Summary
TLDR: The native token of Solana-based DEX aggregator Jupiter surged after the platform introduced an incentivized voting mechanism for community members to choose which tokens will launch next via its launchpad. Voters can stake JUP tokens to participate and earn rewards, with SharkyFi currently leading the voting. The process is seen as decentralized, but candidates for the first round were selected by Jupiter’s leadership.
Key Points
1. The native token of Solana-based decentralized exchange aggregator Jupiter has surged by 35% in the last 24 hours, reaching almost $0.78 at writing. This surge has pushed the token’s market cap back over $1 billion after being below that mark in February.
2. Jupiter’s jump in value is attributed to the launch of an incentivized voting mechanism for community members to choose which tokens will debut next via its launchpad. Community members can stake JUP tokens and vote for the top 2 LFG candidates to launch next, with monetary rewards and launchpad fees earmarked for distribution to DAO voters.
3. Currently, community members have staked a significant amount of JUP tokens to vote on the LFG Round 1 proposal, which includes six Solana-based projects. SharkyFi is leading the competition with 39% of votes, followed by Zeus with 33% support. Voters have until Sunday to cast their votes, and those who wish to unstake their JUP tokens can do so at any time, with a 30-day processing period.