Everything is ready for one of the most anticipated Solana universe airdrops of the year: at 16:00 the doors to the JUP claim, a new crypto launched by the decentralized exchange aggregator Jupiter, will officially open.
This is one of the largest token distributions in the history of airdrops, as there are over 950,000 eligible wallets that have conducted transactions on Jupiter before November 2023 and can now withdraw the crypto.
Binance, Bybit, Bitget and other CEX have already confirmed their participation in the JUP listing, which will take place simultaneously with the claim: what will be the initial price of the coin?
Let’s see all the details below
Jupiter launches an airdrop to Solana users: claim at 4 PM
After months of waiting for contributors to the Solana crypto ecosystem, the time for theJupiter airdrophas finally arrived, an aggregator of prices for decentralized cryptocurrency exchange.
The founder of the platform, known by the nickname “Meow”, had announced weeks ago the beginning of a preparatory phase for the launch of the new JUP resource, which culminates today at 4 pm (3 pm UTC) with the start of claims for all those who have been deemed eligible with their wallet at the event.
There are a total of 955,000 “Solana boys” who have carried out at least one transaction on Jupiter before November 2, 2023 and have qualified to redeem the JUP crypto.
In the following post, published by Meow himself, you can find all the details of the airdrop, including the website to check your token allocation.
In these 2 posts, we outline everything you need to know about JUP ahead of the launch tomorrow:
The Genesis Post, which includes key details about the JUP token, including all supply related numbers.https://t.co/6S59ItaOrq
In contrast to initial communications of 1.7B, the…
— meow (@weremeow) January 30, 2024
The distribution of the new crypto will be coordinated through Jupiter’s launchpad, which was also used a few days ago for the airdrop of the memecoin WEN.
In this initial phase, approximately 1.35 billion JUP tokens will be unlocked, of which 1 billion solely for the airdrop, 50 million for the creation of a decentralized pool, and 50 million for “loans to centralized companies” in order to ensure sufficient liquidity for trading on CEX.
The maximum supply is set at 10 billion JUP, with 3 billion of these being reserved for future waves of rewards to the Solana community.
Half of this maximum supply will be used by the team for various initiatives, with the aim of maximizing their own visibility and on-chain liquidity.
The Jupiter team obviously has the right to an initial portion of these coins, but they will be officially unlocked in 2025 after the completion of a two-year vesting cycle.
In this first airdrop round, the coins set aside by the Jupiter team will be distributed as follows: 20% of the initial airdrop tokens will be distributed equally among all wallets, while another 70% will be distributed among users based on a “score-based distribution” dependent on protocol usage. The remaining 10% will go to community members and developers.
Prediction of JUP crypto prices
As mentioned, there will be big names in the crypto world supporting the Jupiter airdrop that will involve almost 1 million Solana users.
Among these, first and foremost, we find the presence of top-level centralized exchanges such as Binance, Bybit, and Bitget, which will kick off the trading of the new currency between 16:00 and 16:30 Italian time, coinciding with the start of the claim on the dedicated platform for the airdrop.
Being Jupiter well-known as an aggregator in the Solana ecosystem, and being JUP a highly anticipated resource in this context with a quite limited initial supply, several users expect a stellar debut in terms of prices.
Initially, as also shared by the founder of Jupiter, JUP should be listed at a price of 0.4 dollars per token, with an estimated maximum of 0.7 dollars.
According to this initial condition, the crypto marketcap will be 400-700 million dollars.
0.7$ end price pic.twitter.com/idoE51mfbq
— Immutable Edge (@ImmutableSOL) January 29, 2024
According to Aleo’s estimates, a decentralized perpetual exchange platform, JUP should also start trading within that range.
In particular, after several days of speculation, the pre-market of JUP-USD is priced at 0.67 dollars per unit.
These estimates take into account all the information that circulates day after day in the Solana ecosystem to provide a plausible initial price.
It is worth noting, however, that pre-market trading like this is generally very illiquid, so it is not 100% reliable.
Leaving aside speculation about initial quotes, we remember that JUP, like many other similar cryptos, could experience a strong influx of demand from the first days of its debut on the market.
As we have indeed observed with recent airdrop distributions, many tokens launched with this methodology have then had an extremely bullish price action in the following weeks (see cases TIA, MANTA, ALT).
We can therefore expect the achievement of a 1 dollar quotation after a few days of trading on the market.
The strong growth of Jupiter in recent months: the DEX on Solana even surpasses Uniswap
Jupiter is a decentralized marketplace aggregator that has seen a strong increase in on-chain activities during the last months.
The speculations about the launch of JUP through airdrop have boosted the growth of platform usage metrics, which have recently exploded, reaching completely unexpected results on the Solana blockchain.
In particular, we can observe how Jupiter has been ranked as the most widely used dapp in the world DeFi in the last year, with its usage surpassing that of veteran applications like PancakeSwap, Uniswap, and Metamask.
Within the Solana space, Jupiter has stood out for having led about 80% of the organic volume recorded on the chain, elevating the platform as the users’ first choice for decentralized trades.
The most used DEXs are Raydium, Orca, and Drift, which handle the remaining influx of requests for exchanges on Solana.
It is also worth noting how in recent months, Jupiter has qualified as the second DEX in terms of volumes for the entire blockchain movement (not just Solana), second only to the industry leader Uniswap.
Recently there was even a day when Jupiter surpassed Uniswap, temporarily establishing itself as the DEX with the highest volumes in the entire DeFi.
This is an extraordinary result for a protocol that is not part of the Ethereum ecosystem.