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@BigBrainKasey @dymension @yishayRL @shaolin_flow @GaaneshtY I validated my wallet and allocated more $DYM today - so grateful!
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1/ Without HARD nothing great is accomplished. HARD reveals character and shows perseverance. Couldn't be more happier for the @dymension team @yishayRL @shaolin_flow @GaaneshtY for the launch yesterday! I remember the first time I got to meet @yishayRL and hear his vision.
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Jupiter: Let's Go!
Hello space catdets! Over the last few months, we built a robust community of catdets with a common vision, scaled up our infrastructure to handle many levels of volume, tested a lot of things together, and overcame a hell lot of adversity together.
And now, we are ready to start the next phase of our journey - going to Jupiter as fellow space catdets, because that's where the meta is!
Over the month of Feb, we will kick off the key J.U.P. initiative, product updates and introducing launchpad candidates to the community. These includes:
1. Initializing the DAO with operational funds and participation incentives
2. Introducing the first set of LFG candidates to the community
3. Rolling out a series of updates across our product lines
But before we get started, as any good space catdet would know, logistics comes first, then plans, then next steps.
Launchpool Logistics
Over the past 7 days, our DLMM Launch Pool has been stabilizing wild price swings and allowing airdrop recipients and early buyers to sell into the pool if they choose to.
However, this pool is not good for price discovery, due to the buy and sell walls on both sides. This position was supposed to be there for 3 days, however uncertainty in the Launch Pool mechanism led to the decision to extend this to 7 days, for retail holders and buyers to learn more about the launch pool mechanism
At the time of writing, our liquidity position is approximately 96,164,550.29 JUP and 69,927,955.07 USDC.
1. As communicated, the 96M JUP tokens will be removed and sent to cold multisig immediately.
2. USDC will be removed in $10M batches, starting today, over the next few months.
This will allow the JUP to regain price discovery while assuring all participants that the team is committed to a long-term gradual withdrawal of USDC liquidity.
J.U.P.: Jupiter United Planet!
Jupiter has 3 key components:
1. Jup.ag -> the best exchange in defi
2. $JUP -> the governance token for jupiter and symbol for defi 2.0
3. J.U.P -> where all catdets, ecosystem working group and the DAO lives
After spending years on jup.ag, last few months on launching $JUP, our core focus now turns to building up the third component - J.U.P, which is a combination of the community, an effective working group and the DAO, because it is the combination of these 3 aspects that we can truly have a decentralized community that is also
Jupiter DAO
The goal for the Jupiter DAO is to incrementally evolve it into the most dynamic, most productive and proactive DAO in space - moving not just Jupiter forward, but also Solana and crypto.
This is possible because Jupiter has an extremely broad holder base, is the most used trading platform and has no collective voting blocks. And of course, we catdets have a common, sincere vision in helping bring the decentralized meta forward.
The JUP DAO initially would focus on evaluating and approving launchpad projects, ratify budgets for working groups, approve grants, and release budgets for ongoing community and ecosystem initiatives.
To encourage participation in the DAO, the entirety of the launchpad fees earned from the JUP launch (100M JUP) will be allocated to governance participants over the course of the first 6 months to a year, in the form of governance incentives.
To cover initial operational needs of the DAO (including working group budget), 75% of all DLMM fees will be transferred to the DAO. For example, the JUP DLMM pool earned 8.2M in USDC, of which 6.15M USDC will be given to the DAO for operational needs.
x.com/weremeow/statu…
Therefore, the DAO will start with approximately 100M in JUP for participation incentives from and about 7M in operational funds from DLMM fees.
On an ongoing basis, launchpad fees from LFG projects will be distributed to governance participants as well, while DLMM swap fees will be allocated for operational needs.
There are a very large number of details to cover here, including voting/locking mechanisms, participation reward distribution, and also clear documentation of fund transfers, so we will discuss as a community how to move forward on this, tho we expect to see this set up and voting started before the end of Feb.
We are extremely excited about the above, since the DAO will now have the capital, incentives and mandate to really drive a lot of initiatives and ideas forward.
While the DAO is obviously the center of attention, we will need to have a very strong working arm and a community to back it up. As such, we will be introducing the Jupiter ecosystem working group and a special catdet role and channel in discord.
