The JUP Airdrop
In a notable development for cryptocurrency enthusiasts, Jupiter, a DEX (Decentralized Exchange) aggregator on the Solana blockchain, recently announced the launch of its much-anticipated JUP token airdrop.
This event, officially announced on the project’s official airdrop site and Twitter page, marks a significant milestone for Jupiter and its community of users. This is also one of the bigger rewards long-term Solona holders have seen in a while since FTX resulted in worries over Solona due to FTX being major holders.
TIP: Other tokens can airdrop related to Jupiter. For example, WEN was claimable by Jupiter users. Follow their twitter for more information.
JM! Have you claimed your $WEN airdrop yet?
— Jupiter 🪐 (@JupiterExchange) January 28, 2024
How to Claim the JUP Airdrop
Tokens for the JUP Airdrop are claimed on the official Airdrop website. To claim the tokens you must use a web3 browser and connect with a Solona wallet that meets criteria based on factors like wallet age and protocol use (more below).
The official Jupiter website provides detailed instructions and criteria for eligibility. Additionally, for real-time updates and community interactions, following Jupiter’s Twitter account is recommended. It’s crucial to note that interacting with Jupiter requires a Solana wallet.
How to claim JUP steps:
- Go to https://airdrop.jup.ag/.
- Connect a Solona wallet using the button on the button of the page (see image below).
- Click claim.
You will know you have tokens to claim if tokens are shown while connected to a wallet. It is as simple as that.
The Community’s Mixed Reactions
According to the Block, as the airdrop commenced, a mixed response echoed across the community. As users began claiming their tokens, some voiced dissatisfaction over their allocated amount. This discontent, predominantly shared on social media and Discord channels, stemmed from expectations of higher allocations based on factors like wallet age and protocol usage.
This isn’t an uncommon criticism with token drops, but it is notable because it can lead to subpar performance after the air drop due to sentiment toward the project shifting.
The Airdrop’s Structure and Phases
Jupiter’s airdrop aims to distribute a substantial portion of its token supply – 4 billion out of the total 10 billion JUP tokens, constituting 40%. As announced last November, the distribution is planned to be in four phases. The first phase releases one billion Jupiter tokens to eligible users, determined by a minimum swap volume of $1,000 on the protocol by the snapshot date of November 2.
1. Initial Phase and Distribution Criteria
According to the pseudonymous founder of Jupiter, known as Meow, the first phase of the airdrop includes a 2% distribution of tokens across all participating wallets. An additional 7% is allocated through a “tiered score based distribution,” which considers adjusted volume. Community engagement is also rewarded, with 1% of the tokens allocated to active members on Discord and Twitter, as well as developers.
2. Rewarding Power Users and Community Engagement
Meow emphasized that this allocation strategy aims to significantly reward power users and contributors, while also enticing the broader community to engage more with Jupiter. This approach reflects a thoughtful balance, acknowledging both the heavy traders and the wider user base that contributes to the ecosystem in various ways.
3. Jupiter’s Trading Volume and Wallet Insights
Highlighting Jupiter’s impact in the crypto space, the founder shared impressive statistics: a cumulative trading volume of $35 billion by October, with a striking 80% of this volume generated by just 0.2% of all wallets.
Jupiter’s airdrop represents not just a significant event for the project itself but also a notable moment in the evolving landscape of decentralized finance (DeFi). As the airdrop progresses, it will be interesting to see how this distribution impacts user engagement and the overall dynamics within the Solana ecosystem.