اقتصاد توکنی Jupiter (JUP)

The Jupiter (JUP) token is the governance token for the Jupiter ecosystem, a decentralized exchange aggregator on the Solana blockchain. The maximum token supply is 10.00 billion JUP. The token economics are structured around a 50/50 split between the team and the community, with specific mechanisms governing issuance, allocation, usage, incentives, and vesting.

Issuance and Allocation Mechanism

The total supply of 10.00 billion JUP was minted and split equally between the team and community wallets, resulting in 5.00 billion JUP (50.00%) for each major category.

Token Allocation Breakdown

The 10.00 billion JUP maximum supply is distributed across the following major categories:

Initial Distribution and Launch

The initial distribution included an Open Market Sale that began on January 31, 2024, utilizing a single-sided USDC-JUP Dynamic Liquidity Market Maker (DLMM) pool on Meteora.

• Launch Pool: 250 million JUP (2.50% of the maximum token supply) were allocated from the team's "Liquidity Provision" for this launch pool.
• Airdrop: The first airdrop distributed 1.00 billion JUP, targeting approximately 955,000 eligible wallets.

Usage and Incentive Mechanism

The primary use case for the JUP token is governance within the Jupiter ecosystem.

Token Usage

• Governance: JUP is intended to be the governance token for the Jupiter ecosystem, allowing tokenholders to vote on crucial items such as launchpad projects, strict list disputes, and grants. However, as of early 2024, verifiable evidence suggesting that JUP’s governance functionality for tokenholders is operational was not found.

Incentive Mechanisms

• Referral Program: Jupiter operates a Referral Program that allows protocol users to earn fees from swap transactions. By linking a specially authorized referral token account, users can divide swap fees between Jupiter and the referrer. Jupiter receives 2.50% of the platform fee charged by integrators.
• Liquidity Provisioning: The LFG Launchpad facilitates token launches and provides a liquidity provisioning mechanism, including a DLMM pool on Meteora. While a liquidity provisioning mechanism exists, a staking mechanism was not found.

Locking Mechanism and Unlocking Schedule

The JUP token allocation includes specific locking and vesting schedules, particularly for the team and strategic reserves.

Locking Mechanism

• Team Members Allocation (20.00%): This portion is subject to a one-year cliff followed by a two-year vesting schedule.
• Strategic Reserve Allocation (20.00%): This allocation is locked for at least one year, with the project team committed to providing a minimum of six months' notice to the community before any liquidity event occurs.
• Community Allocation (50.00%): No verifiable information regarding a vesting schedule for the Airdrops or Contributors and Grants allocations was found.

Future Unlocking Time

The following table details the next ten scheduled unlock events for the Jupiter (JUP) token, including the amount unlocked and the impact on the circulating supply:

The unlock event on February 28, 2026, is notably larger, releasing 200 million JUP, which represents a 6.38% increase relative to the circulating supply at that time. The monthly unlocks of approximately 53.47 million JUP each represent a 1.70% increase to the circulating supply.