Bitfinex Lists Jupiter (JUP) Ahead of Its Major Airdrop Event

YEREVAN (CoinChapter.com) — Crypto exchange Bitfinex listed Jupiter (JUP) on Jan. 29 while calling the Solana ecosystem token “highly anticipated.” The exchange also noted that it is among the first JUP listers among rivals, which gives them an advantage if the upcoming JUP Airdrop goes well. However, let’s discuss the situation point by point.

Bitfinex Listing Jupiter

As CoinChapter reported, Jupiter (JUP) saw an enormous surge in trading volume on Jan. 29. Volumes topped $480 million amidst mass interest in a new “memecoin” called Wen. But back to JUP.

Bitfinex said Solana’s growing popularity defined the exchange’s decision to list Jupiter’s new token. Henry Child, the Head of Tokens at Bitfinex, also commented on the listing and noted the project for its “innovative potential.”

The popularity of Jupiter mirrors that of the considerable growth Solana has seen in recent months. We at Bitfinex recognize the innovative potential of Jupiter in the decentralized finance landscape, and we are thrilled to be one of the first exchanges to list the highly anticipated JUP token.

commented Child.

The announcement also stated that JUP deposits can be made from approximately 3:00 PM UTC on Jan 31, 2024. Trading is scheduled to be available from approximately 4:00 PM UTC the same day, with JUP trading against the US dollar (JUP/USD) and Tether tokens (JUP/USDT).

As of Jan 30, Jupiter’s total value locked (TVL) stood at $93 million ahead of the Airdrop.

JUP Airdrop Coming

The Jupiter (JUP) airdrop on Solana is set to distribute 1 billion JUP tokens on Jan. 31, 2024. This airdrop is part of Jupiter’s broader strategy to distribute 40% of its total JUP supply across four rounds to its community—the first round targets nearly 1 million early users of the platform.

Jupiter has gained significant traction in the DeFi space, with a reported $3.7 billion transaction volume in November 2023 alone. It started as a liquidity aggregator for token swaps and has expanded its offerings to include GMX-style perpetual futures.

The platform is also planning to launch a decentralized stablecoin, SUSD. The latter aims to offer a more decentralized alternative to existing stablecoins like Circle (USDC) and Tether (USDT). Solana liquid staking tokens (LSTs) will back the interest-free loans.

The JUP token serves as a governance token, allowing holders to vote on critical aspects of the platform, including liquidity and emission plans, token mints post-genesis, and projects for ecosystem initiatives.

To qualify for the first airdrop, wallets had to interact with Jupiter directly before Nov 2, 2023, making it one of the largest airdrops.