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Solana’s Jupiter DEX Launches $137M Native DAO

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Solana's Jupiter DEX Launches $137M Native DAO

Jupiter, a decentralized exchange (DEX) on the Solana blockchain, plans to kickstart its Jupiter DAO by allocating $10 million worth of USDC and $100 million worth of its native JCP token. This amounts to a combined value of $137 million. The budget will provide the DAO with funds to support ideas using USDC and incentivize contributors with JUP tokens. The team also aims to replenish the budget annually to ensure the long-term execution of crucial tasks.

To illustrate additional contributions, the developers gave an example where if the DAO ends the year with 1.5 million USDC and 50 million JUP, the team will add 8.5 million USDC from revenues and transfer an additional 50 million JUP from the community cold wallets. Initially, the ecosystem funds are stored in a DAO multisig wallet with three members, but more custodians will be given access in the future.

In conjunction with the announcement, the Jupiter DAO wallet address received separate transactions of USDC and JCP. Jupiter is currently a popular decentralized application on the Solana blockchain, showcasing $381.49 million in total value locked (TVL). Its growth has been impressive, with an 86% increase month over month. At the time of publication, Jupiter DEX accounts for around 8% of the Solana ecosystem’s total TVL. The token itself has a fully diluted market cap of $12.5 billion, and Solana has emerged as one of the top cryptocurrencies by market cap, thanks in part to the recent memecoin craze.

One example of this memecoin frenzy is Jeo Boden (BODEN), a Solana memecoin parodying US President Joe Biden. Within a 24-hour period, it gained 54% and reached a market cap of over $250 million on March 25. Solana has experienced significant growth, boasting a 807% increase in the past year.

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