Jupiter DEX Announces Potential Projects for LFG Launchpad
The liquid staking platform Sanctum, NFT collateralization app Sharky, and cross-chain bridge deBridge are among the projects Jupiter is considering for its LFG launchpad.
Jupiter DEX announces potential projects for LFG launchpad. Image: CoinDesk Japan
Jupiter (JUP) has released a list of promising Solana-based projects being considered for its LFG launchpad, developed directly by the DEX itself. The three mentioned projects include Sanctum, a liquid staking solution; Sharky, an NFT collateralization platform; and deBridge, a cross-chain bridge.
Jupiter: Let's Go!
— meow 喵 (@weremeow) February 7, 2024
Hello space catdets! Over the last few months, we built a robust community of catdets with a common vision, scaled up our infrastructure to handle many levels of volume, tested a lot of things together, and overcame a hell lot of adversity together.
And now,…
Jupiter founder Meow stated that while they have identified potential projects, LFG remains a community platform, and final selection will involve community voting to determine the projects to be launched.
In addition to this announcement, Jupiter will initiate the Jupiter DAO governance structure in February, complete with operational budgets and specific rewards. Initially, this DAO will focus on vetting and assessing projects eligible for the launchpad, as well as providing grants to enhance the Solana ecosystem.
Meow declared that 100 million JUP tokens, valued at $54 million USD at the time of writing, will be allocated for the launchpad fees during Jupiter's deployment phase, distributed to participants in governance activities through Jupiter DAO during its first year.
In late January, Jupiter launched its JUP token through LFG, which sparked controversy within the crypto community. Earlier, the project experimented with LFG by issuing the memecoin WEN.
Controversy arose due to some disagreement over Jupiter allocating up to 100 million JUP tokens as launchpad fees for LFG, despite both projects being internally developed. Some critics also accused the Jupiter team of leveraging the launchpad pool to sell additional JUP tokens at inflated prices. However, Meow emphasized that the plan to distribute JUP tokens via LFG was transparently communicated to the community from the outset.
While all the JUP has been removed, we are leaving ~63.5M of USDC in the launchpool to serve as liquidity backstop for JUP. The USDC will be removed over the next 2-3 months. pic.twitter.com/2AQ7zIKwJO
— Jupiter 🪐 (@JupiterExchange) February 8, 2024
On February 7, Jupiter announced the closure of its JUP token sale pool on LFG as scheduled, withdrawing 96 million JUP tokens (worth $52 million USD) to the project's cold wallet, along with gradually withdrawing 63.5 million USDC in stages over the coming months.
