Bitfinex, a popular cryptocurrency exchange, has recently listed the highly anticipated Jupiter (JUP) token from the Solana ecosystem. This move gives Bitfinex an advantage as one of the first exchanges to list JUP, especially if the upcoming JUP Airdrop goes well.
The decision to list Jupiter was influenced by Solana’s growing popularity. Henry Child, the Head of Tokens at Bitfinex, praised Jupiter for its innovative potential. Starting from January 31, 2024, JUP deposits can be made, followed by trading against the US dollar (JUP/USD) and Tether tokens (JUP/USDT).
As of January 30, Jupiter’s total value locked (TVL) reached $93 million, indicating significant interest in the project. Additionally, on January 31, 2024, Jupiter will distribute 1 billion JUP tokens through an airdrop. This distribution is part of Jupiter’s strategy to allocate 40% of its total supply to the community, with the first round targeting nearly 1 million early users.
Jupiter has gained considerable traction in the DeFi space, with a transaction volume of $3.7 billion in November 2023 alone. It initially started as a liquidity aggregator and has expanded its offerings to include GMX-style perpetual futures. The platform also has plans to launch a decentralized stablecoin, SUSD, which aims to provide a more decentralized alternative to existing stablecoins like USDC and USDT. The interest-free loans of SUSD will be backed by Solana liquid staking tokens (LSTs).
The JUP token serves as a governance token, giving holders the power to vote on critical aspects of the platform. This includes decisions related to liquidity and emission plans, token mints, and ecosystem initiatives. To qualify for the first airdrop, users had to interact with Jupiter directly before November 2, 2023, making it one of the largest airdrops in history.