Solana’s Jupiter DEX Launches Native DAO, Raises $137M

Solana’s Jupiter DEX has initiated its native DAO and raised an impressive $137 million in initial funding.

Jupiter, the decentralized exchange operating on the Solana network, is introducing its DAO, dubbed Jupiter.

As per the Jupiter team, the platform plans to allocate $10 million in USDC (USD Coin) and 100 million of its native JUP tokens, currently valued at $127 million, to kickstart its DAO initiative.

With this substantial funding, Jupiter aims to finance proposals using USDC and allocate JUP tokens for long-term incentive alignment with JUP contributors. The project team intends to replenish the DAO budget annually.

Jupiter stands as one of the most prominent decentralized applications within the Solana blockchain ecosystem. According to DefiLlama, this DEX accounts for roughly 8% of Solana’s total TVL (Total Value Locked). Presently, the token boasts a fully diluted market capitalization of $12.5 billion.

The cryptocurrency community took particular notice of the platform towards the end of January, especially during the JUP token’s decline on Solana.

During the airdrop, the exchange distributed one billion tokens, valued at $660 million, to its users. These tokens were given to cryptocurrency traders who engaged in transactions on the platform up until November 2, 2023.

Also Read: KCS: Investors Pull $350 Million Worth of ETH, USDT, and USDC from KuCoin

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