Jupiter, the leading decentralized exchange (DEX) on Solana, has officially announced its much-anticipated Jupuary airdrop, making over 2 million wallets eligible to claim 700 million JUP tokens worth approximately $500 million. Eligible users have three months to claim their allocations.
Who Qualifies for the Jupuary Airdrop?
The airdrop is divided into three categories:
- Token Swappers: The largest share of 425 million JUP tokens is allocated to active traders.
- Stakers: Users who have staked their tokens will receive 75 million JUP.
- Governance Participants & Contributors: Community members involved in Jupiter’s governance receive the remaining tokens.
After the airdrop launch, JUP’s price dropped over 8%, as many recipients liquidated their holdings across various exchanges. At the same time, JUP’s trading volume surged by more than 100%, according to CoinMarketCap data.
However, some users reported difficulties claiming their tokens due to high demand. Jupiter acknowledged the issue, citing slow processing due to Web 2 infrastructure limitations, but assured users that all claims are being processed.
Jupiter continues to dominate the Solana DEX market, recording over $870 million in trading volume in the past month. The JUP token, initially launched amid the Solana memecoin frenzy, once peaked at $1.75 but has since declined. In a bullish development, JUP has been added to Grayscale’s list of potential investment assets for 2024, signaling institutional interest.
Jupuary marks one of the largest airdrops in recent months, reinforcing the growing crypto airdrop trend. Throughout 2024, projects have increasingly used airdrops to boost community engagement and onboard users.
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