Jupiter, the decentralized exchange (DEX) on the Solana blockchain, is dedicating $137 million to kickstart its Jupiter DAO. This budget includes $10 million in USDC and $127 million worth of JUP tokens. The goal is to fund ideas and align long-term incentives with J.U.P Catributors. Jupiter plans to replenish this budget annually to ensure the DAO’s ability to execute important initiatives.
To allow for additional contributions, Jupiter has established a decentralized autonomous organization multisignature wallet with three initial members. In the future, access to this wallet will be expanded to include more custodians. In conjunction with this announcement, the Jupiter DAO wallet has already received funding through transactions involving USDC and JUP.
Jupiter currently stands as one of the most popular decentralized applications on the Solana blockchain, with a total value locked (TVL) of $381.49 million. This represents an 86% increase in TVL month over month. At present, the DEX accounts for approximately 8% of the Solana ecosystem’s total TVL. The JUP token has a fully diluted market cap of $12.5 billion.
Solana’s SOL token has experienced significant growth, with a 807% increase in the past year. This has helped make SOL one of the largest cryptocurrencies in terms of market cap. Much of this growth can be attributed to the recent memecoin trend. For instance, on March 25, Jeo Boden (BODEN), a Solana memecoin parodying US President Joe Biden, surpassed a market cap of $250 million, with a 54% gain within 24 hours.
Related: Solana leads in weekly stablecoin transfer volume.