What Is Jupiter (JUP) and Is It a Scam? Reviews, Opinions, and DYOR
Jupiter is a Swap Engine based on Solana Network. A recent Airdrop has blown the market and community. What is the Jupiter project, its token JUP, and is it a scam? Let's figure this out!
Jupiter Swap Engine or Exchange is a platform that offers a range of financial products and trading services. It is a liquidity aggregator for Solana, providing swap aggregation, perpetual, and other trading tools. The platform is designed for smart traders and offers innovative, market-based solutions for trading alternative assets, equities, and environmental asset products. Additionally, Jupiter has its native token, JUP.
The platform aims to provide a world-class swap experience and route discovery between token pairs. It is regulated by the U.S. SEC and is considered an active company with strategic partnerships and funding rounds.
Recently the Jupiter has blown up a community with the Airdrop news. What is behind the token, and (our favorite question) is it a scam?
Jupiter Reviews and Opinions: Reddit and X
As usual, we decided to address people who might know something about the project and its legitimacy. Again, Reddit and X helped us to find out what people think of the project. Let’s look closer!
At first, we asked Cryptonica X followers to define their opinions about the project. The results of the poll we did were the following:
Not many people have voted in the poll at this point yet, but we still have a week ahead for the results. So you can both take part in the survey and monitor how people vote on X. In addition, if you have any feedback, add it to the comments in our X!
At the same time, if we paste the “#JUP” in the search tab, we will see many posts about Jupiter Token. In the search, publications came up with information that the coin would shoot into space because, on the 31st of January, 2024, an airdrop took place. Many users share their number of tokens, some guess how much JUP will be worth in a year, and so on.
The platform is described as a liquidity aggregator for Solana, offering a range of tokens and route discovery between token pairs. Additionally, it is mentioned that Jupiter Exchange provides a better trading experience for Solana users by routing liquidity and has seen continuous growth in volume and traders.
We see positive reviews and comments about the project. Here are some of the feedbacks:
We also noticed that great feature for all JUP holders, which we attached below, that shows not only the amount of tokens but also the wallets eligible for JUP withdrawal:
However, there is one quite crucial point that will continue also in the Reddit paragraph. There’s one feedback about the JUP project, containing information about the project’s founders and their token dumps:
Is that a truthful information? What issues does this user have for the project’s founders and devs? This point we’ll check in the Reddit section.
What about Reddit? That was quite easy to find opinions about the exchange. We also pasted the JUP word in the search tab.
The first threads were harmless, under the auspices of Solana’s thread. There people asked what JUP was (this was a few months ago), where to buy it, whether they should trust the developers, and other questions. Here's the thread:
Source and Copyright © Reddit
Here are the answers below the thread:
Source and Copyright © Reddit
Source and Copyright © Reddit
Next, we return to the thread, the topic of which began in the last paragraph about X. There one user shared his warnings about the founders and devs of the project.
Source and Copyright © Reddit
Here’s the link to the article which is mentioned in the pinned post. We barely understand the point of this warning. Firstly, because it seems that the Jupiter Project has already died. It doesn’t have any updates since autumn 2023. Secondly, we’ll see that the founder of Jupiter is someone called Moew.
We did a little research and figured out that there was also a project called Jupiter, a blockchain platform for everyone. Their project is dead right now.
Source and Copyright © Jupiter Website
“Jupiter is a project that aims to make blockchain accessible and safe for everyone. It was designed to power secure dApps on public and private networks, featuring military-grade encryption to ensure user data privacy and security.”
The project included a framework for dApp creation, a password manager, and an official marketplace for NFTs. Jupiter was based on the Solana ecosystem and was associated with a governance token, JUP, which allowed community members to approve, sanction, and vote on various platform aspects. Now they say that the project is no longer available.
Thus, it was a quest to find relatable information about Jupiter and the JUP Airdrop, because, as we see, there is another project called the same. That was confusing, but we’ve made it. We think it is important to somehow mark the difference between the blockchain and the exchange.
Thus, we give to this part of the project the following mark:
Community, Website, and Social Media Accounts
|200-300 comments per post on average
|Active chat discussion
|300-400 reposts per post
If you follow the link of the X account of the exchange, you will see the huge engagement among the community of the project. Of course, the reason is hidden in the Airdrop that took place yesterday (on the 31st of January, 2024). You will notice a lot of comments and reposts, people are involved in the success of the launch, thus, we can tell that it has huge success among people. The activity of the managers is also good.
In Discord, people are very active, discussing the number of tokens, rejoicing about the airdrops, waiting for the price to rise, and asking and answering questions. In general, everything looks quite trusting.
There are no other links, however, we still need to check the exchange’s website.
