Jupiter, a Solana-based decentralized trading aggregator, is scheduled to launch its native token, JUP, through an airdrop on Wednesday at 10 a.m. EST.
The token will have an initial maximum circulating supply of 1.35 billion, Jupiter’s pseudonymous founder Moew said Tuesday in a forum post, downwardly revising the total number of coins available for trading from the previously decided figure of 1.7 billion.
In other words, the token could begin trading with a market capitalization of around $700 million, considering the JUP-U.S. dollar perpetuals traded at 65 cents on Aevo at press time.
Of the initial circulating supply of 1.35 billion, 1 billion coins are for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool needs, and 250 million for a launch pool. Airdrop refers to crypto projects distributing free new or existing tokens en masse to their communities to boost adoption.
About 955,000 wallets that interacted with Jupiter before Nov. 2 are eligible for the JUP airdrop, according to data source Airdrop Official.