Solana-based decentralized exchange (DEX) finally launched its Jupuary airdrop today, with more than 2 million wallets eligible to receive JUP tokens.
Jupiter is distributing 700 million JUP worth around $500 million. The airdrop started today, but eligible users will have three months to claim their tokens.
The Highly Anticipated Jupuary Airdrop
The Jupuary airdrop is valid for three distinct groups. The largest allocation is for token swappers, who will receive 425 million JUP tokens.
Stakers will be the second largest recipients, with 75 million JUP airdrop. The final category includes active governance participants in the Jupiter ecosystem and community contributors.
Meanwhile, JUP dropped over 8% following the Jupuary airdrop launch. This was anticipated, as airdrop recipients would liquidate their rewards across different exchanges.
JUP Daily Price Chart
The token’s daily trading volume also spiked by over 100%, according to CoinMarketCap data.
On the other hand, some users have reported being unable to claim their award tokens. Jupiter responded saying that the claims process is slow due to the large volume of users. However, all claims will be processed.
“The pie is growing too fast claims are a little slow, but are still working. We’re being throttled by web2 infrastructure providers, so requests are still going through but slow. Working around now! Be patient with us,” Jupiter wrote on X (formerly Twitter)
Jupiter is currently the largest decentralized exchange on the Solana network. In the past month, the exchange recorded over $870 million in trading volume.
Jupuary is also one of the largest crypto airdrops in recent months. The JUP token was launched just a year ago and it quickly reached a peak of $1.75 due to the Solana meme coin hype. The tokens has declined since then.
Top 5 DEXs on Solana Based on Trading Volume. Source: DappRadar
Most recently, the altcoin was added to Grayscale’s list of potential investment assets for this year.
Overall, crypto airdrops have intensified throughout 2024 and the trend continuous this year. More new projects are announcing airdrop details to gian community engagement and potentially onboard large volume of wallets to their ecosystems.
