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 JUP native token via the LFG launchpad last week.<\/p>\n
After the scheduled closing of the JUP launch pool, Jupiter Exchange and its founder took X (formerly known as Twitter) to reveal the next steps for the Solana-based project.<\/p>\n
Jupiter: Let’s Go!<\/p>\n
Hello space catdets! Over the last few months, we built a robust community of catdets with a common vision, scaled up our infrastructure to handle many levels of volume, tested a lot of things together, and overcame a hell lot of adversity together.<\/p>\n
And now,\u2026<\/p>\n
\u2014 meow (@weremeow) February 7, 2024<\/a><\/p>\n\n As the pseudonym founder Meow stated, the LFG launchpad is Jupiter\u2019s \u201cinitiative to grow the pie by helping great projects get the awareness, community, and users to thrive in the long term.\u201d As a result, the founder presented three \u201cOG\u201d Solana projects to the community<\/a> that could be part of the next launchpad.<\/p>\n The first candidate is Sanctum, a liquid staking service with \u201cexperience building the first SPL program used by stake pools, and liquidity sources like unstake.it.\u201d The next project, Sharky, is an expanding NFT collateralization platform on Solana that allows \u201cNFT holders to borrow and lend against NFTS to acquire leverage or earn yields.\u201d<\/p>\n Closing the list, the cross-chain infrastructure provider deBridge is presented as a project that allows users to trade assets across chains in seconds without the need for wrapped assets or liquidity pools.<\/p>\n Jupiter\u2019s founder highlighted that the community would have the final say in any project\u2019s participation on the launchpad. Since LFG is a community<\/a> initiative where Jupiter\u2019s team \u201cshould play no role,\u201d it\u2019s up to the Solana users to discuss and decide if any projects are suitable for launch in the LFG platform.<\/p>\n Additionally, the post announced that the introduction process of the projects to the community would take part over the next two weeks through different channels, including special ones for each project and a summary on X. For the future, Jupiter\u2019s team will provide application channels for other projects interested in participating.<\/p>\n On February 7, the project confirmed in an update that the launch pool was closing after seven days, as previously scheduled. In the process, 90 million JUP tokens were withdrawn and moved to a cold multi-sig wallet, effectively taking them out of circulation.<\/p>\n The project also announced that the launch pool was left with 65.5 million USDC, which would serve as a liquidity backstop for JUP.<\/p>\n However, the USDC will be removed over the next couple of months in $10 million batches to allow the JUP token to regain price discovery while simultaneously \u201cassuring all participants that the team is committed to a long-term gradual withdrawal of USDC liquidity.\u201d<\/p>\n While all the JUP has been removed, we are leaving ~63.5M of USDC in the launchpool to serve as liquidity backstop for JUP. The USDC will be removed over the next 2-3 months. pic.twitter.com\/2AQ7zIKwJO<\/a><\/p>\n \u2014 Jupiter (@JupiterExchange) February 8, 2024<\/a><\/p>\n\n The founder\u2019s post shared Jupiter\u2019s intention to initiate a decentralized anonymous organization (DAO)<\/a> this month and \u201cincrementally evolve it into the most dynamic, most productive and proactive DAO in space.\u201d<\/p>\n Initially, the 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.<\/p>\n The team\u2019s update specified<\/a> the steps to encourage the community\u2019s participation and to fund it with the capital to pursue important initiatives. The steps include distributing 75% of future LFG launchpad fees to the governance participants, \u201c100M in JUP earned from the LFG launchpad for voting incentives, and 6.15M in operational funds from JUP Launch.\u201d<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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 JUP native token via the LFG launchpad last week.<\/p>\n After the scheduled closing of the JUP launch pool, Jupiter Exchange and its founder took X (formerly known as Twitter) to reveal the next steps for the Solana-based project.<\/p>\n Jupiter: Let’s Go!<\/p>\n Hello space catdets! Over the last few months, we built a robust community of catdets with a common vision, scaled up our infrastructure to handle many levels of volume, tested a lot of things together, and overcame a hell lot of adversity together.<\/p>\n And now,\u2026<\/p>\n \u2014 meow (@weremeow) February 7, 2024<\/a><\/p>\n As the pseudonym founder Meow stated, the LFG launchpad is Jupiter\u2019s \u201cinitiative to grow the pie by helping great projects get the awareness, community, and users to thrive in the long term.\u201d As a result, the founder presented three \u201cOG\u201d Solana projects to the community<\/a> that could be part of the next launchpad.<\/p>\n The first candidate is Sanctum, a liquid staking service with \u201cexperience building the first SPL program used by stake pools, and liquidity sources like unstake.it.\u201d The next project, Sharky, is an expanding NFT collateralization platform on Solana that allows \u201cNFT holders to borrow and lend against NFTS to acquire leverage or earn yields.\u201d<\/p>\n Closing the list, the cross-chain infrastructure provider deBridge is presented as a project that allows users to trade assets across chains in seconds without the need for wrapped assets or liquidity pools.<\/p>\n Jupiter\u2019s founder highlighted that the community would have the final say in any project\u2019s participation on the launchpad. Since LFG is a community<\/a> initiative where Jupiter\u2019s team \u201cshould play no role,\u201d it\u2019s up to the Solana users to discuss and decide if any projects are suitable for launch in the LFG platform.<\/p>\n Additionally, the post announced that the introduction process of the projects to the community would take part over the next two weeks through different channels, including special ones for each project and a summary on X. For the future, Jupiter\u2019s team will provide application channels for other projects interested in participating.<\/p>\n On February 7, the project confirmed in an update that the launch pool was closing after seven days, as previously scheduled. In the process, 90 million JUP tokens were withdrawn and moved to a cold multi-sig wallet, effectively taking them out of circulation.<\/p>\n The project also announced that the launch pool was left with 65.5 million USDC, which would serve as a liquidity backstop for JUP.<\/p>\n However, the USDC will be removed over the next couple of months in $10 million batches to allow the JUP token to regain price discovery while simultaneously \u201cassuring all participants that the team is committed to a long-term gradual withdrawal of USDC liquidity.\u201d<\/p>\n While all the JUP has been removed, we are leaving ~63.5M of USDC in the launchpool to serve as liquidity backstop for JUP. The USDC will be removed over the next 2-3 months. pic.twitter.com\/2AQ7zIKwJO<\/a><\/p>\n \u2014 Jupiter (@JupiterExchange) February 8, 2024<\/a><\/p>\n The founder\u2019s post shared Jupiter\u2019s intention to initiate a decentralized anonymous organization (DAO)<\/a> this month and \u201cincrementally evolve it into the most dynamic, most productive and proactive DAO in space.\u201d<\/p>\n Initially, the 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.<\/p>\nNext Steps For The Project<\/h2>\n
Solana\u2019s Community Holds The Power?<\/h2>\n
Next Steps For The Project<\/h2>\n