Solana’s Jupiter DEX initiates native DAO with initial capital of $137M

Jupiter, the decentralized exchange (DEX) on the Solana blockchain, is kickstarting its Jupiter DAO by allocating $10 million worth of USDC and $127 million worth of its native JCP token, totaling $137 million. This budget will enable the DAO to fund ideas using USDC and incentivize J.U.P Catributors with JCP tokens. To ensure long-term execution, the budget will be topped up annually. The ecosystem funds are initially stored in a DAO multisig wallet with three members, with plans to expand access to more custodians. The Jupiter DAO wallet address has already been funded with USDC and JCP.
Jupiter is currently one of the most popular decentralized applications on Solana, with a total value locked (TVL) of $381.49 million, experiencing a month-over-month growth of 86%. The DEX represents approximately 8% of the Solana ecosystem’s total TVL. The token currently has a fully diluted market cap of $12.5 billion.
Solana has seen significant growth, with a 807% increase in the past year, making it one of the largest cryptocurrencies by market cap. This growth has been fueled by the recent memecoin craze. On March 25, BODEN, a Solana memecoin parodying US President Joe Biden, surpassed $250 million in market cap, with a 54% gain in the last 24 hours.
Related: Solana leads in weekly stablecoin transfer volume.