Bankless - The $JUP Airdrop with Jupiter founder Meow

Episode Date: February 2, 2024

$JUP has landed, at a shattering $7b valuation.  How did it get to $7B?  Where did it come from?  What does the future have in store for Jupiter?  How will the decentralization of Jupiter begin?  All these questions, and more, with the founder of Jupiter.  ------ 🏹 USE PODCAST24 FOR 10% OFF https://bankless.cc/Citizen2024  ------ 🎧 Listen On Your Favorite Podcast Player:  https://bankless.cc/Podcast  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2  ⁠ 🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo  🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  💸 CRYPTO TAX CALCULATOR | USE CODE BANK30 https://bankless.cc/CTC  ------ TIMESTAMPS 00:00:00 Episode Overview 00:04:29 Intro To Meow 00:10:10 Liquidity On Jupiter 00:15:10 Leveraging Solana 00:19:29 Inspiration For Jupiter 00:25:31 Eligible Airdrop Addresses 00:32:16 What Are People Trading? 00:39:29 Jupiter Launchpad 00:44:11 $JUP Token Launch 00:51:40 Bigger Than Uniswap? 00:56:45 50:30 Launchpad Dynamics 01:06:20 Solana Uptime 01:09:28 Future Roadmap 01:14:38 Hiring 01:17:26 Meow Origin Story ------ RESOURCES Meow on X:  https://twitter.com/weremeow  Jupiter:  https://jup.ag  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures 

Welcome to Bankless, where we explore the frontier of Dexes on Solana. Today, we're talking to Meow from the Jupiter Project, which is perhaps the Super Dex, the Super Exchange on Solana. We'll talk about what that is. Earlier this week, the Jup token, the highly hotly anticipated token out of Jupiter, has actually launched. This token was announced back at Salana Breakpoint in November of last year, and it's been hotly anticipated ever since.

It just came in at a $6 billion fully diluted valuation, which is equivalent to unoswap on Ethereum. So a very big launch. We got about $800 million of that actually circulating, so that is the actual market cap. And we're bringing on Meow, the founder, that is his pseudonym. Apparently, it's very close to his actual real name, but people just call him Meow.

He is a cat in a spacesuit on Twitter. We're bringing on Meow to talk about what is Jupiter, what is Jupiter under the hood, and then also the token launch. So this will, I think, be a hybrid episode. for the Ethereum community, which Bankless, of course, has, is the majority of the bankless audience who have never experienced Jupiter before, or maybe only touched it once or twice, have heard about it, but don't really know what it is. That would be, I would call the first part of the episode, the first half. And then the second half of the episode is going to be more geared towards

the Salana people who are interested in the details of the launch of Jupe. There was a bit of controversy about the launch of Jupe that I heard. I am not super tapped into these conversations. so I'm coming at a very high level. Meow will give his account an explanation of the mechanism for the juplanch. He will give his side of the story. I do not have the capacity to give what might be the other side of the story. So you'll have to search for that elsewhere, whatever, Solana circles are discussing this. So there's a disclaimer there, I guess.

Overall, found it pretty fascinating. There are definitely some differences about what Jupiter is on Solana versus what the typical Dex aggregator is on Ethereum. me now walks through all of those things. And then we also just get into the other conversations like the load on the Salon Network. What's next for the Jupiter team with the liquidity that they have sourced as a result of the token launch and also what's next for Jupiter?

Teaser, they are hiring if you were looking for a job. And now let's go ahead and get right into the conversation with Meow from Jupiter. But first, a moment to talk about some of these fantastic sponsors that make this show possible, especially Cracken, our preferred crypto exchange in 2024. for if you do not have an account with Cracken, consider clicking the links in the show notes. How else are you going to get your boomer Fiat bucks into the much more sci-fi world of crypto other than using Cracken? Click the link in the show notes to getting started with Cracken today. Cracken knows crypto. Cracken's been in the crypto game for over a decade. And as one is the

largest and most trusted exchanges in the industry, Cracken is on the journey with all of us to see what crypto can be. Human history is a story of progress. It's part of us, hardwired. We're designed to seek change everywhere, to improve, to strive. And if anything can be improved, why not finance? Crypto is a financial system designed with the modern world in mind, instant, permissionless, and 24-7. It's not perfect, and nothing ever will be perfect. But crypto is a world-changing technology at a time when the world needs it the most. That's the Cracken mission, to accelerate the global adoption of cryptocurrency, so that you and the rest of the world can achieve financial freedom and inclusion. Head on over to Cracken.com slash banklist,

to see what crypto can be. Not investment advice, crypto trading involves risk of loss. Cryptocurrency services are provided to U.S. and U.S. territory customers by Payward Ventures Eke. PVI, doing business as Cracken. SELO is the mobile first, EVM-compatible, carbon-negative blockchain,

built for the real world. And now, something big is happening. Introducing the Sello Layer 2. It's a game-changing proposal that's going to bring Sello's rapidly growing ecosystem home to Ethereum. Vitalik has shared its excitement for the Sello Layer 2 on the Selo Forum.

So has Ben Jones from optimism. But why? The Sello Layer 2 will bring huge advantages like a decentralized sequencer, off-chain data availability, and one block finality. What does all that mean? Rock solid security, a trustless bridge to Ethereum, and more real-world use cases for Ethereum without compromise. And real-world adoption is happening.

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named Miao. Miao. Welcome to the show. Hey, how's going? Nice to meet you, meow. So you just had a gargantuan token launch. A $6 billion app just launched a token coming in at $6 billion.

At fully diluted value, yeah. New value into the world. Congrats on that. how does it feel to be post-launch? Man, thanks for asking. No, no, no. And anybody would ask you that yet? No, no, seriously, thanks for asking,

because no one has really asked me yet, right? So thanks a lot for asking. You know, the team has worked really hard, right? And certainly the funny thing is, right, is like we don't control the value, right? We don't, right? In fact, if you ask me and stuff, it's like, okay, it's like the market gave us this value, right?

Then on our end, I think we're incredibly lucky, right? unfortunate, right, to be a recipient of this value, right? You know, I think, and I think it is, on one hand, like, okay, we are grateful that things didn't mess up. We're extremely grateful that, I mean, we were able to give a present, right? You know, a lot of people, you know? Right. I mean, lots of people are like, I mean, obviously, I wish they kept their droop, right? But lots of people like, hey, I could pay for my meal. Hey, I could buy, I could finally buy my iPhone, right and I feel like um I feel like um that that that that kind of um I mean obviously we hear a lot about people like you know they're playing as gaming a system and getting loss of like loss of capital but there's

some of these like you know many small stories right you know and and that's pretty happy for me so I think I think it feels very grateful you know so I think on my hand uh I think it's like accumulation of a lot of done so we're very happy to do it and manifest that right you know also giving you press on people And also, and last or not least, I think, I think, you know, I think it marks the beginning, you know. I think this whole process has been this amazing community process, right? Because value is not generated by a team, right? If you're making a pencil, for example, maybe, right? But if you're making a coin, a currency, a token, right?

Then the value is generated by community, right? Ecosystem, right? So last and not least, obviously, incredibly grateful for the community ecosystem, right, for doing it with us. Yeah. Well, yeah, and I think Solana as an ecosystem is learning how to do air drops. We had the Gito drop.

This is like the second big drop after Gito. There's been others as well, but really these are kind of the two big ones. And so I'm one of the things I've been curious about is just learning about how Solana app teams learn to navigate a very difficult process of like beginning actually to like decent centralize their whole app. I want to get into that subject later, but as you probably know,

and as listeners definitely know, this is more, we have more of an Ethereum focus on bank lists. We are familiar with Ethereum. We know how these systems work on Ethereum. So I want to unpack what Jupiter is under the hood for our more Ethereum-centric audience. So the next bit of questions is, is like if I were to pop open the hood of Jupiter, what would I see? How is it different? And then I'll I'll ask, how does Jupiter uniquely leverage Solana? But for people that don't know what Jupiter is or don't know what it is and haven't used it before, what is Jupiter? It's a exchange on Solana, but like take it from there. If I were to like look under the hood of Jupiter, what would I find?

