Jupiter exchange based on Solana launched a DAO with a budget of 139 million dollars

The team plans to allocate similar amounts annually for the development of the ecosystem.

Jupiter exchange based on Solana launched a DAO with a budget of 139 million dollars

The Jupiter team launched a decentralized autonomous organization (DAO) to manage the project and invested 10 million USDC stablecoins from Circle and 100 million native JUP tokens totaling $139 million in its multi-signature wallet. This budget will allow the DAO participants to finance developments and other initiatives for the development of the ecosystem.

To ensure that the DAO will be able to fulfill the tasks of developing the project in the long term, the team intends to allocate a similar amount of cryptocurrencies to it annually.

The funds are placed in a wallet signed by three members of the Jupiter team, as well as a member of the main working group under the nickname @c2yptic. Over the next few weeks, the number of subscribers will be increased, including a selected community member and ecosystem leader, as well as a third-party custodial company.

Jupiter is a decentralized exchange (DEX) based on the Solana blockchain, launched on the main network at the end of January this year. In terms of daily trading volume, it ranks second in the overall DEX rating with an indicator of $ 1.1 billion, second only to Uniswap, the third version, which works on the Ethereum blockchain. The total blocked value (TVL) of Jupiter, according to DeFiLlama, is $382.76 million.

On January 31, the launch and airdrop of the native JUP token took place. The total offer amounted to 10 billion coins, 1 billion was allocated for the first distribution, this amount is divided 50/50 between the community and the project team.

Later, the head of the venture capital company CEHV, Adam Cochran, accused the Jupiter team of selling JUP for $ 30 million on the day of the asset launch, in the first day since the start of trading, its exchange rate fell by 24%.

At the time of writing the news, JUP ranks 71st in the overall rating of cryptocurrencies by market capitalization with an indicator of $ 1.74 billion and is trading at $1.29, having lost 0.3% per day. The weekly drop was 1.6%. The JUP peaked on March 18 at $1.57.

Source: https://getblock.net/news/solana-based-jupiter-exchange-launches-a-139-million-dao

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