On Wednesday at 10 a.m. EST, Jupiter, a decentralised trade aggregator based in Solana, is going to airdrop its native cryptocurrency, JUP.
Jupiter’s founder, going by pseudonym Moew, said in a forum post on Tuesday that the token will have a maximum circulating supply of 1.35 billion upon launch. This represents a lower revision to the total amount of coins accessible for trading, which was originally determined to be 1.7 billion.
Put another way, given that JUP-U.S. dollar perpetuals were trading for 65 cents on Aevo at the time of writing, the token might have a market capitalization of about $700 million when it first starts to trade.
Airdrops are cryptocurrency projects that give away free new or existing tokens to their communities in large quantities to encourage adoption. Of the 1.35 billion coins that are initially in circulation, 1 billion are for airdrops, 50 million each for loans to market makers on centralised exchanges and liquidity pool needs, and 250 million for a launch pool. Approximately 955,000 wallets that interacted with Jupiter before November 2 are eligible for the JUP airdrop, according to data source Airdrop Official.