Okay. So if you don't look under the hood, we just look at the car, right? We are, we are a full service exchange, right? You know, we have, we have swap, our limit orders with DCA, right? we have Perps and we sort of a gateway to Sulana, onboarding to Suana, and we also have a launch pan, which is just launched, right? So that's what I see on the outside, right? And what you see on the inside is that you see this extremely meticulously designed and elaborately engineered over three or four years, over two or three years system, right, meant to, you know, route, find the best

routes, right, across the whole Sona network in a way that is as fast as possible, right? Because as you guys know, Sona's block time is 400 minutes, right? And also, Sona, transaction speed is very, very, very fast. And also, our transit fees are very much lower, right? So, so in many ways, in many ways, so compared to other networks, so basically, we had to find, so we had to aggregate across all the markets and then also find routes, not just for like larger trades, also very small trades, right? So our goal is very simple, right? whether you're doing a two-cent trade or whether you're doing a $100 trade or a million-dollar trade, right? We want to kind of effectively kind of route through the system, right, in a much more effective way, right?

And one big difference with Ethereum's this. So Ethereum's constraint is gas-fue, right? Or we know that. So one has a different set of constraints, right? It's like the account the science limit is smaller and different. So it's like basically how do we kind of like constantly navigate that? So how do we kind of like build a system that's extremely optimized, right, for like Sawana's like, you know, speed and cost, but at some time, like, you know, handle its limitations, you know? Yeah, so that's kind of what

we see. Um, or that, and, and, and that's the salt aggregation. So that's the sort aggregation powers a number of systems, right? It powers the, it powers the, it powers the salt, obviously. It powers the limit orders. It powers the DCA, you know, but it also, it also powers certain key things about the, um, the pubs as well, right? You know? Yeah. So, um, and, yeah, so I think a number of things. Yeah. So, so that's what I see underfoot. Yeah. On the surface, you have these different ways of swapping. You have the swaps, a limit order, dollar cost averaging and perps. These are all just ways to make a trade happen.

And then under the hood, you said that it's a dex aggregator. We have dex aggregators on Ethereum, right? They do exactly what you say. They find liquidity across Ethereum. And then they package it into the best execution for their users. Is Jupiter a source of liquidity as well? Is it like an AMM like uniswap as well? or is it more just of an aggregator of liquidity

and it finds liquidity elsewhere on Solana? Where is the liquidity coming from? So three different ways, right? The first way, for the swap limit on DCA, there's no liquidity. But the perps we have liquidity. Actually, we actually have one of the most largest by volume, purpose platforms in Define.

Right? Our perps deal about $1.4 billion in volume last week. Okay, so Jupiter hosts its own liquidity for, It's purpose product. Yes, precisely. Right? You know, yeah, precisely, right. And then, and then, and then for launchpad,

and then for launchpad, we get, we source liquidity, right, from teams, right? To host on the platform, right? You know, and then, and also, obviously, we also host the ad drop as well, right? You know, for people as well, yeah. So, yeah, so, and I think I would say this. I think we, we are extremely, so, and by the way, we really, I think one thing that I'm very proud of attributable, right, is that we really push the limitation of Soana to a limit, right?

Like, for example, there were a few things. Like, for example, Suana in the past had this problem where transactions can only be so big when they send the transaction in, right? And they implemented local tables. So we're the first to implement local tables. We're the first to implement priority fees. And first to implement, like,

and basically anything that Soana does, we're the first to incorporate, right, into our system, you know? Yeah. So, yeah. So I think we are like a really good example of composability, right? On Solana. Because we can basically go through like six or seven markets on Solana for, like, transaction fee of that 0.002 cents, you know? Yeah. So I think that's actually one really

really cool thing, I think. Yeah, that we really focus on. Yeah. Yeah, I definitely want to lean into that, but really just to round out the liquidity question, the swaps and the limit orders, where do those, where does Jupiter source its liquidity? If it's not, um, every, every, everyone in Solana. So there's other like AMMs or other order limit orders on other apps and then Jupyers aligns them. So that's, so, so, so, so, so, so, so, so, so, so, so, there actually a range of, it's actually interesting. It might be interesting for, for, for, for, for your audience, right? Because on Swana, you also have, for example, you know, stick and sticking, right? So for example, if you go, if you go from a soul, right, to stick sole, liquid stick so.

Oh, it's sticking, yes. Yeah, sticking, right? Like liquid stick salt, right? Like, Trito soul or like marinade, marinate, so whatever, right? So Jupiter also integrates something called sanctum, right? Which essentially allows for immediate sticking and unstaking, right? So you can, so on Jupiter, right, you can immediately go from like a very large, sole order to a very, very large, like, to the very large, um, liquid sold, like in the same transaction, right? So you've got through like AMMs and CLOBs and also that one thing. And so the way back too, right, you know, right? So, and so I think there are actually a number of like really interesting, and obviously CLOB is actually very professional forana, right, but you don't

really see them anywhere else. And actually integrating all these different systems, right, at the AMMs and CLOBs and things like sanctum, right, into one system. And so, but it's actually quite challenging. And I think that, and I think another kind of AMS that you have on, on sauna, is like a single-sided liquidity pools, right? So basically, I think,

I think what, because the cost of that's so low, you do see a bigger variety of like, you know, possible liquidity systems that don't see elsewhere, right? Yeah, so I think that's actually something quite interesting

about you with the dust, right? Is that we actually spend an incredible amount of time and effort, right? Trying to, okay, I'll put you saying. We are where the AMMs take off their training rules, right?

Because they build and build, but they're not sure what breaks, right? But the moment they plug in our system, the first second, that is like hundreds of others starting in, right, in the first minute, right? So I think, and sometimes they break, right? So we work at the team to really try to fix them and everything. And because a lot of these systems are very novel, right? You know, so we work at them alone. So under the hood, so if you look at, if you look beyond under the hood,

to the people working under the hood, right? I think you will see a team that is like very, very committed, you know? Right? And, and, and, and, and, and, and, um, I mean, it's not me, by the it's an engineers, right? You know, like, they, they're very committed to making sure that the whole system

works as well as possible, right? You know, that takes that they really understand, like, every single detail about the AMM, you know, and take how to everything, right? And we have the same amount. And we had the same level of dedication to all our products, right? Limit order, swabs and,

and DCA and puffs and everything. Yeah, so I think that's what it's under the hood. Yeah. Okay, so you were about to get into it. And then I wanted to go back and just like tie off that liquidity question. But I want to ask about how does Jupiter leverage Solana? Solana has unique properties that no other blockchain has. You know, it's extremely fast.

It's got some parallelization to it. What are the strengths of Solana that Jupiter really leans into? I mean, the most obvious one is cost, right? You know, it's like, like, to, like, it's shipped to execute a complicated trade on Solana. You know, right? It's very, it's more, okay, so, so I will say, I will say this, right? It's like, besides the, besides the technical cubitor of Solana, right? It's also an ecosystem, right?

So, Ana actually has a very, very well-developed ecosystem, right? And also, and so it's actually two things. So you have a lot of, like, different kind of EMMs, right? You know, and with people who are investing, like, real technical effort, right, into designing new systems, right? For example, Phoenix is an extremely different system for OpenBroad. And Open Boat V2 is a very different system from Phoenix, right? You know, and a bunch of other open world is coming up, right?

So you really have a lot of people who are like investing a lot of time and effort into, into their own system. But obviously you do have, you don't have volume, right? You know, at the start of new system, right? So what we do is that we plug you in, and immediately you get all the retail flow and all the everything. So, so, so we do that. So I think to us it's not just about leveraging the speed or so on. right, you know, but also the ecosystem as well, which is very, very important.

You know, yeah. Okay, so one of the big stories about Jupiter was that there was no VC funding. It was bootstrapped just from you and from the team. Can you talk about the genesis of Jupiter? Like, how did the idea get started? How did the project get started? And when did it get started? Tell us about the Genesis story.

Sure, sure. So actually, so let me go way back, right? So we started out as a, so actually I did a lot of stuff in Ethereum. right as well right pretty typical everyone everyone generally has their starting yeah you know like

Instagram cyber and like also I also started to WBTC you know when I was like working them with with Bitcoin and everything

right so I was a I was actually like I was actually really active in Ethereum you know I just didn't talk that much and anyway anyway we started a project

called Mercura right and then Mercurur as a project as a project took funding that that project took funding right

and then And then, but over time, that initially their project didn't do, didn't do that well, right? You know, and didn't do that well. And then, and we, and eventually what happened was that, and what happened was that we started,

we started, and from there, we started Jupiter, as a new project, as a completely new project. Right? You know, while Mercurio became Mittera. Right. And then, and then, so now with a project called Mitorra, right? So it's also doing extremely level as well. It's also doing extremely well right now, right?

