- Jupiter has launched a new voting system for its LFG launchpad that allows JUP holders to decide which Solana projects get to launch tokens. More staked JUP means more voting power.
- Over $123 million worth of JUP was staked in the first few hours to vote between six Solana project token launch candidates. The current leader is SharkyFi with 39% of votes.
- While Jupiter leadership picked the initial candidates, the goal is for the Jupiter DAO’s Community Working Group to nominate LFG projects as the program evolves.
Jupiter, the leading decentralized exchange (DEX) on Solana, has seen its governance token JUP surge 35% in the last 24 hours. This price pump appears to be driven by the rollout of Jupiter’s new community governance initiative for its LFG token launchpad.
Jupiter Unveils LFG Voting Mechanism
Jupiter has debuted a new voting system that allows JUP holders to decide which Solana projects get to launch tokens via the LFG launchpad. To participate, users must stake JUP tokens. The more tokens staked, the more impactful the vote. Voters also earn rewards – 100 million JUP and 75% of future LFG launchpad fees will be distributed to participants. In the first few hours, over $123 million worth of JUP was staked to vote.
The LFG Token Launch Candidates
Voters get to decide between six Solana projects seeking to launch via LFG. The current front runner is SharkyFi with 39% of adjusted votes. Second place is Zeus with 33% support. Voting remains open until Sunday. Voters can unstake JUP anytime, although their voting power will decrease linearly if they do so before voting concludes.
Future of Jupiter DAO and LFG
While LFG operations have been pitched as decentralized, the first-round candidates were selected by Jupiter leadership. However, the plan is for the Jupiter DAO and its Community Working Group to eventually nominate projects as the LFG program matures.
