Jupiter, the decentralized exchange (DEX) on the Solana blockchain, has dedicated $10 million in USDC and $100 million worth of its native JUP token ($127 million in total) to kickstart its Jupiter DAO. This funding will allow the DAO to support ideas with USDC and provide long-term incentive alignment with J.U.P Catributors.
To ensure the sustainability of the DAO, Jupiter plans to replenish the budget annually. Additionally, the ecosystem funds will initially be stored in a decentralized autonomous organization multisignature wallet with three members, with the intention to expand access to more custodians in the near future. As part of this announcement, the Jupiter DAO wallet has already been funded with separate transactions of USDC and JUP.
Jupiter is currently one of the leading decentralized applications on the Solana blockchain, with a total value locked (TVL) of $381.49 million, showing a month-over-month growth of 86%. At the time of publication, the DEX represents approximately 8% of the Solana ecosystem’s total TVL. The JUP token currently has a fully diluted market cap of $12.5 billion.
Solana’s native cryptocurrency, SOL, has experienced remarkable growth, gaining 807% in the past year. This surge has been driven in part by the recent memecoin trend. Specifically, Jeo Boden (BODEN), a Solana memecoin parodying US President Joe Biden, has surpassed a market cap of $250 million, with a 54% increase in the past 24 hours.
Related: Solana leads in weekly volume of stablecoin transfers.