Solana-based Decentralized Exchange Jupiter Announces Possible Launch of Three New Tokens
Jupiter, a decentralized exchange (DEX) aggregator built on the Solana blockchain, has recently revealed its plans to potentially launch three new tokens through its launchpad. This announcement comes shortly after the successful launch of Jupiter’s native token, JUP, via the LFG launchpad last week.
Solana Community Decides on New Projects
Following the closure of the JUP launch pool, Jupiter Exchange and its founder took to Twitter to share their next steps. They introduced three potential projects that could be part of the next launchpad. The first project is Sanctum, a liquid staking service with experience in building SPL programs for stake pools and liquidity sources. The second project is Sharky, an expanding NFT collateralization platform that allows NFT holders to borrow and lend against their assets. The third project is deBridge, a cross-chain infrastructure provider that enables fast asset trading without wrapped assets or liquidity pools.
The Community’s Role in Launchpad Participation
Jupiter emphasized that the community would have the final say in which projects participate in the launchpad. As a community initiative, Jupiter’s team aims to have no role in the decision-making process. It will be up to Solana users to discuss and determine if these projects are suitable for launch on the LFG platform. The introduction process for these projects will take place over the next two weeks through various channels, including dedicated ones for each project and a summary on Twitter.
Next Steps for Jupiter Project
In an update on February 7, Jupiter confirmed the closure of the launch pool as scheduled. 90 million JUP tokens were withdrawn and moved to a secure wallet, effectively removing them from circulation. The remaining 65.5 million USDC in the launch pool will serve as a liquidity backstop for JUP. However, this USDC will be gradually removed in $10 million batches over the next few months to allow the JUP token to regain price discovery while assuring participants of the team’s commitment to a gradual withdrawal of USDC liquidity.
JUP DAO and Community Participation
Jupiter plans to establish a decentralized autonomous organization (DAO) called JUP DAO this month. The DAO will focus on evaluating and approving launchpad projects, ratifying budgets for working groups, approving grants, and releasing budgets for community and ecosystem initiatives. To encourage community participation, Jupiter will distribute 75% of future LFG launchpad fees to governance participants, provide 100 million JUP earned from the launchpad for voting incentives, and allocate 6.15 million JUP in operational funds from the JUP Launch.
Hot Take: Jupiter Expands its Solana-based Ecosystem with Three New Tokens
Jupiter is making significant strides in expanding its ecosystem on the Solana blockchain with the potential launch of three new tokens through its launchpad. By involving the community in the decision-making process, Jupiter ensures that its platform aligns with users’ preferences and demands. The introduction of Sanctum, Sharky, and deBridge showcases Jupiter’s commitment to supporting innovative projects across various areas such as staking services, NFT collateralization, and cross-chain trading infrastructure. With the closure of the JUP launch pool and plans for gradual withdrawal of USDC liquidity, Jupiter aims to establish a sustainable ecosystem while providing opportunities for community participation through the JUP DAO.
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