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 native token JUP via the LFG launchpad last week.
Does the Solana community have the power?
Following the scheduled closure of the JUP launch group, Jupiter Exchange and its founder took to X (formerly known as Twitter) to reveal the next steps for the Solana-based project.
Jupiter: Come on!
Hello space hunks! Over the past few months, we've built a strong community of catdets with a common vision, expanded our infrastructure to handle many levels of volume, tried a lot of things together, and overcome a lot of adversity together.
And now,…
– meow (@weremeow) February 7, 2024
As stated by the pseudonymous founder Meow, the LFG launch pad is Jupiter's “initiative to grow the pie by helping large projects build 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 launch pad.
The first candidate is Sanctum, a liquid staking service with “experience in creating the first SPL program used by staking pools and liquidity sources like unstake.it.” The next project, Sharky, is an expanding nft escrow platform on Solana that allows “nft holders to borrow and lend against NFTS to gain leverage or earn returns.”
Closing the list, cross-chain infrastructure provider deBridge presents itself as a project that allows users to exchange assets cross-chain in seconds without the need for packaged assets or liquidity pools.
The founder of Jupiter stressed that the community would have the final say in the participation of any project on the launch pad. Since LFG is a community initiative in which the Jupiter team “should not play any role”, it is up to Solana users to discuss and decide if any project is suitable for release on the LFG platform.
Additionally, the publication announced that the process of introducing the projects to the community will take place over the next two weeks through different channels, including special channels for each project and a summary about X. For the future, the Jupiter 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 release group would close after seven days, as previously planned. In the process, 90 million JUP tokens were withdrawn and moved to a multi-signature cold wallet, effectively taking them out of circulation.
The project also announced that the launch fund was left with 65.5 million USDC, which would serve as liquidity support for JUP.
However, USDC will be phased out over the next few months in $10 million batches to allow the JUP token to regain price discovery while “assuring all participants that the team is committed to a long-term gradual withdrawal of USDC liquidity”.
While the entire JUP was removed, we left ~63.5 million USDC in the launch pool to serve as liquidity support for the JUP. USDC will be phased out in the next 2-3 months. pic.twitter.com/2AQ7zIKwJO
— Jupiter (@JupiterExchange) February 8, 2024
The founder's post shared Jupiter's intention to start a decentralized anonymous organization (DAO) this month and “gradually evolve it into the most dynamic, productive and proactive DAO in the space.”
Initially, 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.
Updating the equipment. specified steps to encourage community participation and fund capital to carry out important initiatives. The steps include distributing 75% of future LFG launchpad fees to governance participants, “100 million in JUP obtained from the LFG launchpad for voting incentives and 6.15 million in operating funds of the launch of JUP”.
Jupiter is trading at $0.5276 in the daily chart. Source: JUPUSDT on Tradingview.com
Featured image from Unsplash.com, chart from Tradingview.com
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