So basically, I think, the, the genesis, of Jupiter started as Mercurium, right, which did take funding, right? Right. And then it had a token as well, right? And then it transitioned and then in about, and then in about February 2023, we took a snapshot, right? You know? And then, and then, and now, you know, and now, you know, and now, you know, and now, you know, and now, you know, and now, you know, while 100% of the circulating supply of Mithara goes to the most stakeholders. Yeah, as enough shot taken in back 2023.

2020, 23, yeah. Okay, so there were some other applications, some other startups that you started before Jupiter. Eventually, you pivoted into Jupiter and then, would you call it a pivot? No, no, no, it's a new project. Yeah, it's a new project. Yes, right, right.

But the original project became Mittera, you know? Yeah, so, I mean, I mean, we documented, all these things in excruciating detail, right? In many different phrases, you know, right? But I think eventually we were able to, it was actually, I don't get me wrong, it was a long process, right? But I think eventually we were able to come out with,

we were able to kind of like, I believe, and it's my personal belief, right? And certainly I think a lot of people appreciated it. To create, I think, two projects, Jupiter and Mitterra, right, you know, they had a lot of value, right? And we were able, I think, I think, I think and we will funnel

that value right you know through the original like merseith holders yeah okay

okay all right so how where did the idea the inspiration for Jupiter come from and how did the team form

the integration for the inspiration of Jupiter was quite simple right is that like okay so obviously

aggression is not a new idea right it's not a new idea all right right but it turns start to be excruciating

hard to do. Okay? So the initial so the first few other books on the first few other book systems on for example, right, one major source of equity on for Solana early on was serum, right? And serum works completely

different, right? You know, from a AMM, regular AMM right? So basically and then, you know, so basically the very, very first step that you had to do, right? To even integrate this major source of liquidity was to understand zero. Right.

Right. So basically, I think what will happen was that, like, you know, we were playing around with a number of different, number of different, number of different, um, number of different, uh, ideas. No, no, no, I did not have paid a number of things. Um, and, okay, so, so one thing is very simple. Actually, um, as part of my Ethereum background, right?

I've always, I've always known something, right? Uh, essentially, whichever, um, whichever, if you have the best price, uh, the best token selection. and the best you wax, you win, right? You tend to win, right? Over time. Might not immediately, but overtime,

you'll win, right? So I know that because I was part of that, I was part of that system, right? By the way, by the way, David, just to, there you know, I'm very happy to talk to you. Because I've been,

obviously, you know, more Sona podcast, right? So talking to you is really fun because, like, it's kind of bringing, pushing back to each year of this. Right, right, yeah, yeah, yeah.

So thanks all, thanks all for that, right? But, yeah, back with the point. So I feel like, I knew, very, very well, right? What would be? Right? And, and one of the things I always notice is like, okay, why don't people use aggregators on here more? Yes. Right. You guys seem to that. Yes. Right. You know, and then while on the L2s, right, there's just not that many, not that many, like different AMM, which, they bother, you know, so just go directly there, right? So, so I knew

with that, so I knew with that understanding, I was like, okay, you know what? Like, okay, on, um, um, so I was thinking, hey, you know, an aggregator on Swana will probably be effective, you know? right because um you know and if you add but you must have beat it well right so anyway back then there was actually three or four different aggregators on sauna already right they're trying to make it but then we were looking around at them and they were like they can't do it because they they couldn't they couldn't figure out the most basic thing about how do you make um how do you make a mm work with a chalob right that is very very different because they work completely different completely differently right so i think so i think we invested about so i think so i think we invested about so i

think we invested about, so it started out more as a curiosity thing, right? You know, all like, hey, you know what, hey, how do we can actually be done, right? How do we, how do we do it in a way that, okay, so I think is important is that we are a very UX-focused team, right? So we have a lot of the hard-core engineers and stuff, but we are all, like, very UX-focused, right? And I think that combination is very important, right? Being like able to do the hard-tanker work, right, but also being able to like really care about the user experience, right? that was very difficult. So I think eventually, I think after three, after two months,

I think it was two months, and it was really two months of like raw work just to do one integration, right? But then at some point understood, wow, I get it now. I get why, I get why no one else is doing this, right? Because it took us two months just to do that simple integration, right?

You know, so I think after we do that, I think that gave us a lot of like confidence, right, to spin up Jupiter as a new project, you know? Right, and we went from there. Yeah, so that's how got started, yeah. How many people are on the team, like how many engineers or front-end devs? Give us a snapshot of the team. Now or back there?

Now, yeah. Or maybe if there were other important phases to talk about, too, like what was it like in the past and what is it now? Oh, yeah, yeah, probably six or seven in the past, six or seven in the past. Yeah, when we started on this whole, we started on, I mean, we kept pretty small for a long time, you know. And then now we are like 16, 17, 17, 18 around that and growing quite rapidly, you know, because we do actually plan to, you know, do a lot of other things. But yeah, it was, it was a period of like very intense like experimentation, right? And again, I feel like it's one of those things that I feel like, there are a lot of teams

that are hot between Ethereum and sauna and other things, right? I feel like don't do that, you know, I feel like it's very difficult. Because, like, to win in any ecosystem requires a lot of like very deep. in the community. I mean, you know this, right? It's like, you know, a big part of whether your product gets an interaction is if the broader community accepts you or not, right?

I think that was actually one problem, right? It's that, but one thing that's just interesting here is that I think back at the peak of the sauna hype, I think a lot of other more prominent aggregator, everyone signored their own to enter sauna, right? You know, right? And then, India only wanted it, Kaiba, right? You know, but I think the others didn't.

And it's because of what I talked about, right? There's like really, really big, like, Tanger Herder to actually understand, to even get a functional product working, right? And even after you get it working to kind of iron out all the different details, right? And the game wrong, you know, that's funny? It's funny. I feel like the process that we went through was probably very similar to the process that the early If guys went through, right?

I mean, can you imagine life before ER 20? I mean, come on, seriously, right? You know, we create, right? Or even before a lot of these new things came out, right? Yeah, so I feel like we can't went through that face together. right you know that's what i think that that that's the reason why over time we built up a very strong understanding you know yeah uh yeah so so that's about it guess yeah yeah so that's that's that it's like that's how it works here sure let's get into the the launch of jupiter uh you actually

announced the jupiter air drop incoming at uh so on a breakpoint last november and that's when the snapshot was at least for phase one we'll talk about what phase two and beyond looks like 955,000 addresses were eligible, almost a million. And just for comparison, the largest air drop of all time was the Arbitrum air drop at 600,000. Arbitrum optimism had 250,000. I mean, I know that it's like pretty cheap to spin up a new Solana wallet and then start transacting on it just because the fees on Solana are so low. But what do you make of this very high, like, address account?

Like, why are there so many active addresses that were eligible for the Jupiter AirDrop? Yeah, so just to recal it a bit, right? I think in the in breakpoint, we announced a number of things. We announced the, the token. We announced a token sale. We announced a launch pad. And we also announced a bunch of others.

It was also announced a new stable coin. So it was actually a very, it was a very cool time for us. Because over the last two years, you've been building, right? Just building, you know? So it was just really cool to just be out there, you know, like the first time in two years. I think it's also really great because like everyone used Jupiter before, right? So it's a product that

they had already had a very close touch with and they knew very well so it was like a, and I feel like it was a combination of like knowing the product and one thing a new token in the ecosystem. I think that's actually why I think it was extremely bioceted, right? So

and I think so I think a big part of that I think it relates to your question you're asking right I feel like most most expert users who have one or two orders

at least two or more orders right you know and certainly we do know of bought farms some bot farms that actually ran like around

like I think 10K or the max we had right and now actually we know pretty well we actually know pretty well right now because

we start claiming right you know right and everyone started coming out right so actually we have a pretty clear now so the good thing is this

So let me give it to you in the in the most no bullshit way possible Okay, I hope you trust me on that, right? In the sense that I do believe that roughly half was like really legit right, you know, because the number of excitement that we had about our token, right?

And we see it now, right? It's like to sustain a 600 million dollar adrop. It's actually not easy. You actually need a real community to actually give USC right also to get it, right? So I think, I think,

so I think as soon as there's real excitement, right? the discord is going crazy, everything, right? So I think I would say that I would say about, like, half is our users. That is my best guess, if you ask me. Half of address is a real, half our farms? No, no, no, half. No, like, duplicate, duplicates, not farms, duplicate. Oh, okay, okay.

