The Phantom team, associated with the popular Solana wallet, has recently provided a comprehensive guide on the upcoming massive airdrop by Jupiter, a leading DeFi platform on the Solana blockchain.
- Project Name: Jupiter
- Token Ticker: $JUP
- Blockchain: Solana
- Sector: Decentralized Finance (DeFi)
- Business Model: According to the Phantom team, Jupiter serves as a liquidity aggregator for token swaps, perpetual futures, and a decentralized stablecoin.
Jupiter’s Role in DeFi
- Decentralized Stablecoin Initiative: The Phantom team highlights Jupiter’s plan to introduce SUSD, a decentralized stablecoin, as an alternative to traditional stablecoins like USDC and USDT. This initiative is driven by the desire to reduce custodial and regulatory risks.
- Transaction Volume: The Phantom team notes that Jupiter had a significant transaction volume in November 2023, surpassing other major protocols.
JUP Token Details
The JUP token, as detailed in Phantom’s guide, is a governance token integral to the Jupiter platform on the Solana blockchain. It plays a crucial role in the decentralized decision-making process within the Jupiter ecosystem.
Here are a few examples of the Functions and Roles of the JUP Token:
- Approval Rights: Token holders have the authority to approve key operational aspects such as liquidity and emission plans. This ensures that the community has a say in the fundamental financial operations of the platform.
- Sanctioning Authority: Holders of JUP tokens can sanction new token mints following the genesis mint. This function is vital for controlling the token supply and influencing Jupiter’s economic model.
- Voting on Ecosystem Initiatives: The JUP token grants its holders the right to vote on projects for ecosystem initiatives. This feature allows the community to steer the direction of Jupiter’s growth and its contributions to the broader DeFi landscape.
Eligibility for the JUP Airdrop
- Initial Airdrop Eligibility: The Phantom team states that around 955,000 wallets that interacted with Jupiter before 2 November 2023 are eligible for the first JUP airdrop.
- Future Airdrop Opportunities: The Phantom team advises that those not eligible for the current airdrop can look forward to future opportunities. They suggest following updates on Jupiter’s platform and engaging in activities on Jupiter to increase chances of receiving future JUP airdrops.
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