Grayscale, an asset manager with over $60 billion AUM, has added Jupiter (JUP) to its list of assets under consideration.
This news has quickly impacted the market, with JUP’s value rising by 11% in the last 24 hours. Right now, the token is trading at $0.85 with a 10% surge in market cap to $1.1 billion and a massive 109% in trading volume.
Jupiter (JUP) is the most active decentralized exchange (DEX) aggregator on the Solana blockchain, and it has seen significant growth over the years.
Recently, Jupiter extended its Active Staking Rewards program for another year, with plans to distribute 235 million more JUP tokens.
According to Dune, the project has generated over $3.38 million in fees this month and secured $1.32 billion in total value locked (TVL).
Additionally, Jupiter’s system of sharing fees with its community has made it popular within the Solana ecosystem, especially as decentralized finance (DeFi) applications gain popularity. Many expect JUP to compete with Uniswap’s UNI.
Moreover, JUP is also looking to boost its listing by launching DeBridge’s DBR tokens through its LFG-concentrated liquidity. The token sale is set for October 15, and the team has promised to distribute tokens fairly.
DeBridge has been getting ready for this event for six weeks, and Jupiter LFG will be the platform for the sale without a traditional bonding curve.
Instead, the funds raised will be used for the DeBridge protocol, which will keep things more stable. After the token launch, 3 million USDC and 100 million DBR will be available on the Meteora DEX on Solana for a price of $0.03 each.
Jupiter LFG will use Alpha Vault technology to prevent bots from taking advantage of the sale and to ensure real community members get tokens. Unlike typical sales, Jupiter will maintain deeper liquidity to keep the DBR price close to $0.025, reducing price swings.
In addition to Grayscale’s listing, JUP will be joining other tokens like Injective Protocol (INJ), THORChain (RUNE), and Aerodrome (AERO) in the review process.
Grayscale is currently reviewing 35 other altcoins in 5 categories: Currencies, Smart Contract Platforms, Financials, Consumer & Culture, and Utilities & Services.
Although JUP’s listing is still under consideration, the market response has been overwhelmingly positive. If Grayscale decides to include JUP in its investment products, it could increase the token’s visibility and attract institutional investors, which could drive its value even higher.
Also Read: Grayscale Launches Aave Trust to Attract More Investors
