اقتصاد توکنی Jupiter (JUP)

Jupiter (JUP) is the native governance token for the Jupiter Exchange, a leading decentralized exchange aggregator on the Solana blockchain. The tokenomics of JUP are designed with a focus on community-centric distribution, avoiding venture capital (VC) involvement to maintain a decentralized ethos. The total maximum supply of JUP is fixed at 10,000,000,000 (10 billion) tokens.

Issuance and Allocation Mechanism

The JUP token supply is split equally between the project team and the community. This 50/50 split is intended to balance the long-term incentives of the core contributors with the growth and participation of the user base.

Community Allocation (50%)

The 5 billion tokens dedicated to the community are distributed through several channels:

• Airdrops (40%): A total of 4 billion tokens are reserved for four rounds of airdrops. The first round (Airdrop #1) distributed 1 billion tokens (10% of total supply) to users who interacted with the platform before November 2023.
• Community Contributors and Grants (10%): 1 billion tokens are set aside for grants and rewarding community members who contribute to the ecosystem.

Team Allocation (50%)

The 5 billion tokens dedicated to the team and operational needs are categorized as follows:

• Core Team (20%): 2 billion tokens are allocated to current and future team members.
• Strategic Reserve (20%): 2 billion tokens are held for long-term strategic initiatives.
• Liquidity Provision (10%): 1 billion tokens are used for initial liquidity and market-making activities.

Usage and Incentive Mechanism

The primary utility of the JUP token is governance. Token holders are expected to vote on critical ecosystem decisions, including:

• Approving projects for the LFG Launchpad.
• Resolving disputes regarding the "strict list" of tokens.
• Authorizing ecosystem grants and treasury management.

Incentives are primarily driven through the LFG Launchpad and Jupuary events. The launchpad uses a Dynamic Liquidity Market Maker (DLMM) mechanism to facilitate fair token launches. For example, during the JUP launch, a single-sided USDC-JUP pool was used to provide price support and initial liquidity. Additionally, the DAO receives a portion of launchpad fees (e.g., 75 million JUP from the initial launch) to further fund community initiatives.

Locking and Unlocking Mechanism

Jupiter employs a structured vesting and locking strategy to prevent market supply shocks and ensure long-term alignment.

• Team Vesting: The 2 billion tokens for the core team are subject to a one-year cliff, followed by a two-year linear vesting period.
• Strategic Reserve: These tokens are locked for at least one year. Any liquidity event involving this reserve requires a minimum of six months' notice to the community.
• Launch Pool Liquidity: Initial liquidity provided in the DLMM pool was locked for a seven-day period immediately following the token generation event to stabilize the early market.

Upcoming Unlock Schedule

The following table outlines the projected monthly unlocks for Jupiter tokens through 2026, primarily reflecting the linear vesting of team and contributor allocations.

The majority of token allocations are scheduled to be fully unlocked by 2027, with minor residual distributions continuing through 2030. This gradual release schedule is designed to create a predictable and manageable inflation profile for the JUP token.