Jupiter, the decentralized exchange on the Solana network, is launching its DAO Jupiter. The platform will allocate 10 million USD Coin (USDC) and 100 million of its native JCP tokens, currently valued at $127 million, to launch its DAO Jupiter. This operational budget provides the DAO the capability to fund ideas with USDC and have the JUP allocation for long-term incentive alignment with J.U.P Catributors.

With this budget, Jupiter intends to fund ideas with USDC and distribute JUP funds for long-term incentive alignment with J.U.P Cattributors. The project team is expected to replenish the DAO budget annually. The funds are stored in a DAO multisig consisting of 3 members from the team and @C2yptic from CWG. Over the next few weeks, the multisig will be expanded to include additional signers – ideally one nominated catdet and an ecosystem leader, and an additional key provided to a professional custodian.

Jupiter is currently one of the most popular decentralized applications on the Solana blockchain, accounting for approximately 8% of the ecosystem’s total TVL. The token currently has a fully diluted market capitalization of $12.5 billion.

The crypto community paid particular attention to the platform at the end of January amid the drop in the JUP token on Solana. During the airdrop, the exchange distributed one billion tokens worth $660 million to its clients. The coins were transferred to cryptocurrency traders who carried out transactions on the site until Nov. 2, 2023.

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