Solana's Jupiter DEX kickstarts native DAO with $137M in initial capital
The funds will be used to support ecosystem initiatives and reward long-term contributors.
Solana decentralized exchange (DEX) Jupiter is allocating 10 million USD Coin (USDC) and 100 million of its native JCP token ($127 million), worth a combined $137 million at the time of publication, to kickstart its Jupiter DAO.
As announced on March 27, the budget "provides the DAO the capability to fund the ideas with USDC and have the JUP allocation for long term incentive alignment with J.U.P Catributors," developers wrote, continuing: “To ensure that the DAO will be able to execute on these crucial things over the long term, we will aim to top up the same budget on a yearly basis." For additional contributions, developers raised the following example:
At its inception, the ecosystem funds are stored in a decentralized autonomous organization (DAO) multisig wallet with three initial members, with plans to expand access to more custodians within the coming weeks. Parallel to the announcement, the Jupiter DAO wallet address was funded with two separate transactions of USDC and JCP.
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