Jupiter's JUP Token Airdrop Marks 2024's Largest Launch on Solana Network

Nearly a million eligible wallets set to receive JUP tokens as Jupiter's launchpad hosts event on January 31.

Solana's decentralized exchange aggregator (DEX) Jupiter is gearing up for the launch of its JUP token airdrop, poised to be the largest in 2024. The event is scheduled for today, with eligibility extending to almost a million Solana wallets.

Jupiter's airdrop claim is slated to commence at 10 a.m. ET through its proprietary launchpad, recently utilized for the successful WEN token launch on Solana. Approximately 955,000 wallets are in line for the JUP airdrop, encompassing early users who engaged with the protocol before a November 2 snapshot.

The distribution plan outlined by Jupiter indicates that 20% of the initial airdrop tokens will be evenly spread across all eligible wallets. Meanwhile, 70% will be allocated based on a "score-based distribution" linked to protocol usage, and the remaining 10% will be directed to community members and developers. The team has hinted at additional airdrops for new users in the future, although details on timing and potential benefits remain uncertain.

With a total of 10 billion JUP tokens being minted, half of this supply is earmarked for the community across multiple airdrops and other initiatives. The initial token claim on Wednesday will see 1 billion JUP tokens distributed, part of the 4 billion JUP designated for four airdrop waves. Another 1 billion JUP is slated for community contributors and grants, with specific timelines yet to be defined. Team and token needs, including a liquidity pool, will absorb half of the overall JUP supply, with the team only receiving tokens from January 2025 onward, following a two-year vesting cycle.

Jupiter's team recently announced adjustments to the initial circulation plan, revealing that 1.35 billion JUP will be in circulation on day one. This includes 1 billion JUP for the airdrop claim, 250 million JUP for a launch pool, and 50 million JUP each for "loans to centralized exchange market makers" and "any immediate liquidity pool needs." This revision is a reduction from the initially planned 1.7 billion JUP for immediate circulation.

The excitement around Solana continues to grow, with SOL experiencing a 25% surge over the past seven days, surpassing the $100 mark. This upward momentum aligns with heightened network activity in anticipation of Wednesday's Jupiter token airdrop. According to CoinGecko data, Solana has seen a 2% uptick, currently priced at approximately $103.