These are all things that we have been working extremely hard on setting up behind the scenes over the last few months, and super excited to roll it out!
LFG Candidates
LFG is our initiative to grow the pie by helping great projects get the awareness, community and users to thrive in the long term. It is therefore crucial to remember that LFG is a community initiative - the team should play NO ROLE in deciding if a project is suitable to be launched.
It is up to the community to vet, discuss and decide if a project should be launched on the LFG platform.
To kick off early discussion in this initiative, we are bringing 3 OG projects to the community to introduce themselves, share their plans and potentially launch their tokens.
@sanctumso is building an infinite-LST future, tapping into innovative liquidity sources to drive liquid staking and DeFi. With experience building the first SPL program used by stake pools, and liquidity sources like unstake.it. They are currently building the most capital-efficient LST liquidity pool known as Infinity, with the goal of turning all staked SOL liquid.
@SharkyFi is a top NFT collateralization platform on Solana, allowing NFT holders to borrow and lend against NFTs to acquire leverage or earn yields. Born on Solana, Sharky is expanding to other chains (EVM & BRC20) and asset classes (RWA/DeFi) and tap into new underserved markets. They are expected to complete BRC-20, EVM deployments, alongside new offerings for RWAs and Mortgages by the end of 2024.
@deBridgeFinance provides cross-chain infrastructure that brings the most powerful bridging experience. Users can trade assets across chains in seconds, without wrapped assets or liquidity pools. Their 0-TVL design drastically limits attack surface, and reduces the incentives necessary to bootstrap a bridge. This empowered them to build DLN, a cross-chain exchange that taps into liquidity everywhere.
Over the next 2 weeks, we will be introducing these projects to the community via a variety of channels, including a townhall, a special channel for each project, and twitter summaries as well.
For other projects that wish to be involved, there will also be a channel to apply as well, so please keep a lookout for that as well!
Again, we aim to be as inclusive as possible, so it is very important that there is a channel for everyone to easily apply and participate as well.
Last but not least….
I want to be emo here and say a huge massive thanks to the team, community and ecosystem supporters who have been extremely supportive in the past few weeks. It would have been completely impossible to do any of these without the heart, soul and love everyone has been pouring into this. Going to Jupiter is a task that requires the collective efforts of an entire united community, and I am extremely grateful to be taking part in this journey with everyone.
As explained previously, our strategy at Jupiter is very cat brained and simple:
Best product
Best community
Best memes
Best ecosystem
Best team
We can do this.
Let's go!
Love,
M
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@dymension I claimed more DYM after validating my wallet today, LFG!
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Dymension mainnet is live!
@dymension/dymension-mainnet-is-live-d0bdebd5650f" target="_blank" rel="nofollow noopener">medium.com/@dymension/dym…
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@dymension Don't forget to validate your wallet to complete the claim!
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@dymension Just finished validating my wallet and claimed more DYM 🥰
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@dymension I just validated my wallet on the site and got the allocation, thank you!
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@dymension I just validated my wallet and got the allocation lol, LFG!
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So it's most importantly $DYM, $WORM, or $HOLE (should be any of the two). and also $AVAIL.
Distribution of $DYM to eligible wallets is currently underway, and the main net launch is expected to happen in a few.
And yeah @binance will be listing $DYM, and trading will commence today at 17:00 UTC.
Now we know that @wormholecrypto is in the process of integrating with @dymension, you can picture the many opportunities this will open up but this is a discussion for another day.
So quite frankly Staking some portion of your $DYM tokens would set you up well in the coming months, taking into consideration that there are many more who will still integrate @dymension.
Remember that by staking 1 $TIA, you cleared the way for over 200 $DYM.
Dymension@dymension
Mainnet is launching very soon. There will be no claim process! DYM will be allocated to the provided Genesis Rolldrop address on the Dymension blockchain. Use portal.dymension.xyz for easy access to Dymension (swapping, staking, RPC...).
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#Binance will list @dymension $DYM, and open trading for the following spot trading pairs on February 6, 15:00 UTC.
🔸 DYM/BTC
🔸 DYM/USDT
🔸 DYM/FDUSD
🔸 DYM/TRY
➡️ binance.com/en/support/ann…
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