Solana-Based Jupiter Exchange Finally Launches Its JUPuary Airdrop Today

Jupiter is distributing 700 million JUP worth around $500 million. The airdrop started today, but eligible users will have three months to claim their tokens.

Solana-based decentralized exchange (DEX) Jupiter finally launched its Jupuary airdrop today, with more than 2 million wallets now eligible to receive JUP tokens.

The airdrop, which was highly anticipated by the crypto community, will see Jupiter distributing 700 million JUP, currently valued at around $500 million. The airdrop commenced today, and eligible users will have three months to claim their tokens.

As previously reported by Cointelegraph, the Jupuary airdrop is valid for three distinct groups. The largest allocation will be for token swappers, who will collectively receive 425 million JUP tokens.

Stakers will be the second-largest recipients, with a 75 million JUP airdrop. The final category includes active governance participants in the Jupiter ecosystem and community contributors.

Meanwhile, JUP dropped over 8% following the Jupuary airdrop launch. This was anticipated, as airdrop recipients are expected to swiftly sell their rewards on various exchanges.

The token’s daily trading volume also spiked by over 100%, as per CoinMarketCap data.

On the other hand, several users have reported being unable to claim their award tokens despite meeting the criteria for the Jupuary airdrop. Jupiter responded to these queries, stating that the claims process is indeed slow due to the massive volume of users attempting to claim simultaneously. However, the exchange assured that all claims will be processed.

“The pie is growing too fast claims are a little slow, but are still working. We’re being throttled by web2 infrastructure providers, so requests are still going through but slow. Working around now! Be patient with us,” Jupiter wrote in a recent X (formerly Twitter) post.

Jupiter is currently the largest DEX on the Solana network, offering a wide range of token swaps and advanced trading features. In the past month, the exchange recorded over $870 million in trading volume.

Jupuary is also one of the largest crypto airdrops in recent months. The JUP token was launched just a year ago and quickly reached a peak of $1.75 during the Solana meme coin hype. However, the tokens have declined since then.

Most recently, the altcoin was added to Grayscale’s list of potential investment assets for this year.

Overall, crypto airdrops have intensified throughout 2024 and the trend continues this year. More new projects are announcing airdrop details to gian community engagement and potentially onboard large volume of wallets to their ecosystems.