Maintaining the highest levels of accountability and transparency is essential for the Jupiter team. Here is the first part.
Understanding the management of the $JUP token is key for stakeholders. Let’s explore more about the Jupiter (JUP) launch.
Upholding Transparency and Accountability in the $JUP Ecosystem
The $JUP token supply consists of 10 billion tokens, with the mint authority and freeze authority burned to ensure security and trust. The team cold multisig securely holds the metadata authority.
So, the token distribution plan, announced in Kickoff 9, splits the initial 10 billion 50/50 into Team Cold and Community Cold multisigs. From the Team Cold multisig, 1 billion tokens will be used for liquidity and 500 million in the single-sided JUP launch pool. Also, the community multisig will allocate 1.5 billion tokens for airdrops and community needs, with 2.5 billion tokens available in the first year.
In these 2 posts, we outline everything you need to know about JUP ahead of the launch tomorrow:
The Genesis Post, which includes key details about the JUP token, including all supply related numbers.https://t.co/6S59ItaOrq
In contrast to initial communications of 1.7B, the…
— meow 🥧 (@weremeow) January 30, 2024
The multisig structure is designed to prevent misuse of community-allocated tokens, premature vesting, and voting manipulation. The team is committed to responsible management, with a majority of 4 out of 7 signatories needed for decisions on the $JUP supply.
This structure includes the Jupiter Team, Independent Ecosystem Signers, and Professional Custodians. Independent Ecosystem Signers, respected members of the Solana community, ensure ecosystem buy-in and communication for the usage of long-term token allocations.
More About the Jupiter (JUP) Launch
Professional custodians serve as backup signers, activated in case of key loss, deadlocks, or emergencies. They provide an additional layer of security and discretion in decision-making. This multisig structure underscores Jupiter’s commitment to responsible stewardship of the $JUP token, ensuring its value for the Jupiter ecosystem, JUP DAO, and the broader Solana community.
Never fade the biggest planet IYKYK 💎
An exclusive interview with @weremeow days before the most anticipated airdrop in all of crypto $JUP you won't want to miss this one. pic.twitter.com/mQ0bcVKB0x— Luke Belmar 👽 (@lukebelmar) January 27, 2024
In conclusion, Jupiter’s ethos and values are embodied in the management of the $JUP token. The strategic token supply, distribution plan, and multisig structure demonstrate a commitment to transparency, accountability, and community trust.
You can read more info here.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