Like, the user having two of more wallets, right? I'm saying? Right. And I'll say this, we only found, we actually did extensive cluster analysis on it, right? We want to make sure that, so we actually didn't find, because David, remember this, right? we didn't announce an ad drop at all, right? One of the things that we were very, very careful about was that, because I hate promises, right?

I hate promising things, right? Because certainly, I think in my past experience, whenever I promised something, things failed, right? Because it's expectation and then you do my trade things still, right? So I think one of the things that I was very, very, very careful about, over two over years, right? It was that with like no token talk, no ad hoc. Right?

So I'm actually very convinced that no one actually did that. And then when we did the cluster, clustering analysis, right? You know, we did find, we did find some clusters, right? You know, but then it wasn't that much, right? Now, but then, but then something, but then something interesting happened. Is that like, is that like, is that like, is that like, I, what happened was that? What was sifted our attention, right? I'll tell you this, okay?

What sifted out attention was that, like, there was a big bump of our 10,000 addresses, okay? That came in the last minute, you know? because what happens that approaching breakpoint, right? November 2nd, right? The hype became real, very, very high, right? You know, right? And then, and then, and then, and then, and then, and then, and then, and then, and then, and then, and then, and then,

by there's a lot hype, right? So I think, what, what I think happened was that someone started farming that, right? So he spun out, like, spun up like, 10,000, 10,000 wallets and stuff, and traded everything crazy, right? So that is like the only, and that happened like a few days before time, right? Right. And that was only when the, the token podcast, public umbrella right you know so they did that so that's the only big one that we found right and that's very annoying for me right imagine someone running a script taking out two million jupe right

that's dumping in the market i oh the fuck and i know okay but but but david okay if you're interested i mean since you're interested in details right i will tell why we miss that right we miss that because we divide our adro our two categories okay the first category is like hit base right that means it's like if you trade like for if you trade a thousand dollars above and stuff you you you get the you get a lot more right you know saying it won't mean a lot more things like that right it's not really a thousand but it's based on the top number of people traded right um and then and some modifiers right and then we we did and then because because we wanted to be as increasing as possible right we allocated 200 jube to everyone right that means that whether you traded a dollar or 50

cents or whatever you get 200 juke right so and because and because i had this mentality of being as inclusive as possible which by the way I still think that's a right strategy by the way I still think it was a right strategy for me to give 200 to everyone right you know however I think unfortunately I think

so unfortunately we ran the cluster analysis only for the the ones that got large amounts of juke right and we didn't run the cluster analysis right you know for like those 200 so we we missed out on that on that big cluster right you know right yeah

mainly because I was like, okay, you know what, everyone should get something, right? But what I didn't expect was that there was this like big, fat fucking cluster. It's fucking annoying for me, right? You know, because we tried really hard, right? So it's like, because you know, cluster analysis is never, it's never accurate, right? You know, you can never get it precisely right, right? So I was like, whatever. I'm just going to give the benefit of doubt to everybody and stuff, you know, and just give $200 to everybody.

Right, you know? Yeah, but as a result of that, we did miss out on this giant cluster that probably came last minute. Right, yeah. So that's a big miss for me. Yeah. So, but it's fine. I think there'll be future air drops. I'll do better, you know?

Yeah. That's it. For the historical addresses that used Jupiter, like how, how, when did Jupiter go live? Like, when was some of the first trades that were eligible for receiving? And then overall, like, over the span of Jupiter's history, for the people that got the air drop, like what were they trading? Were they trading Solana for other tokens on Jupiter? It was a USC being traded on Jupiter?

Kind of like, what's the qualitative nature of the activity on Jupiter for the span of time that Jupiter's been alive? Like, what are people trading on Jupiter? They trade, actually trade a lot of different things. Like, for a long time, it was, for long time it was, I think we went live on November. About, sorry, October 2021. October 2021, okay. And then, but. Like close to the peak of Solana Mania in 2021, yeah.

Some say down, but Well, the big pick is down too, right? Yeah, yeah, but yeah, but yeah, I feel like That's a digress a bit. I feel like that's actually why I think the community approaches us so much. It's because I think we were, we started at the peak And then even when the market slowed really really bad, right? You know, and everyone ran away, we were like committed to it, right?

Right, right? And we were the most front-facing example of that, right? So I think that's the reason. I mean, it goes two ways, right? I think they were appreciative of us and we are appreciated them too. right you know so there's just like you know um this uh harmony which is why i think we have high level trust right you know because we were that you know um but back to the point yeah i think it was 10 october 2021 and uh yeah so um and then october 21 i think

and back then if i'm not wrong most we're just trading so us d s d c right and then uh and back then there was like this uh first uh like like back there was a first generation of tokens like for for example, you had the first generation of meme coins, right? You know, and you have like tokens like like Okar and Radium, mango, like things like that, you know? Right. So that was actually the the ones that were kind of traded, right? And then that actually, and that was true for a while, right?

And then USTC was pretty big as well, right? You know, right? And some level of like Wormhole tokens too, you know? But then after, and that was the first phase, right? first phase of like, first phase. And then you have second phase. But obviously, everything crashed and died, you know, after the FTX thing. So activity actually pretty much like went to, like, like the, the burden was horrible, right?

You know, like really, really fucking bad, right? And then, but bong came up, right? Bonk, bonk came up. So bong came out and it was big, right? And that kind of- Bunk came out like not too long after the FTCS implosion, right? it was something like December of 2022 or January?

A bit later, a bit later, a bit later, a bit later. A bit later. Early 2023. Q1, 2023. Around that. Yeah. And then, but that was big, right? Because that was like the first like faku mean coin, right?

You know, right? No, no, no. The shoot. That showed that took one's at life, right? You know, on swanah, right? And what was also very important was that like, and big credit the bong here, right? is that I think the Bong team

like Norm like R-89 and Primitive and like Kazon and KC I mean like this whole gang we love them right you know

because I think they really they really they really I think embody a lot of the community thoughts right

you know and learn out from them right but essentially I think that came out I think that that was important because that

that show that Sona had life right because I remember it's funny because I mean because

I think people were saying I was talking to some French, right? And they were like, yeah, but it's just a meme coin, right? You know, I'm like, yeah, dude, but it shows that Solana has capital to deprive. Right. It definitely showed that Solana had capital to deprive. And even outside of Solana, people were paying attention to Solana, right? You know, right?

Those two things are not nothing. Right. There's a canary and a coal mine, for sure. Precisely. What if you have capital to deprive, right? Right. And then you have a community willing to, like, pay it. right

and then you have attention when you look into it and stuff right it's something right and obviously Bong went through

like tremendous ups and now so right picking recently and stuff right you know right through autumn high

you know amazing for them right you know I love them yeah but I knew long

so so and then so that was like so so and for a long time that was like Bong and other like smaller

min coins but while they got added in the mix right and then recently obviously the meme coin

thing went crazy right you know and recently this mean this minccc thing went crazy

right right you know So I was said now it's the Since a few months there, I think it was like the whole It's pretty exciting because our volumes like we're not just us, but everyone's volume went up crazy right Because like you had this like all these like meme coins, right like the top with head You know like the gently use Honda

Obviously a piece Gito and now juke right came out as well I think what we're going to see is that like we are kind of entering the fourth face right now whereby juke and whereby you have like uh like this like i will call like really really good projects that are all not launched tokens yet come to not tokens right you know so i i feel really excited i feel really excited about that you know because i think that all those tokens are going to bring a lot of excitement and vitality to the the training space you know yeah yeah mantle formerly known as bit dow is the first dowel led web three ecosystem all built on top of mantel's first core product the mantle network a brand new high performance ethereum layer two built using the op

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token options, and all the other ones. Toku is already simplifying this today for leading companies like Protocol Labs, DYDX Foundation, Mina Foundation, and many more. You can learn more about how Toku can help you streamline your, your token management and get started for free. Visit Toku at Toku.com slash bankless or click the link in the description below. So part of the Jupiter token launch was the Jupiter launch pad, which is one of the things that you announced at Salana Breakpoint.

Now launch pads as a product, these are tried and true products in the crypto space. They even exist in the TradFi space. We just use banks for them. And so this is just like a new primitive that Jupiter is bringing into the Salana ecosystem. Can you talk about what the launch pad does? and then talk about how the Jube token leveraged it. Okay, great. Thanks for asking.

