Solana's Jupiter DEX kickstarts native DAO with $137M in initial capital

JUP currently has a diluted market cap of $12.5 billion.

) and 100 million of its native JCP token , worth a combined $137 million at the time of publication, to kickstart its Jupiter DAO.on March 27, the budget"provides the DAO the capability to fund the ideas with USDC and have the JUP allocation for long term incentive alignment with J.U.P Catributors," developers wrote, continuing: “To ensure that the DAO will be able to execute on these crucial things over the long term, we will aim to top up the same budget on a yearly basis.

"If the DAO ends the year with 1.5M USDC and 50M JUP, the team will replenish 8.5M USDC from revenues and an additional 50M JUP will be transferred from the community cold wallets." At its inception, the ecosystem funds are stored in a decentralized autonomous organization multisig wallet with three initial members, with plans to expand access to more custodians within the coming weeks. Parallel to the announcement, the Jupiter DAO wallet address wasThis operational budget provides the DAO the capability to fund the ideas with USDC and have the JUP allocation for long term incentive alignment with J.U.P Catributors.

With a gain of 807% in the past year, Solana has become one of the largest cryptocurrencies by market cap. A huge part of that growth was driven by the recent memecoin craze. On March 25, Jeo Boden , a Solana memecoin parody of United States President Joe Biden,

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