Jupiter, a leading Solana-based decentralized exchange, recently celebrated Catstanbul, its inaugural community event, with a host of exciting announcements and positive developments.
Held in Istanbul on 25-26 January 2025, the event was a vibrant gathering of Jupiverse enthusiasts, developers, and creators. It highlighted key developments such as the much-anticipated 3 billion JUP token burn, strategic partnerships, and incentives for active participation.
Together with the historic ‘Jupuary’ airdrop, these initiatives have set the stage for a bullish year for Jupiter Exchange’s native token and its ecosystem.
3 billion JUP token burn
At the heart of Catstanbul was the ceremonial burning of 3 billion JUP tokens, a community-approved initiative aimed at reducing the utility token’s total supply from 10 billion to 7 billion.
Of the 7 billion tokens, about 1.7 billion JUP are in circulation at press time, according to Coingecko data. This token burn, executed on 26 January, was a significant move to enhance the scarcity of JUP, potentially increasing its value and appeal to crypto investors.
Conducted live during the event, the token burn was a transparent and symbolic demonstration of Jupiter Exchange’s commitment to its community-focused governance model.
JUP eyes new all-time highs in 2025
Following the massive reduction in the supply of JUP and several positive developments in the Jupiter ecosystem, the crypto asset is primed to hit new all-time highs in this bull market cycle.
Notably, before the 3 billion token burn event on 26 January, JUP traded around $0.9. Interestingly, the crypto asset rose over 38% the following day, hitting an impressive year-to-date high of $1.26. Retesting $0.95 level amidst a broader crypto market decline on the same day, JUP regained momentum above $1.22 on Monday. Trading at $1.13 at the time of writing, the crypto asset is up over 25% and 40% in the past week and month, respectively.
Despite having a market cap of approximately $1.9 billion as of writing, crypto analysts predict JUP to breach its ATH of $2 reached in January 2024. Beyond the token burns, JUP’s projected growth holds water given the numerous positive developments also introduced by Jupiter team during Catstanbul, including the acquisition of Moonshot, JupNet launch and buy back plans.
Jupiter acquires majority stake in Moonshot
One of the most groundbreaking announcements at Catstanbul was Jupiter’s acquisition of a majority stake in Moonshot, a platform dedicated to discovering, buying, and selling memecoins. Moonshot is celebrated for simplifying access to the memecoin market, and allowing users to convert cash into these trendy tokens quickly.
The partnership represents a strategic move for Jupiter, expanding its ecosystem into the thriving and highly engaging world of memecoins. Jupiter’s team expressed their enthusiasm for collaborating with Moonshot’s talented team, emphasizing the shared vision of celebrating internet culture and building stronger communities.
Read also: Memecoins poised for continued growth in 2025—Messari
Jupiter introduces JupNet, JUP buy back plans and 2025 roadmap
At the Catstanbul event, the Jupiter team unveiled JupNet, an Omnichain network designed to unify the fragmented crypto ecosystem into a single decentralized ledger. Building on its earlier success in Solana liquidity aggregation, Jupiter now aims to connect millions of blockchains, billions of users, and trillions of tokens.
Currently in the testnet phase at press time, this innovation addresses the urgent need for infrastructure that simplifies user and developer interactions across multiple chains while ensuring seamless liquidity and security. “We are currently in early testnet, we expect to roll out the first public beta in the next couple of months,” part of the report read.
Notably, the key systems designed to drive JupNet include Decentralized Oracles that Validate and Execute (DOVE) network, Omnichain ledger network, and Aggregated Decentralized Identity (ADI).
Additionally, Jupiter announced plans to use half of fees it generates to buy back JUP tokens, potentially positioning the cryptoasset for greater growth. “50% of Jupiter Exchange protocol fees will now go towards JUP buybacks,” the team said in X post. Further, the team presented its 2025 roadmap, which includes new platform features and enhanced opportunities for community-driven innovation.
2025 Jupuary airdrop
In line with its community-centric ethos, Jupiter executed its second Jupuary airdrop to eligible users on 22 January, where 700 million JUP tokens to over 2 million users. Valued at an estimated $700 million at current prices, the airdrop rewarded active platform users and participants within the Jupiter ecosystem. The airdrop allocation included 500 million JUP tokens distributed across wallets based on activity levels, while 200 million JUP tokens have been set aside for variable rewards and incentives. This initiative emphasizes Jupiter’s strategy of rewarding user engagement, driving loyalty, and encouraging more active participation on the leading Solana-based aggregator.
Read also: A Beginner’s Guide to Crypto Airdrops
Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
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