By
Godfrey Benjamin
April 30th, 2024
Binance also announced the addition of JUP as a borrowable asset in a new margin pair on the Isolated Margin.
In a new development for the Jupiter ecosystem, Binance has announced the listing of Jupiter’s native token JUP on its platform, alongside the introduction of new spot trading pairs.
This move comes as Jupiter, a decentralized trading aggregator built on the Solana blockchain, gears up for the native token launch through an airdrop. The integration of JUP on Binance further underscores the growing recognition of Solana-based projects and the potential of decentralized exchanges.
Binance Jupiter Listing Details
Binance, one of the world’s leading crypto exchanges, revealed in a recent blog post that it would list JUP and initiate trading for spot trading pairs Today, at 15:30 (UTC). The new spot trading pairs include JUP/USDT, JUP/FDUSD, and JUP/TRY, providing users with diverse options for trading on the platform.
Moreover, Binance users were allowed to start depositing JUP in preparation for trading, with withdrawal functionality scheduled to open on February 1, at 15:30 (UTC). Remarkably, the listing fee for JUP on Binance is set at 0 BNB, indicating a strategic move to encourage broader accessibility and participation.
Binance also announced the addition of JUP as a borrowable asset in a new margin pair on the Isolated Margin. Within 48 hours from the listing date, users will have the opportunity to utilize JUP in margin trading, further expanding its utility within the Binance ecosystem.
Recognizing the relatively new status of JUP, Binance issued a cautionary note highlighting the higher-than-normal risk associated with the token. The platform emphasized the likelihood of increased price volatility and urged users to exercise prudent risk management strategies. Binance advised traders to conduct thorough research on JUP’s fundamentals and fully understand the project before engaging in trading activities.
JUP Token Airdrop Distribution Commences Today
Simultaneously, Jupiter is set to launch its native token, JUP, through an airdrop scheduled for today, at 10 a.m. EST. An airdrop involves distributing free tokens to the community to stimulate adoption.
Accordingly, Jupiter has implemented a distribution strategy, with 20% of the initial airdrop tokens evenly distributed across all wallets, 70% distributed based on a score-based system reflecting protocol use, and the remaining 10% allocated to community members and developers.
Jupiter’s pseudonymous founder Moew clarified the token’s initial maximum circulating supply of 1.35 billion, a figure he noted was slashed from the previously proposed 1.7 billion JUP. This adjustment brings the potential market capitalization of JUP to around $700 million, based on the prevailing trading price of JUP-US dollar perpetuals.
Of the 1.35 billion circulating supply, a sizable portion is earmarked for airdrops, loans to market makers, liquidity pool needs, and a launch pool. Notably, around 955,000 wallets that interacted with Jupiter before November 2 are eligible for the JUP airdrop, providing an additional incentive for existing community members.
As the crypto community eagerly awaits the trading debut on Binance, Jupiter’s journey in the Decentralized Finance (DeFi) space is undoubtedly one to watch. Meanwhile, JUP has already been listed on CoinMarketCap and is trading at $0.02176, up by 144% in 24 hours.