Source and Copyright © Jupiter Exchange Website
The official Jupiter Exchange website is simple and minimalistic. It looks like the usual exchange, and also has an additional page called Jupiter Station, where is the whole overview of the ecosystem, reviews from the socials, etc. It looks good, but we’d like to see more info on the main exchange page.
Source and Copyright © Jupiter Station
Nevertheless, for now, we give to Jupiter website and socials the following mark:
Founders and Investors of Jupiter
The specific information about the founders and investors of the Jupiter Exchange is not available. The Jupiter (JUP) project is associated with a pseudonymous founder known as Meow. Recently, he has held a Q&A time on Reddit, where people could ask anything about the Airdrop of the JUP.
Jupiter Exchange has raised a total of $5 million in seed funding from White Hilt Capital, a New York City-based institutional investor. The funding round took place on May 27, 2022. White Hilt Capital led the investment in Jupiter Exchange, which is an alternative asset exchange utilizing fractional NFT technology.
In addition, we can say that the list of partners for the project is quite imposing, and here are not all of them:
Source and Copyright © Jupiter Partners
Thus, we think we can put the following mark for the project:
Jupiter Tokenomics: Supply, Allocation, Use Case
Based on the project's information and Coinbay media, JUP intends to create 10 billion JUP tokens and divide them equally between Team Cold Multisig and Community Cold Multisig.
Out of the 10 billion tokens, 1 billion (10% of the total supply) will be taken from Team Cold to provide liquidity for Team Hot Multisig. Furthermore, 500 million will be used within the JUP launch group, while the rest of the tokens will be allotted for various liquidity requirements in the first year.
Regarding the Community Cold, 1.5 billion tokens (15% of the total supply) will be utilized for the first airdrop and to meet short-term community needs.
Overall, the plan is to have 2.5 billion tokens in operation within the first year.
Source and Copyright © Jupiter Tokenomics
Jupiter Exchange serves as a liquidity aggregator, connecting all DEX markets and AMM pools to discover the best-priced trades. Its key features include smart routing, trade splitting, and automatic listing of new markets. Users can swap tokens with low price slippage and transaction fees, and the platform dynamically splits trades into smaller trade sizes to obtain better prices for larger trades. Additionally, Jupiter Exchange lists new tokens automatically, allowing immediate trading for any new token in the Solana ecosystem. The exchange also offers an API for developers to access liquidity on Solana.
Furthermore, Jupiter Exchange's utility and governance token, JUP, is allocated for an airdrop, with 40% of the total supply set for this purpose. To qualify for the airdrop, users must use Jupiter’s limit orders, bridge, and perpetual contract features.
JUP Current Price
Source and Copyright © CoinMarketCap
The current price of Jupiter (JUP) varies slightly across different sources. According to CoinMarketCap, the live price of Jupiter is $0.6005, with a 24-hour trading volume of $1,536,227,276. The graphics of the coin are quite questioning, but we can see that a drop like this happened after the airdrop.
Note that cryptocurrency prices are highly volatile and can change rapidly. For the most up-to-date information, it is recommended to check a reliable source like Binance, CoinGecko, Crypto.com, or CoinMarketCap.
Bottom Line: Is Jupiter a Scam or Not?
Jupiter Exchange is a decentralized exchange and liquidity aggregator built on the Solana Network. Some of its key characteristics and features include:
- Liquidity Aggregation: Jupiter aggregates the best token prices across different decentralized exchanges by connecting all DEX markets and AMM pools, irrespective of the provider.
- Smart Routing: The platform utilizes smart routing to find the best prices by comparing prices routed through an intermediary token, allowing the discovery of price inefficiencies and volatility in the markets.
- Trade Splitting: Jupiter dynamically splits trades into smaller trade sizes to obtain better prices for larger trades.
- Automatic Listing of New Markets: The exchange automatically lists new tokens, enabling immediate trading for any new token in the Solana ecosystem.
- Token Swaps in a Single Transaction: Users can swap tokens in a single transaction without exceeding transaction limits and incurring high fees.
- Supported Coins: Jupiter aggregates liquidity for all SPL tokens, as well as non-native tokens from other blockchain ecosystems, aiming to become the single-point swap aggregation on Solana.
- Fees: There are no protocol fees on Jupiter, although integrators can charge a platform fee.
- Airdrop: The platform allocated 40% of the total supply of its utility and governance token, $JUP, for an airdrop, which was set to occur on January 31, 2024.
Based on the information above, there is no clear evidence that Jupiter Exchange or its JUP token is a scam. The project has been associated with significant developments, such as the launch of its native JUP token and its airdrop to users who were active on the platform. Additionally, the project has garnered attention for its high monthly active user count across decentralized exchanges.
Furthermore, the JUP token has been listed on prominent exchanges like Binance, which indicates a certain level of legitimacy. However, as with any investment, you need to conduct thorough research and consider the associated risks before participating in any project or token. DYOR, dear friends!
Scamometer final mark: