Jupiter, the decentralized exchange that operates on the Solana blockchain, has announced the start of JUP, its own DAO (Decentralized Autonomous Organization). A significant amount of funds, a total of $137 million, is what the platform plans to put into this project.
The Jupiter team has said that this allocation includes 10 million USD Coins (USDC) and 100 million of its own JCP coins, which are worth $127 million at the present time.
Jupiter’s Growth Strategy Unveiled
It is the primary objective of this significant investment to encourage new ideas to grow in the decentralized finance (DeFi) area. JUP wants to encourage long-term involvement and contribution from J.U.P investors by giving them USDC funds and JUP tokens worth $127 million and more.
It is expected that the project team will add to the DAO’s budget every year to keep it functioning and encourage more growth. According to data from DefiLlama, JUP is one of the most well-known decentralized apps in the Solana ecosystem. It makes up about 8% of the total value locked (TVL) in Solana’s DeFi landscape.
At the moment, Jupiter’s native token has a market value of a substantial $12.5 billion, even after all of its liabilities. The cryptocurrency community has been closely following what is going on with Jupiter, especially since the end of January, when the value of the JUP token on the Solana network started to change.
A significant occurrence that stands out is the exchange’s “airdrop,” in which one billion tokens worth $660 million were distributed to its users. These tokens were given to cryptocurrency traders who used the platform to make deals until November 2, 2023.
