Jupiter’s pseudonymous founder Meow has heard the complaints about yesterday’s huge JUP airdrop on Solana, and he insists the critics have gotten all of it mistaken.
“You already know what I noticed, guys? How many individuals don’t perceive something,” Meow mentioned right now on Rug Radio’s reside “FOMO Hour” about crypto influencers pushing again on the drop. “They solely perceive purchase/promote.”
Solana decentralized change (DEX) aggregator Jupiter launched the largest airdrop to date in 2024 on Wednesday, serving up 1 billion whole JUP tokens to assert—over $700 million price on the peak worth yesterday. Solana’s community held up, JUP’s worth popped, and almost half 1,000,000 wallets have already claimed their baggage.
Nonetheless, there’s been backlash. Viral tweets have painted the airdrop as a token sale by Jupiter’s founders—an ICO in disguise. That is due to a 250 million JUP launch liquidity pool established by the staff utilizing tokens pulled from the staff’s half of the ten billion JUP provide.
Meow—recognized for his essay-length tweets—has spent a lot of Thursday so far responding to and repudiating what he claims is “FUD” across the airdrop, the aim of the launch pool, and what occurs to these tokens as soon as the pool is closed.
In accordance with Meow’s tweets and feedback on the present, the 250 million JUP supplied to the launch liquidity pool can be out there for seven days from the launch for anybody to promote into. After that, Meow mentioned that the tokens (JUP and USDC) can be withdrawn again into the staff’s treasury or used to prop up different liquidity swimming pools.
What’s extra, the Jupiter founder says all this info was out there for any would-be purchaser to grasp within the days main as much as the launch. All they needed to do was learn it earlier than aping in, he says.
Meow elaborated in tweets that one of these method, with a launch liquidity pool funded by the staff amid the large-scale airdrop, is supposed to profit JUP holders. And if the staff exhibits that the token has worth, and the pool’s tokens are finally extra useful on the finish of the seven-day interval than at the beginning, then that’s a good consequence in Meow’s view.
And for anybody who doesn’t like Jupiter’s method or doesn’t really feel like Meow’s clarification satisfies their issues, he instructed the “FOMO Hour” staff that they’ve a straightforward out whereas the launch pool stays lively for six extra days.
“I will inform folks, —hate all you need for six days. You may all the time promote at this worth, irrespective of how [big of a] dump it’s. There’s all the time this pool prepared so that you can dump into proper now.”
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