So I think at Brickpoint, I announced the intention to build a launch pad, right? Because I really, really wanted launchpad, right? Because I think mainly because I think I wasn't too happy with accessing launch pads in the sense that, I mean, you must be very familiar with the token-gated model, right? You know, whereby, you know, you had to hold FTT in order to buy the tokens, right? you know, and then they do, I consider,

they do what we call a supply squeeze. That means that they limit the amount of like supply available at the start, right, and ramp up with demand, right? And so the FTT holders benefit, right? Because they think it goes like, go crazy, right? But obviously, you know, the, and obviously what happens later on,

the people that buy, who believe in token the most, right, buys a token, right? But they get them dumb into, things like that. So you see, like, really big spikes, right? You know, and all that is caused by what I call the supply. high screws, right? You know, that where you don't have enough supply in the market, right? Now, another model that is, another model, another model that's famous as well, is what we consider to be the, it's what you call the, I call them the isolated pool model, right? You know, whereby

you, it's not in the open market yet, right? But you pool capital together, right? And this can be as simple as the ones that Mango did, which is like you had X number of like, focus on the market, X number of like the USC and then the end pool is what you get right or it can be like the LDP model

the balance of LDP model where it starts high and you start high and go low right and then you have other models like you know the you allow multiple parties including adroppers to put the tokens in

many many ways to do it right but I think what I didn't like about that model right was that like it was impossible to predict what happens right

because think about it right with that model right With those isolated pool models, your most enthusiastic believers, right, bind to that pool. And then based on how fast the pool goes and stuff, and then they have a price forms, right? But then the things that your most enthusiastic believer stuff doesn't include the market, right? You don't actually know how the market will react, right? And the air drop method and the ad drop thing, but I actually believe that the ad drop way, Addo as a way to go, right?

In terms of like, it's just a fantastic way, right? Of like rewarding users and benefiting community, right? And I can get to that. That's a very important thing can do. But essentially, I think, but, and then you add on to this adrop thing, then you just can't predict, right? Well, how you go. So what?

What? So the isolator pool model, right? You have this really big problem of like, okay, so quote unquote, you have price discovery in the, in a very isolated pool, right? But then when you go to the market, it just goes down or go up. You don't know. And most like you go down. Why?

Why? Because your most active supporters already bought in the pool. Right? So I think those are two things that I think. And then thirdly, you're the adorn meta, right? The ad drop, the adrop thing is where, the ad hoc thing is where you just ad hoc and they sell, right, in the market, right? I think that, I mean, that works. However, however the, however the demand is extremely erratic, right?

You know, because I, and then, and furthermore, and furthermore, even, and furthermore, and liquid tend to be very thin. right so a big a big selling just down the token right way right and then as a new token you don't really want them you know especially if you're on chain you know you kind of want to and so you kind of give your

yeah so I think I think our launch pad is like okay our launch pad basically says that okay huh given that given that the open market is the best with discover tokens right given that the team given that the team

often needs capital right you know but I want to do in the most transparent way possible, right? And thirdly is that given that we don't know, given that we don't know what the demand, what the demand dynamic looks like, right? You know, maybe have a lot of dumping, but no one's up buying, right? Things like that. How do we develop a launch pad, right? That is relevant, you know, for this like a new meta of like, you know, open market discovery, sufficient liquidity, right, you know, and also a team capital. You know, so that was the basis that went on the breeding design pad. Yeah. Okay. So for the price discovery of the jupe token, like, what were some of the economics on launch?

Like, what, what did that look like using the launch pad and for the droop token? So essentially, I think there were three components. There were three components to it, right? You know, so the first component is obviously it. So we call it the LFG launch pad. LFG, nice. Yeah, that's fine. Go, right?

Essentially, everybody starts at the same slot. Uh-huh. Right? So everybody at the same slot, right? So basically, the ad droppers can claim and sell, right? People can, people can buy into the pool. right you know at the sense of so what we did was like we set up um so the way the way the jupiter rfg platform works is that um projjs can set up a price curve a liquidity curve right um a sell a cell only

pool right a sell only pool it it actually like providing liquidity on uh on anywhere with with with with about only c lm or d o m right whereby you set up what one side liquidity right and but but there are two differences here right the first difference is that we we have a tool that allows the user to specify three things, right? The project is the three things. The project specifies the initial price, the max price, and the curve, right? So a steep performance looks like this, right? That means that, okay, your initial price, your initial price can be low, but it goes high really fast, right?

A low curve goes like this, right? So I think for Jupiter, I think we set up a pool that looks like this, right? The initial price was like 0.4, which was like half, roughly half or about a slightly one and a half of the perps price. You know, and then the max price was $0.7. So your own the Jupiter Purps product allowed for some amount of price discovery ahead of the launch? No, no, no. Other people's. Other people's perps.

Okay. Our perps only, our purpose only does token that exist. Oh, okay. Right, okay. So there's other perps like Avo on Ethereum. I think maybe you had the, okay, so you had some information about what the market was pricing Drew ahead of time. So we're two information points, right?

But it's also fast But guys, I'm so happy, by the way, because I feel like it's so interesting. It's so interesting to kind of think about this thing, right? Because, but sorry, sorry, I'm getting a bit too excited. So let me just share me this here. Yeah, so there are two places of,

there are two points of like, of points in the public, right? The first was Avio. Right? Which was, and then the second was the wheel's market. Right? World's market, right?

So those two things allow us to, so, so these two things, and honestly did they went to big fluctuations, right? You know, in the, in the previous, like, in over the last few weeks, since the signal off the thing, right? So, but the,

but anyway, anyway, I think, but again, we are very new to this, right? It's like, we are, okay,

so one thing I kept, one thing I kept emphasizing my tweets, was that, we are using Juke as an experiment for launch pad. Right, right. Yeah. Yeah. The reason is very simple, right?

It's like, a lot of people are, okay, honestly I got a lot of shit for that, right? Because that, oh, why don't you launch in, December when the hype was so not or not so high, right? Or did it just launch a token, right? And the reason we did launch the token was this, right? It's like if I didn't build a launch pad, if I didn't launch, my own launch pad, right?

Then how can I ask any project to use a launch pad, right? It's not possible, right? You know, so I think that was a, so what people don't realize is that we actually didn't spend, like, we actually spent the whole agenda to bring your launch pad, right? You know, right? So, so, so. And I can tell you people, right? And David, I'm telling you, I learned so many lessons.

So many lessons. And a lot of the backlash that you see about LaunchPad is the result of lessons, right? You know, like lessons in communications. I learned a lot. I can apologize if I didn't communicate news properly. I really do. Okay. And secondly, I apologize if people didn't understand mechanics enough, right?

Which is why I'm hopping on all these shows to try to explain it, right? You know? But I need back to the point. So, but I knew the point that Jude is a lot, we experimented, right? You know, and I can talk all about the price curve later on because that's very important. Okay. But anyway, but we have this tool to, I'll interbilt it, right? You know, these two to allow you to turn a simple price curve with three parameters. Initia, max, and curve, right? And they'll show you how much you transit into a graph to show you how much you raise,

how much, how much the, how much the, how much the, how much the is and stuff in the moment, you get in your moment, right? So you create and then you pass us, you pass the team these parameters, and the team will load the, um, the tokens, right? According to these parameters. Right. Right. That's how it works, right? So I think, but I think it sounds a bit abstract. So let me break down for detail what happened in the load you watch. Okay? By the way, David, I'll just share something with you.

I actually describe a lot of these mechanics in theory over many long posts, right? But I think it's very hard for you understand kind of like this thing. And don't get me wrong, it's not just them. It's me too, right? If I, if I read something, I don't understand it, right? But if I see something happen, I get it, right? You know? So I think, so let me let me break down what happened.

during a launch. Okay? So at a certain slot, right? Slot, so, Sona is just slot, right? You know, ecosystem come, right? You know, so at a certain slot,

things start to go in, right? You know, right? And then, so people go over the claim, right, you know, and then the market started moving, right? and we severely, we severely,

we severely trotted the first, like, of your first few slots to prevent too much of a thing, right? You know, but otherwise anyone, otherwise anyone can buy,

otherwise anyone can buy and sell, right? into the thing. But I knew what happened was that the, and what happened was that like, and so there was also a lot of boss, right, going to the pool and taking the liquidity, right? Because the first part of the equity was always cheaper, much cheaper, right? So in many ways, what we did was that we, we, we as a team, offered tokens for sale, right? Starting at, starting at 0.4 to 0.7, right? You know, but remember, it's an open market pool, by the way, right? It's not a close-uncle pool, right? So everyone was intrathing, right? So everyone was

interacting at the same time. Claimers were dumping, right? And then liquid the dump into right away. Right? You could dump tokens in right away. And that's actually very important, right? Because that actually gave a real-time view, right? Of like what's actually happening, right? You know, that's what's actually that's what I'm going? Right? It's actually very intense. Because as a price, so initially the price only increased, right? You know, which what does it mean? It means that it meant the price just kept increasing initially, right? Which means that initially people there were a lot of people who were willing to buy it at 40 cents, right? And not enough people dumping it.

