coindesk.com
Jupiter, a Solana-based decentralized trading aggregator, is scheduled to launch its native token, $JUP, through an airdrop on Wednesday at 10 a.m. EST.
The token will have an initial maximum circulating supply of 1.35 billion, Jupiter's pseudonymous founder Moew said Tuesday in a forum post, downwardly revising the total number of coins available for trading from the previously decided figure of 1.7 billion.
In other words, the token could begin trading with a market capitalization of around $700 million, considering the $JUP-U.S. dollar perpetuals traded at 65 cents on Aevo at press time.
Of the initial circulating supply of 1.35 billion, 1 billion coins are for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool needs, and 250 million for a launch pool. Airdrop refers to crypto projects distributing free new or existing tokens en masse to their communities to boost adoption.
About 955,000 wallets that interacted with Jupiter before Nov. 2 are eligible for the $JUP airdrop, according to data source Airdrop Official.
Read: Solana Trading Aggregator Jupiter Sees Trading Volumes Jump Ahead of $JUP Issuance