2023-11-18 03:00 |
The crypto community is preparing for several upcoming airdrops that should provide opportunities for Solana users. The spike in the value across the nascent industry resonated with the wake of the decentralized finance (DeFi) protocols of 2021 when the crypto bull run was in its early stages.
Solana Ecosystem: Jupiter’s Airdrop Strategy: Engaging Old and New Users AlikeThe Solana ecosystem has gained attention due to the rally in its native token, SOL, and the explosion in activity. A particular project, the Jupiter crypto exchange, is about to launch its native token, JUP, via a highly expected airdrop.
According to an X post shared by one of its lead developers, the Solana crypto exchange aims to distribute 10 billion JUP tokens among its user base. The developer explained that the team behind Jupiter is trying to launch the token using a “transparent” and “fair” approach and gain more engagement with their user base.
The allocation process considers various factors, including past usage and trade volume. The 955,000 wallets that interacted with Jupiter before November 2nd are in focus, with future rounds planned to include new users.
The post explained that this approach underscores Jupiter’s intent to engage both long-standing and recent users, fueling further growth in the platform. The developer stated:
First round allocations will be up next week but tokens will not be live yet. There are several phases to the token launch, which we covered in the breakpoint talk and we will share more later on.
Jupiter’s method involves even distribution, tier-based scoring, and special community contributions considerations. The initial distribution plan entails allocating 200 million tokens, around 200 tokens per account, “evenly” among all users, ensuring every participant feels “valued.”
However, the bulk of the airdrop is based on a tiered system that factors in trading volume, with significant multipliers for recent activity and adjustments for arbitrage volume. The Jupiter developer claims they failed to record an “uptick” in the number of addresses interacting with the platform since the airdrop was announced.
Therefore, the team concluded that they avoided getting “spammed” by airdrop “farmers,” users looking to profit in the short term by becoming eligible for the airdrop.
The crypto exchange’s current airdrop strategy is designed to recognize the diverse engagement levels among users, from those who traded significantly to those who have been active community members on platforms like Discord and X (formerly Twitter).
The goal is to create a balanced system reflecting the varying levels of involvement within the Jupiter network. The airdrop distribution is intended to follow this plan:
Even distribution for all wallets (2%). Tiered score based distribution, with score based on adjusted volume (7%). Community members on discord, twitter, developers (1%). We believe this breakdown will reward power users and contributors significantly more, while likely giving everyone else a reason to come back and engage.
Power Laws and Community BuildingJupiter’s challenge is managing the ‘power law’ distribution of trading volume – a small percentage of wallets accounting for a significant portion. Addressing this, Jupiter’s tiered system attempts to ensure that tokens are distributed in a way that rewards power users and remains meaningful for the broader community.
In the spirit of transparency and community involvement, Jupiter is reopening its airdrop discussion channel on Discord for final debates on the allocation details. With a dedicated site launching next week for users to check their allocations, Jupiter is making strides in advancing its token launch and fostering a sense of inclusivity and fairness in its community-driven approach.
As of this writing, SOL trades at $55 with an 11% correction over the last 24 hours.
Cover image from Unsplash, chart from Tradingview
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