And not enough people selling at 40 cents, right, you know? And then, and then, and then at some point, the, and then, and then at some point, the, and then at some point, the centralized exchange exchange exchange in one as well. Right, you know. And then, but, but, but, but, but, but, but, but, and then it got all. And then, and then we, and then we, and then we, we started seeing quite a bit of selling, right, you know, at the, uh, at the, at the, uh, at the, I think, when it hit, like, 50, 57 cents, you know, right. You know, right. And then I think it went to like, I think it went to about 703 cents, right, somewhere else. And then it's not the backtracking, right?

And then backtracking, right? Basically the demand, basically, basically people started selling more than they're buying, right? You know, at like the 70s 70s mark. Right. And then, so we didn't, we actually didn't finish the pool, right? We were like two million, there was two million chip left in the pool, right? You know, and started retreating, right? Back to like 65 cents.

and then and throughout the last two days, it has been about two days now, it has been like going this range. Right, you know? It's actually been like relatively stable of a price. And to me it's actually been kind of incredible because like Uniswap is currently valued at something like four or five or six billion dollars.

And Uniswap's on like the bigger network. Granted, Uniswap is only one application. It's an AMM and Jupiter has many more like apps on it. But being valued above like Uniswap is like pretty monumental. So like in my mind, you tell you tell me like, Were you above? I don't think we're above. Uniswap? Aren't you? No, we have 800 million market cap now or something.

Oh, I'm talking about fully diluted valuation. I always talk about fully diluted valuation. I mean, it doesn't mean, right? Yeah, it is a meme. But yeah, but I mean, it's the price that people are able to get, right? Yeah, I mean, but 825 million dollar market cap, fully diluted six billion. Yeah, around that stuff. So, so, I mean, but, but let's, do you mind if I finish it something real quick about?

Yeah, sorry, go ahead. Yeah. Sorry, it's important for me to explain this, right? It's that the reason, so the pool actually worked as intended, right? Because what the pool does is that, like, it created a, it created a, it created a backstop. Right. Like, so people can sell into, right? And that's actually very important for three reasons, right?

Number one is that, like, you know, adddroppers that wanted to sell the tokens always has to create a sell into. And that to me was important. I mean, I don't know why, but to me that's important, right? You know, right? But otherwise, it's not a real present, right? you know, if you don't know, and secondly is that, and secondly is that, I believe, right, I don't know yet, right, but my belief is that it gives bias a lot of confidence, right? Because if liquidity is very bad thin, right, and you have very big ad drops, right?

Remember, we are giving away, one thing you remember is this, right? We are giving away, like, at current $600 million. Right, so the air drop was 10% of the total supply, right? So total supply is 10 billion, you gave away $1 billion? Yeah, $1 billion, right? So if you understand, it's like, breast simple, one billion tokens, right?

One billion tokens were available claiming, right? You know, so basically, and there were some, and there was some, as I mentioned, the farm as well, the farm that claimed two million tokens,

right? So he literally dumped a million, right? Into the end, right? So in any other model, you'll see the price go to crazy fluctuations. Right?

Crazy, right? Because there's no, there's no pool, there's no new pool that can take a million. No way, no way, right? You know, but what happens was like this pool,

because it had a lot of capital built up. right you know it was able to end saw the damage right basically it gets it also gets buyer's confidence too right and they okay cool I can I can buy into this pool without getting wrecked right and certainly that's what people told me right

you know and I don't have any like scientific proof for it but it makes sense to me you know right I mean it's definitely it's somebody you're much more like familiar with just like markets and just like what goes on under the hood but somebody I look at charts I can tell a stable chart from an unstable chart and looking at the Jupiter chart that is a stable chart

Like that is not crazy It's crazy It's crazy It literally went like It literally followed the Exactly the DR, the liquidity curve And just came away and that's it Got up and just came up

And I just said yesterday Yesterday when there was a lot of like you know Criticism right and a lot of like I consider them like you know Unresearched you know Commends I think And like

It went down a lot But then but it didn't go crazy It didn't go away down Right You know, because there was enough, like, you know, people who, you could eat in there, right? You know, yeah, that's it. You know, and so, so I think, so I think, so I think at the end of the day, I feel like it's a good system. Because the people, the people that bought the tokens early, right?

They believe that, that was, that was surprised when you paid, right? You know, and, and the probably would hate, right? You know, and then, and certainly in our case, it didn't go too far in, right? You know, it was like, it stayed in a relative to high range, right? And secondly is that, um, this pool is team liquidity, okay? But the team, and this is not just for Jupiter, right? We are also, as I mentioned, we are experimenting, right? So for all launchpad projects, right?

We are locking in for seven days. Right. So any project that uses launch pad, the condition is that they must lock the liquidity for seven days, right? That means that any, that means that if the founder goes crazy and starts like dancing naked in Times Square, you know? Do you have these plans? I don't know, I can tell.

But yeah, but whatever the case is, whether there's, or by some, like, big news, right, stuff, right? You know, there's also seven days, right? For the price to stabilize, right? You know, before the liquid can be taken out, right? You know? Right. You know, right?

So I think it also acts as a backstop pool, right? You know, for stabilizing, you know, things like that. Obviously, I think it's up to a team and we have our plan to do so, right? Certainly when you take out a lot of liquidity. But it depends, right? But it depends, for example, the price could be way above it already, right? So taking a liquid doesn't matter, right? You know, but it could be.

still within a range, right? You know, like Jupiter, like for Duke, right, it looks like it might be within a range. Right. When they get out, right? So we're very careful, right? About communication. Okay, okay, we communicate very carefully.

Okay, but how we're going to think. And that's my bad. So that's actually my bad. Okay. So maybe can we just unpack this a little bit more? Okay, so there's the initial bootstrapping liquidity, which is the mechanism that we've been talking about, that's producing the price discovery for Jupiter.

This is part of the launch pad product. This is also where Jupiter, the team get some of its funding in the future, but it's locked for seven days. Is this all correct? Yes, David, so let me, do you mind if I clarify something? It's pretty important for me.

So, because it's also quite hard to understand. It's not hard to understand, but it's quite obvious, but let me share it. So the curve, the price scale that we have, is not price discovery, because there's a lot of people jumping elsewhere, everything, right? So price capability going everywhere, okay?

But it is, it is, what it does is that it ensures a lot of, it ensures sufficient liquidity at every price point. Right. Now, remember what I talked earlier, right, about the supply squeeze, right? Where you, where you, where, where the launch pad suppresses supply, right? You know, in order to create the spike, which benefits a small cell of people. I hate that. I really don't like that, right?

You know, I really do not that, you know, because I think what that leads to, it leads to a system of why, like, the people that, So I call this anti- Again, I'm trying to figure something I'm trying to, it might not work, right? But I want to do an anti-formo thing whereby along every single step of the way, right?

You know, there is sufficient liquidity, you know? Right? And that's all for Jupiter, right? Jupiter, it was priced low initially. And another mistake that I made was actually priced lower. Okay, so I made a bunch of mistakes. But it's okay because future projects can learn, you know?

But I think for me, I did a few mistakes. I should price it at like 0.25 and 0.25, you know, right? But I think, and the reason I was scared of being bothered, right? But I think I was too scared of being boughted, right? But this long, long story short is that along every single, so it's not really price discovery, but more like, this curve is that to make sure that there's sufficient supply at every step of the price discovery. So it doesn't go crazy, you know?

Right, right, right. Right. like secondary discovery or like secondary, like stable discovery. Right, yeah. Sure. Okay. And so this is the liquidity coming in from the Jupiter, like the Jupiter team, would you call it?

Because the Jupiter team is supplying the Jube tokens. And then over that seven day period, this juke tokens get sold for USC or Salonar? Or like what's the other half? USDC. And this liquidity is locked for seven days. Yes. So basically the team, so basically the, okay, the, okay, so another mistake that I made in communications, right? Mm-hmm.

