The world's most popular cryptocurrency exchange, Binance, has given the Solana DeFi protocol, Jupiter (JUP), a boost as it prepares to launch.
The decentralized finance (DeFi) protocol built on the Solana blockchain will be listed for exchange on Binance.
The announcement made on Wednesday via a blog post revealed that Jupiter (JUP) will be opened for trading for three spot trading pairs: JUP/USDT, JUP/FDUSD, and JUP/TRY.
The announcement has sent optimistic feelings across the Solana ecosystem as it prepares to commence the distribution of JUP tokens via an airdrop today, Wednesday, at 10 a.m. EST. Jupiter holders can start depositing JUP tokens after the airdrop.
This will enable them to start trading the tokens, which will begin on January 31, 2024, at 15:30 (UTC). Withdrawal will open on 2024-02-01 at 15:30 (UTC).
In addition, Binance placed the listing fee for JUP at 0 BNB. The token will stay on an isolated margin pair if JUP/USDT is a new borrowable asset within 48 hours from January 31, 2024, 15:30 (UTC).
Other prominent crypto exchanges like Kucoin, OKX, and Bybit have joined Binance to list the Solana-based token. This will make Jupiter (JUP) more accessible and increase the liquidity of the token after the airdrop.
Jupiter, a Solana-based decentralized trading aggregator, aims to give investors of its native token, JUP access to a user-friendly platform for trading, investing, and managing digital assets.
The DeFi protocol, which is set to launch an airdrop, aims to integrate the token within the Solana ecosystem.
However, the airdrop will be distributed only to about 955,000 Solana wallet holders who interacted with the Jupiter protocol before a snapshot taken on November 2, 2023.
According to Jupiter founder Moew, only 1 billion JUP tokens will be distributed during the airdrop. The founder added that 20% of the initial airdrop tokens will be distributed equally among all eligible wallets.
Another 70% will be allocated using a scoring system that gauges the user's engagement with the protocol. Additionally, 10% is set aside for community members and developers.
There are plans for future airdrops targeting new users, but the details regarding the timing and distribution remain undisclosed.
Jupiter (JUP) tokenomics shows a circulating supply of 1.37 billion available for launch instead of 1.7 billion JUP tokens.
These tokens have been allocated for several purposes, which include 1 billion (10%) tokens for airdrop, 250 million (2.5%) for a launch pool, and 50 million (0.5%) each for loans to centralized exchange market makers, and immediate liquidity pool needs respectively.
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