Jupiter, the Solana decentralized exchange (DEX), is injecting a total of $137 million into its Jupiter DAO. This includes $10 million worth of USDC and $127 million worth of its native JCP token. The aim is to provide funding for ideas through USDC and align long-term incentives with J.U.P Catributors using the JUP allocation. The developers have also stated their intention to replenish the budget annually to ensure the DAO’s ability to execute essential tasks over the long term.
To facilitate additional contributions, the ecosystem funds are initially stored in a DAO multisig wallet with three members. However, there are plans to expand access to more custodians in the near future. Concurrently, the Jupiter DAO wallet address has been funded with separate transactions of USDC and JCP.
Jupiter is currently one of the most popular decentralized applications on the Solana blockchain, boasting a total value locked (TVL) of $381.49 million. It has experienced an impressive 86% month-over-month growth and accounts for approximately 8% of the Solana ecosystem’s total TVL. The token currently has a fully diluted market cap of $12.5 billion.
Solana has emerged as one of the largest cryptocurrencies by market cap, thanks in part to its remarkable 807% gain over the past year. This growth has been fueled by the recent craze surrounding memecoins. One such example is Jeo Boden (BODEN), a Solana memecoin parodying President Joe Biden, which surpassed a market cap of $250 million on March 25, with a 54% gain in the past 24 hours.
Related: Solana leads in weekly stablecoin transfer volume.