Solana’s DEX aggregator Jupiter has identified three “OG” projects as potential candidates for its new LFG launchpad, while reiterating its commitment to community-driven token selection.

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This follows last week’s launch of Jupiter’s native governance token, JUP, alongside an airdrop to nearly one million Solana wallets. The platform also successfully tested its LFG launchpad with the memecoin WEN last month.

Yesterday, Jupiter’s pseudonymous founder “Meow” highlighted liquid staking service Sanctum, NFT collateralization platform Sharky, and cross-chain interoperability protocol deBridge as potential additions to the launchpad. These projects are invited to share their plans with the community.

Despite this initial selection, Meow stressed that the LFG initiative is ultimately driven by the community, not the Jupiter team. The final decision on which projects launch will be made via a community governance vote.

Jupiter: Let’s Go!

Hello space catdets! Over the last few months, we built a robust community of catdets with a common vision, scaled up our infrastructure to handle many levels of volume, tested a lot of things together, and overcame a hell lot of adversity together.

And now,…

— meow (@weremeow) February 7, 2024

“We’ll be actively introducing these projects to the community through various channels over the next two weeks,” said Meow. Other Solana projects will also have the opportunity to apply.

Beyond these launchpad developments, Jupiter aims to establish its DAO this month, complete with operational funds and incentives for participation. The DAO will initially focus on evaluating and approving launchpad projects, allocating grants, and supporting ongoing community and ecosystem initiatives.

Furthermore, to incentivize governance participation, all launchpad fees earned from the JUP token launch (approximately 100 million JUP worth $54 million) will be distributed to participants over the first year.

Closing the JUP Token Launch Pool (Solana)

Jupiter’s token launch wasn’t without controversy, with some users criticizing the team’s use of a launch pool for public token sales. In response, Meow emphasized transparency regarding the pool’s mechanics.

As planned, the launch pool was closed yesterday, seven days after the initial launch. The 96 million JUP tokens ($52 million) have been moved to a cold multisig wallet, while the nearly 70 million USDC will be gradually withdrawn in $10 million batches over the next few months.

Meow explained that the launch pool, while intended to stabilize price swings and offer exit options for early buyers, ultimately hindered price discovery due to its buy and sell walls. Its closure should allow JUP to regain a natural market equilibrium.

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