Solana’s decentralized exchange (DEX), Jupiter, is making a significant investment of $137 million to kickstart its Jupiter DAO. This includes $10 million in USDC and $100 million worth of its native JCP token. The budget will enable the DAO to fund ideas using USDC and incentivize long-term alignment with J.U.P contributors.
To ensure the sustainability of the DAO, the budget will be topped up annually. Additionally, developers are open to additional contributions. Initially, the funds will be stored in a decentralized autonomous organization (DAO) multisig wallet, with plans to expand access to more custodians in the future. The Jupiter DAO wallet has already been funded with separate transactions of USDC and JCP.
Jupiter is currently one of the most popular decentralized applications on the Solana blockchain, with a total value locked (TVL) of $381.49 million. It has experienced impressive growth, increasing by 86% month over month. The DEX accounts for approximately 8% of the Solana ecosystem’s total TVL. The token itself has a fully diluted market cap of $12.5 billion.
Solana has seen remarkable growth in the past year, with a 807% increase in market cap. This growth has been fueled, in part, by the popularity of memecoins. For instance, on March 25, the Solana memecoin parody of President Joe Biden, Jeo Boden (BODEN), reached a market cap of over $250 million, with a 54% gain in the past 24 hours.
In related news, Solana has taken the lead in weekly stablecoin transfer volume.