Is that I used the word, I, I, I wasn't careful about how I was using the words, right? And I didn't, I also didn't appreciate how, like, how, like, how LP, single-sided LP. So I kept in my long blog post, I was by technical, right? I say that single-sided LP and blah, blah, blah, oh, sure. I didn't need to answer to all those things. So it's my bad. You know? I didn't communicate well, right?

And I think that led to a lot of, like, misunderstanding. It's my, it's probably my bad. But long, long story short is that the team provided. And by the way, one thing I would really encourage I want to check out, because we really spent a lot of, like immense amount on, right?

It's our token accountability, okay? We really kind of spent our time making sure that every single group is, like, accounted for, you know? So I would encourage everyone to check those things out, okay? And we also labelled all the, you know, all the wallets and everything.

very very closely so anyone that wants to track anything they go through and out they can just track it very easily okay yeah but any in our case right we add in our case in our case right i think um we had about uh we had about 3.5 percent of tokens that was taken out so so so we have four um we have four um community observed wallets okay whole the team code community code team um tim multi state community multi state right so those are the community observed wallets right and we call we consider those to be not part of the circulating. Okay? Right.

So, so as part of that, we took out, so as part of that, we took out 10%, we took out 10%, right, you know, for the, for the, the adorn, right? So that's considered circulating, right? We also took out 3.5%. Right, you know, right? And of which 2.5% went to the pool, right? Okay. Right?

The pool, right, you know? And then, and then, so that was the, and then we had 50, we have 0.5% for MM loans and other sex and eminol and other sex needs and then and then we have 0.5 for in case we needed

in case the pool ran out and we need to provide liquidity to other systems right urgently right you know right so so that is the extent

right of our of other tokens that we had yeah anyway long long story shot was that long long story shot is that yeah so so there is a 13 point there is um

1.35 billion right now in circulating right you know 10% is ad drop already and I think 69% is claimed already, I think. Right? So it's claim already, right?

So I think, but we consider all the incirculating. Okay. And then we have about, yeah, and then 2.5% is in the, and 2.5% is in the pool right now. And so about, I would say 80% of the tokens are already, are heavy. So the pool right now, I think about 80% or 85% is USCC, right? And the rest are group tokens, right?

But anyway, so assuming the price remains the same, right? You know, at the end of seven days, the team, which is asked in this case, has the right to take the tokens away. Actually, honestly, what's three days, right? Oh, it's three days, but then I think we're making seven days. Okay. How much total value is that? Total value, I mean, in USC, there's about 100 in there right now, in 1998. But that's actually the price stays, right?

Current prices, correct. Because the way it works very simple, right? Another mantra is very simple, right? We believe that the team should... Again, I'm trying to develop a model, not just for Jupiter, right? But a model, I think, me as a retail participant and as an ecosystem player wants to see, right? Which is, okay, the team should get whatever the price set us at, you know?

Right? Not the peak price of whatever not, right? Because actually, okay, I mean, we all know what happens in these kind of situations, right? the surprise squeeze and the thing palms and then the team sells at a talk you know very very common right you know things like that so so so that's that's not what the opposite of that right you know basically when the opposite of that right you know basically the team only gets basically it's very simple right now if the price if i if the price settles at 0.7 settles at 0.7 and stuff then i think the then the team will get i think i think 125 million

right but the price settles at like right now it's like 8.5 is at 50 right and then go on so and forth, things like that. You know, right? So we are like, so essentially, I think, I think that's fair. You mean that's fair, you know? But remember, we actually took a pretty big risk in pricing at 1.4.7, right? Actually, we should price it lower, right? You know?

Because that would have, that would actually have reduced the, um, but again, I think I regret over compensating for boss because there was so many boss on social media. They're bragging that they're going to retire all you and shit, you know, right? So I think I, no, no. So I was like, okay, fuck it. Right. So I think I wanted to avoid the, the nightmare of like having the early thing all being gobbled up, you know, right? But on hindsight, I feel like I could have done like 0.25 to 0.5 and then it's fine.

You know, yeah. So I think, I think, I'll give this project. I'll give the rest of the projects, right? You know, in the future, you know, right? Because I think, I think we did actually, yeah, that's how I think about it. Yeah. You know, but it's good essence. So at the end of the seven days, do you have any, what are your plans?

Are you just, when you have the window open to take? liquidity, are you just going to take, like, what are the, what are the plans here? You can take all of it or like a little bit? Like, what's the deal? I don't know yet. I don't know yet. I don't know yet. I don't know yet.

I don't know yet. I feel like, but I think what I'll do is that I'll communicate very clearly what I'm going to do. You know, I feel like the, I feel like the important thing here is for me not to say anything right now, right? You know, but I don't know where it's going to be at, right? If it's at 0.7 and 0.4, it's very temperance. Right? But then, so, so I think that's very nice. I feel that's the nice thing about this model, right?

It's that you are literally letting the market do things decide for you, right? You know, before you push up, right? I think it's great. Any long story short is that long story short is that I don't know because I don't know what's been set to end. Right? It could be 0.4, 0.5 or 0.7, I don't know, right? But one thing is for sure. I think one thing is for sure, right, is that I'm not going to sell a single group.

Any troop that's not sold, right? you know, will go right back into the, the, and it will stay there. Okay. And but obviously, if I, if I, if I point four, I don't sell anything, right? You know, then I might need to do some, that, that might need to do some OTC, right? You know, right? You know, but I'll be open about it. I'll be like, hey, I didn't, I didn't get any, I didn't get any stable. Right. You know, I'll need to go on your CC here. I think, I think, I think, yeah, it's fine, you know, right? But obviously at 0.7, then I might do something else. So I think, but what I'll do is just simple.

Once I have a clear signal of like what is going to be, You know, right? Then I think I will over communicate. You know, I learned my lesson, you know, things like that. Yeah, that's it, yeah. Let's talk about the load on the Solana network. So Solana didn't miss a block, didn't go down, which is under stress, which is great. There were some failed transactions.

There were people who were talking about not being able to get some of their transactions through. How would you give a report card a grade to the performance of the Solana network during the launch of the token? I mean, I would say it's great. I mean, I'll say it's great. I think also it's great. I would say that, I would say that Lana has improved a lot, right? You know, through the, through the days, right? It's like, I think there was 1.17 was brought recently, right? Actually, we actually timed the juke launch to happen after 1.17, because there was actually a lot of like improvements, including some Algo Barks and also some CPCU limit improvements, right? Simul competition improvements. I think, I think 1.18 is coming out soon,

would really make the local fee markets more effective, right? You know? So I think in many ways, I think we are, it's very nice for us to that stress test network, you know? So I think ideally every single launch pack we stress network, you know, right? What's actually interesting was that a lot of other things broke. Right? For example, for example, some of the world of them work as well, you know, and some of our systems because we're overstressing the sound our, by some of the other problem, right? It's that we will overstressing our own RPCs. Right. Right. You know, we were trying to fill those orders, right?

So we were stressing, but it's actually out of bad, because for example, right, instead of like pre-cashing a lot of the orders, because we knew what those orders were already, right? So we could have like cash them beforehand and then like execute them, right? Instead, we were like fetching them real time, right? We created a redload, unless it's a reload on our network as well. So we just fucked up, you know, a lot of things. Anyway, but, but so I would say the network itself went pretty well. I will say that a lot of other infrastaff didn't work that well, you know?

Right. But it's good. So the core of Solana, which is the actual Salana network, did just fine. Maybe the next concentric circle out, which is the RPC layer around Solana, still need some improvement. More like how people use RPCs. RPCs are fine. But how people use it are fine? They didn't scale out appropriately or the load balance and things like that.

Right. And the core network thing, I would say that like there still sounds. errors in terms of like, it's still hard to estimate gas. Like, what's the right gas to use? You know, right? But generally speaking, I think the core network went up pretty well, you know? Like, everything saw a big spike, obviously. But, you know, and there were,

but, but, but remember this, right? What was actually interesting on this? Because we priced at 0.4, right? Which is a level that people that like Jupiter would buy, but not something that spam a boss would necessarily buy. Right? So we didn't actually get

as aggressive, uh, if we went, like, because originally the premise go to one-tenth of my utopian, originally my utopian idea was to start one-time and that's go, right? But one-time would be, one-tenth will actually be a lot of, like, a lot, then we

get spam like crazy, right? In many ways, right? So I think, yeah, that's the reason. Yeah. Sure. Okay, so at the end of this seven-day period in theory, the Jupiter team will have capital, be able to enter the next phase of Jupiter and the team.

