توكنوميكس Jupiter (JUP)

The Jupiter (JUP) token is the native governance token for the Jupiter ecosystem, a leading decentralized exchange aggregator on the Solana blockchain. The tokenomics are structured around a fixed maximum supply, a balanced allocation between the team and community, and mechanisms designed to incentivize participation and long-term commitment.

Issuance Mechanism

The JUP token has a maximum total supply of 10 billion JUP.

The initial issuance and distribution were split equally between the team and the community, with 5 billion JUP (50% of the total supply) allocated to each.

Allocation Mechanism

The total supply of 10 billion JUP is divided into two main categories: Team Allocation and Community Allocation, each receiving 50% of the total supply.

Team Allocation (50% of Total Supply)

The 5 billion JUP allocated to the team is further broken down:

• Team Members (20% / 2.00 billion JUP): This portion is subject to a vesting schedule.
• Strategic Reserve (20% / 2.00 billion JUP): This reserve is intended to be locked for at least one year, with the community guaranteed a minimum of six months' notice before any liquidity event occurs. A portion of this reserve (500 million JUP, or 5% of the total supply) was allocated to SPL MER tokenholders.
• Liquidity Provision (10% / 1.00 billion JUP): This allocation is designated for providing liquidity.

Community Allocation (50% of Total Supply)

The 5 billion JUP allocated to the community is broken down as follows:

• Airdrops (40% / 4.00 billion JUP): This is planned to be distributed across four rounds. The first airdrop targeted users who interacted with Jupiter before November 2023, with 1 billion JUP withdrawn from the community wallet for this initial distribution and near-term community needs. Future airdrops are hinted to be planned annually in "Jupuary" (January).
• Community Contributors and Grants (10% / 1.00 billion JUP): This portion is reserved for rewarding community contributors and funding grants, though details on the compensation mechanism were not publicly disclosed as of early 2024.

The overall token allocation is summarized in the table below:

Usage and Incentive Mechanism

The JUP token's primary utility is governance within the Jupiter ecosystem.

Governance

JUP holders are intended to participate in the Jupiter DAO, voting on crucial ecosystem matters, including:

• Selecting projects for the LFG Launchpad.
• Resolving strict list disputes.
• Approving grants.

However, as of early 2024, verifiable evidence of the JUP governance functionality for tokenholders being fully operational was not available.

Incentives and Rewards

The ecosystem employs several mechanisms to incentivize participation:

1. Airdrops: A significant portion of the supply (40%) is dedicated to airdrops, rewarding early and active users.
2. Liquidity Provisioning: Jupiter's LFG Launchpad utilizes a Dynamic Liquidity Market Maker (DLMM) pool on Meteora for liquidity, offering an airdrop mechanism and tools for designing liquidity pool price curves.
3. Referral Program: Jupiter's Referral Program allows integrators to set platform fees on swaps. Jupiter receives 2.50% of the platform fee charged by the integrators, while the referrer earns the remainder of the fee.
4. Staking Rewards: While some sources mention 75 million JUP tokens designated for stakers, with quarterly Active Staking Rewards (ASR) based on staking amount and governance participation, other sources indicate that a general staking mechanism for JUP was not found as of early 2024.

Locking Mechanism and Unlocking Time

Specific locking and vesting schedules are detailed for the team's allocation:

Locking Mechanism

• Team Members Allocation (20%): This allocation is subject to a one-year cliff followed by a two-year vesting period.
• Strategic Reserve Allocation (20%): This portion is locked for at least one year. The project team is required to give a minimum of six months' notice to the community before any liquidity event can occur for this reserve.
• Initial Launch Pool Lock: The initial open market sale on January 31, 2024, utilized a single-sided USDC-JUP DLMM pool on Meteora. This launch pool acted as an initial liquidity provision and was locked for seven days. During this lock, the USDC used to purchase JUP remained in the pool to provide price support.

Unlocking Time

While the general vesting terms for the team and the lock-up period for the Strategic Reserve are known (one-year cliff/two-year vest for team, one-year lock for Strategic Reserve), detailed, specific future unlock dates and amounts for the JUP token were not available.