Jupiter (JUP) Founder Addresses ‘FUD’ Concerns Over Airdrop
Meow—the pseudonymous creator of Solana-based Jupiter (JUP)—and his critics, have been at each other like cats and dogs following the project’s high-profile airdrop on Wednesday.
The criticism of Jupiter, a decentralised exchange (DEX) aggregator, has focussed on the project’s launch liquidity pool and its token distribution strategy, which critics suggest resembles an initial coin offering (ICO) and a cash-grab by the founders, more than a regular crypto airdrop.
Meow has hit back at the FUDsters stating information about the airdrop and token distribution were made available ahead of time and that his critics were simply uninformed.
What Exactly Is The Criticism?
Critics of the Jupiter airdrop have pointed out that the tokenomics are very favourable to the founders of the project and not so great for airdrop recipients and are especially bad for early buyers of the JUP token. Some have likened the tokenomics more to a round of fundraising than an airdrop.
This return of the liquidity pool back to the founders has been seen as a red flag by critics. On X, Adam Cochrane — a partner at venture capital firm Cinneamhain Ventures — broke down his understanding of the airdrop tokenomics, and it wasn’t pretty:
Cochrane concluded that the strategy is basically a cash-grab by the founders, describing it as “shitty antics throwing away reputation of what could have been a *very* successful business long term.”
How Now Meow Meow?
Meow was quick to try to squash the FUD, spending much of the day Thursday on X trying to counter what he believes are misunderstandings of the airdrop’s mechanics.
Meow claimed the liquidity pool has been provided to benefit token holders, saying without this liquidity, selling the token would be difficult. He also denied founders would be selling the tokens used to provide liquidity after seven days, saying they’ll simply be returned to treasury or used to provide liquidity for other projects.
Speaking to the ominously-named ‘Rug Radio’ on Thursday, Meow attacked his critics saying “You know what I realized, guys? How many people don’t understand anything…they only understand buy/sell.”
What is Jupiter?
Jupiter is a decentralised exchange aggregator built on the Solana blockchain.
Its purpose is to aggregate liquidity from multiple DEXs in the Solana ecosystem to optimise trading prices and minimise slippage.