Solana's Jupiter DEX Unveils Native DAO Backed by a Whopping $137M in Initial Funding

Solana DEX Jupiter Launches DAO with $137 Million in Funding: USDC and JCP Tokens to Fuel Innovation

Solana's decentralized exchange (DEX) Jupiter has initiated its native decentralized autonomous organization (DAO) with $137 million in initial capital, comprising $10 million in USDC and $127 million in JCP tokens.

The allocated budget aims to empower the DAO to finance ideas using USDC while aligning long-term incentives with JCP token holders. Plans include replenishing the budget annually to sustain DAO operations effectively.

Jupiter DAO Expands Custodianship, Accelerates Growth with USDC and JCP Tokens

Initially, the ecosystem funds reside in a DAO multisig wallet with three initial members, with intentions to broaden access to additional custodians in the forthcoming weeks. The Jupiter DAO wallet has already been funded with USDC and JCP tokens.

Jupiter stands as one of the prominent decentralized applications on the Solana blockchain, boasting a total value locked (TVL) of $381.49 million, marking an 86% month-over-month growth. The DEX contributes approximately 8% to Solana's total TVL.

Solana's Remarkable Growth: Memecoins Propel Surge, Including Jeo Boden (BODEN) with $250 Million Market Cap

Solana has experienced remarkable growth, with a staggering 807% increase in the past year, establishing itself as one of the largest cryptocurrencies by market capitalization. This growth is partly attributed to the recent surge in memecoins. Notably, Jeo Boden (BODEN), a Solana memecoin parodying US President Joe Biden, surpassed a market cap of $250 million on March 25, with a 54% gain in the past 24 hours.