Hopefully. Hopefully. Yeah, right. In the ideal scenario, this is like the plan. Like, there are some edge conditions we can talk about. But just like, the whole idea is like Jupiter now has capital to enter the next phase of its development. What are the next phases for Jupiter? What does the roadmap look like moving forward?

I think, first of all, I think it's about improving infraud, right? You know, I'll call our products, right? So I think, I mean, a lot of things are incredibly boring by the way. way. Like, we scale out our customer support team. I'm not kidding very seriously. Like, I literally spend, like one. It's important. People, people love teams with customer support teams in crypto. I spend one month on this shit, man. It's not easy.

It's nothing like everything, making sure everything is in, getting right people in and stuff. So, I mean, like, some fucking stupid shit, man. It's like, I'm not kidding. I'm not fucking kidding, man. I spend so much time on stupid shit you remember. Like, it's not stupid. It's just what people might consider not exciting, right? You know, right? But to me, like, to me, we are very proud of this. We reply to everything to do,

so we spend time on life. And we also need people who actually can answer questions, can re-block chains, right? And I think having a high EQ, so I'm going to be pretty boring, okay? So back with me, okay? But one of my big goals is to have a high EQ, high IQ, so what it, right?

You know, that it's able to work with engineers, right? And the users as well, right? Because things get pretty fire away, right? And because it's very tight enough. People might not know what they're doing, right? you know, right? And then, and then if you get into,

so you need to have a high EQ to handle them, to handle these campaigns, but also high IQ to understand what's going on, right? So I think my goal is to have a high IQ, high EQ support team, right? You know that it's able to work throughout products, right? Because here's a problem. If you don't have,

and also do report the issues to engineers, right? So they can actually see the problem, right? Because the reason is very simple. I feel like, when we first started, the, we have very small number of users, right?

So the, the user interfacing the engineers is good now. They're done. Right? But then in this, case as the number of product scale and stuff and the engineers remain right to be small right you can't do that right so what you need is that you need that layer you know to allow the users to allow the engineers to still feel the pain but also handle the also let them do that stuff right so

I think trying to build a layer is very very important okay so that's the first thing I want to do okay I want to make sure that we have an extremely good like a you know like a community team right that's able to kind of like you know address community arrest the use complaints and things like that I mean, we're working in real money, right? I mean, real money here, you know, like, maybe to me to ask, like, you know, hire a buck is not such a big deal, right? You know, but to someone else, it's a huge, right?

And so I think we have to be careful, we have to be sensitive to do that, right? Yeah, that's something. But the second thing we're building is, the second thing of building is that I think we definitely want to improve our co-products. We feel like we have, we feel like across, I feel like across our,

across our, across, across, across swap, limit order, DCA, gateway, perks and launch, hat. Those are a very comprehensive set of features, right, for an auction exchange already. So I don't think the next step is, so I think 90% of the effort would not be new products, right? You know, but just making sure that those things are good and getting better, right? You know, every single day. You know, so that's the second key focus, right? And obviously we do actually want to experiment in New Dealingswell, right?

you know, so I think, and this includes like running, scaling our infra, you know, or infra, like, and getting involved with Solana call, right, which is something that we haven't been able to do because we haven't had the capital to do it, right? But if we do, but if we do all with this initial launch, right, then we were definitely a capital to kind of like, you know, get a couple of in-house of sauna, like, people to work on Soana for Fulham. Right. You know, right.

You know, yeah. And also to build up some question expertise as well. right you know because i actually i personally has been very interesting question for a while now right i think i think we are definitely going to uh focus 100 percent on swanah being the home right in all the jupiter right you know but at the same time there are men man man chains around right you know so how do we kind of like better and i'm not a chain maxi by the way you know i'm not a chain maxi right i do that um focusing the product and ecosystem building on sauna is the right is the right and also obviously i love the ecosystem right they'll be very nice to me

uh at some time i think it's very important to connect with other ecosystems as well right you know so trying to what's the best to do that it is important for me you know so those are things that i want to have people a team to work on as well so you know so those so those so those three three things like making sure that we scale up in terms of so in summary three things right making sure we scale up in terms of the basics right you know um like the and like the the community and to me one important basic that the engineers would grow because they need more people so they will grow on their own right but then what no one would no one would explicitly do unless someone to really push that, right? You know, it's this like community,

community support. So I'm, so that's my, my focus. And you know, engineers. Do you hire them, you know, right? All right. Okay, so the hiring, you guys are going to be hiring for a bunch of roles. If people are interested in those roles, what types of people are you looking for? Different, different, different. I think we're interested in like, we're interested in people with proven, like people have proven expertise in, I mean, there are two kinds, right? The first kind is that you can, the first kind is that you can, the first kind of, the generalist where you can learn, right? And that's the, and that's kind of the high, high, IQ guy I was talking about, right, in this like that, right? So that's the first category,

you know, right? And very often those guys are, uh, are sourced from a community, tend to be great. I think the second ones are those that have, um, have a proven expertise, whether it's in terms of like running infra, like running high-scale like infra, sauna infra, right, or having like,

or being like, or contributed to do the sauna call work. Right, you know, right. So do those two sets of people. Yeah. Beautiful.

Beautiful. Well, Mia, it's always a big day when you launch a token, so congrats on that. If people want to just learn more about Jupiter or maybe some Ethereum

people want to use Jupiter for the first time, where would you send people? Okay, so thanks for asking. I appreciate it. go to jup jupu jup dot a g jup that's our that's our that's our that's our that's our um our site jupup a g jupiter aggregator is that what that is yeah yeah and then and then there's a gateway and there's a

and then there's a gateway um that there's a bridge or gateway link there and go to and over there you can find all the different ways right you can bring to soana right we have this like comparator but i can compare um you can compare what's the best way between different bridges right you know to bring or campaign, right? Or can do it via credit card or you can do it via, or you can do it or you can bridge or can bridge your in as well, right? You know, I guess I'm sold. So that, so we have a very comprehensive, comprehensive way for you to bridge into Solana, right, you know? And if you're interested in, if you're interested in learning more about the things I was discussing, right? You can, you can check out my Twitter, or even for more concise information, look at, I should talk

on Twitter, right? But I can check out juke.com research, right? You know, and just like juke research. I copied if research here. Okay. So it's literally J-U-P-R-E-A-R-E-A-R-E-A-R-C-H. Okay. We'll get all these links into the show notes for listeners who you just want to click. But the J-R-R-R-R-E-R-Sach you just want to.

Because that's actually, okay, I'm personally committed to doing two things, okay? I'm personally, because I'm actually very apologetic to, for all the, the misunderstandings out there. So I'm personally apologetic about that. So I'm committed to writing, to doing two things, right? to writing out a lot of the information into the research post and also to post a simplified version okay, you know, on Twitter as well

so I'll do those things. Okay, well, Meow, thank you so much. Where did the name Meow come from? Oh my God. Okay, first of all, I wish I love cats, you know, check out. Of course. Yeah, yeah.

The cat stuff, but yeah, so actually my name is, my full name is actually very similar to Meow. Very very similar to Meow. So it just, came out together, you know, and then I think it's just fun, you know, because not everyone like founders, right,

but everyone loves cats, no, right? I mean, like, not everyone like tech bros, right? You know, but everyone loves cats, I said, okay, here, no, it's just good me out. All right, yeah, well, once again, congrats on the token launch, and thanks for coming on the Bankless Nation and telling us, you're sorry. One more than, thank, a big fan of yours.

So I really thank you so much for bridging the tool. worse. I know how high it is for you to bridge the two words because, like, you know, there's a lot of things going on, but I really appreciate it for doing that, you know, and to everyone, Ethereum, I would say that, like, you know, I, Ethereum was my home for a long time, right? You know, and I continue to really appreciate community. The research community is, like, way ahead of anybody else, right? You know, and the amount of, like, decentralized, decentralization there is amazing as well, right? Things like that. You know, so I continue to be a very big fan, you know, even though I do most I will in so on now. Yeah, as I say. Of course. Of course. Thanks, me,

Bankless Nation, you guys know the deal. Crypto is risky. Defi is risky. New tokens are risky. Everything's risky here. But sometimes that's why we're here because we're headed west. This is the frontier. It's not for everyone, but we are glad you are with us on the bankless journey.

Thanks a lot.