means Solana’s Community Holds The Power? After the scheduled
closing of the JUP launch pool, Jupiter Exchange and its founder
took X (formerly known as Twitter) to reveal the next steps for the
Solana-based project. Jupiter: Let's Go! Hello space catdets! Over
the last few months, we built a robust community of catdets with a
common vision, scaled up our infrastructure to handle many levels
of volume, tested a lot of things together, and overcame a hell lot
of adversity together. And now,… — meow 🥧 (@weremeow) February 7,
2024 As the pseudonym founder Meow stated, the LFG launchpad is
Jupiter’s “initiative to grow the pie by helping great projects get
the awareness, community, and users to thrive in the long term.” As
a result, the founder presented three “OG” Solana projects to the
community that could be part of the next launchpad. The first
candidate is Sanctum, a liquid staking service with “experience
building the first SPL program used by stake pools, and liquidity
sources like unstake.it.” The next project, Sharky, is an expanding
NFT collateralization platform on Solana that allows “NFT holders
to borrow and lend against NFTS to acquire leverage or earn
yields.” Closing the list, the cross-chain infrastructure provider
deBridge is presented as a project that allows users to trade
assets across chains in seconds without the need for wrapped assets
or liquidity pools. Jupiter’s founder highlighted that the
community would have the final say in any project’s participation
on the launchpad. Since LFG is a community initiative where
Jupiter’s team “should play no role,” it’s up to the Solana users
to discuss and decide if any projects are suitable for launch in
the LFG platform. Additionally, the post announced that the
introduction process of the projects to the community would take
part over the next two weeks through different channels, including
special ones for each project and a summary on X. For the future,
Jupiter’s team will provide application channels for other projects
interested in participating. Next Steps For The Project On February
7, the project confirmed in an update that the launch pool was
closing after seven days, as previously scheduled. In the process,
90 million JUP tokens were withdrawn and moved to a cold multi-sig
wallet, effectively taking them out of circulation. The project
also announced that the launch pool was left with 65.5 million
USDC, which would serve as a liquidity backstop for JUP. However,
the USDC will be removed over the next couple of months in $10
million batches to allow the JUP token to regain price discovery
while simultaneously “assuring all participants that the team is
committed to a long-term gradual withdrawal of USDC liquidity.”
While all the JUP has been removed, we are leaving ~63.5M of USDC
in the launchpool to serve as liquidity backstop for JUP. The USDC
will be removed over the next 2-3 months.
pic.twitter.com/2AQ7zIKwJO — Jupiter 🪐 (@JupiterExchange) February
8, 2024 The founder’s post shared Jupiter’s intention to initiate a
decentralized anonymous organization (DAO) this month and
“incrementally evolve it into the most dynamic, most productive and
proactive DAO in space.” Initially, the JUP DAO would focus on
evaluating and approving launchpad projects, ratifying budgets for
working groups, approving grants, and releasing budgets for ongoing
community and ecosystem initiatives. The team’s update specified
the steps to encourage the community’s participation and to fund it
with the capital to pursue important initiatives. The steps include
distributing 75% of future LFG launchpad fees to the governance
participants, “100M in JUP earned from the LFG launchpad for voting
incentives, and 6.15M in operational funds from JUP Launch.”
Related Reading: Solana: Jupiter (JUP) Price Tumbles Amid
Controversy – Buy Now? Jupiter is trading at $0.5276 in the daily
chart. Source: JUPUSDT on Tradingview.com Feature Image from
Unsplash.com, Chart from Tradingview.com
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