Editing Jupiter

**Jupiter** is a decentralized exchange (DEX) aggregator on [[Solana]] that routes swaps across on-chain liquidity venues, and **JUP** is its token, airdropped on 31 January 2024.[^1][^2] CoinDesk described Jupiter's router as involved in the vast majority of on-chain swaps on Solana.[^2]

## Lore
### Exchange
Jupiter is led by a pseudonymous founder known as Meow.[^3] Memecoin traders reach most Solana pools through its router, and by January 2025 it had handled nearly $2.2 trillion in volume across 1.25 billion swaps, according to Dune data.[^4] Its LFG launchpad was used to launch [[Wen]] and then JUP itself.[^1]

At its first conference, Catstanbul, on 25 January 2025, Jupiter announced a majority stake in [[Moonshot]], an app for buying memecoins with Apple Pay that had handled nearly $400 million in volume during the debut of [[Official Trump|TRUMP]] and reached 1 million daily users by 20 January.[^3] It also bought the portfolio tracker SonarWatch and introduced "Ultra" mode, which automates slippage and priority fees.[^3] Ultra added a 5 basis point fee on basic swaps, and Jupiter said half of protocol fees would buy JUP for a long-term "litterbox" reserve.[^4]

### Token
JUP has a supply of 10 billion; 1.35 billion circulated on day one, including 1 billion for an airdrop to about 955,000 wallets that had used Jupiter before a 2 November 2023 snapshot.[^1] Trading opened at 10 a.m. ET on 31 January 2024; early bids near $0.41 rose to $0.72, giving a fully diluted value above $6 billion, and the airdrop was worth about $700 million.[^2] An unrelated 2017 Ethereum token with the same ticker rose more than 430% that day as traders bought the wrong JUP.[^5]

A second airdrop, "Jupuary", distributed more than $600 million in JUP on 22 January 2025.[^6] In June 2025 chief operating officer Kash Dhanda paused DAO voting until 2026, saying the DAO "isn't working as intended".[^7]

## Timeline
- 2023-11-02: airdrop eligibility snapshot[^1]
- 2024-01-31: JUP airdrop claim and trading open[^1][^2]
- 2025-01-22: second "Jupuary" airdrop[^6]
- 2025-01-25: Catstanbul; Moonshot stake, SonarWatch, Ultra mode[^3]
- 2025-02: Jupiter addresses the [[Libra]] launch; Meow plans an independent review[^8]
- 2025-06-20: DAO voting paused until 2026[^7]

## Controversies
After the LIBRA collapse in February 2025, Jupiter said a token tied to Argentina's president had been "an open secret" in memecoin circles but that no one at Jupiter knew the specifics in advance; Meow said neither Jupiter nor [[Meteora]], which he co-founded, engaged in insider trading, and sought to hire the law firm Fenwick & West for an independent review.[^8] Rival aggregator Titan's founder Chris Chung called Jupiter's 2025 acquisitions "monopolistic behavior".[^4]

## See also
- [[pump.fun]]
- [[LetsBonk]]
- [[Raydium]]
- [[SunPump]]
- [[Fomo]]
- [[Hyperliquid]]
- [[Launch Coin]]
- [[Alon Cohen]]

## References
1. [Jupiter Airdrop: Everything You Need to Know About Claiming JUP on Solana](https://decrypt.co/214841), Decrypt, 2024-01-30
2. [JUP Token Soars After Massive $700M Jupiter Airdrop to Solana Wallets](https://www.coindesk.com/markets/2024/01/31/jupiters-jup-token-soars-after-massive-700m-airdrop-to-solana-wallets), CoinDesk, 2024-01-31
3. [Solana DEX Jupiter acquires majority stake in Moonshot](https://cointelegraph.com/news/solana-dex-jupiter-acquires-majority-stake-in-moonshot), Cointelegraph, 2025-01-25
4. [Jupiter's Acquisition Spree, Buyback Plan Spark Solana Ecosystem Dominance Concerns](https://www.coindesk.com/business/2025/01/27/jupiter-s-acquisition-spree-buyback-plan-spark-solana-ecosystem-dominance-concerns), CoinDesk, 2025-01-27
5. [Traders pumped and dumped another 'JUP' during $700M Jupiter airdrop](https://cointelegraph.com/news/traders-pumped-different-jup-during-jupiter-solana-airdrop), Cointelegraph, 2024-02-01
6. [Jupiter to distribute over $600 million in 'Jupuary' airdrop today](https://www.theblock.co/post/336297/jupiter-to-distribute-over-600-million-in-jupuary-airdrop-today), The Block, 2025-01-22
7. [Jupiter pauses DAO governance to focus on DeFi growth](https://cointelegraph.com/news/jupiter-pauses-dao-governance-defi-growth), Cointelegraph, 2025-06-20
8. [Co-Founder of Crypto Firm Behind Trump, Melania Tokens Resigns Amid Insider Trading Allegations](https://decrypt.co/306498/co-founder-of-crypto-firm-behind-trump-melania-tokens-resigns-amid-insider-trading-allegations), Decrypt, 2025-02-18
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