In keeping with our quest to maintain the utmost integrity of the $JUP token, we will be conducting an community audit on the distribution and allocation of the $JUP tokens to date.
As part of the CAT (Certainty, Alignment, Transparency) pact, we are also committed to doing this audit on on a regular basis if the community finds it useful.
Audit Scope
The audit tracks the inflow and outflow of tokens from the point of minting onwards, across the four multisig wallets. It does not include tokens already distributed.
This research post will also guide you through the initial state at point of mint, the developments of the past six months, and the current state.
Terminologies & Definitions
We will be using the following terminologies throughout this research post:
- Holdings - the actual amount of tokens held in the multisigs/wallets
- Allocations - distribution plans of tokens
- Distributed Tokens - Tokens already distributed for usage
- Reserved Tokens - Tokens still held inside the multisig wallets but designated for future use.
Point of Mint
Jupuary Plan: x.com
Reference Link: $JUP Minting and Accountability
At point of mint, 10B tokens were minted, with 50% managed by the team and 50% for the community.
A total of 7.5B tokens (4B in team cold and 3.5B in community cold) were locked up and held in the cold multisigs, while 2.5B (1B in team hot and 1.5B in community hot) were sent to the hot multisigs for holding and distribution.
$JUP Holdings, Allocation & Distribution at Point of Mint
Events since $JUP Launch
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As part of the $JUP launch, we allocated 250M JUP into the LFG Launch Pool, and sold 138,623,066 JUP. The unsold tokens of 111,376,934.04 JUP were withdrawn over 2 separate occasions.
i. February 7th → Withdrew 90,152,115.064053 JUP. Txn Hash.
ii. February 14th → Withdrew 21,224,818.977065 JUP. Txn Hash.
iii. March 26th → Closed Launch Pool position and withdrew accumulated JUP Launch Trading Fees. Txn Hash -
As part of $JUP Launch, we allocated 50M for Liquidity Needs, out of which we ended up using 2.3M JUP, leaving 47.7M JUP unused.
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In March 2024, we announced our funding of the Jupiter DAO. 100M JUP was transferred from the Community Hot Multisig + 10M USDC (Funded from JUP LFG Launch Trading Fees and JUP revenue) to the Jupiter DAO wallet.
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In July 2024, out of the 100M allocated to Launchpad Fees, we distributed our first Active Staking Rewards that is 50M JUP (50% of the Launchpad Fee). 50M was withdrawn from the Team Hot Wallet for this purpose.
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On 30 July, we returned 18,924,818.977065 JUP to the Team Hot wallet. This includes 21,224,818.97706 unsold JUP from LFG launch pool, 47.7M from unused liquidity needs, less off 50M JUP to be left in the Ops wallet in preparation for the next ASR Claim in October.
Current State
As of 30 July 2024, after the events between genesis mint and today, we have the following in the multisigs:
$JUP Holdings, Allocation & Distribution as at 30 July 2024
Distributed and Reserved Breakdown chart as of 30 July 2024
In this section, we look deeper into the distributed and reserved breakdown plans of $JUP for both team and community.
Table Reference: JUP Tokens 30th July (Final)
Team Managed Multisig Token Breakdown
For the 5B tokens managed by the team, 290,923,066 JUP has been distributed, while 4,709,076,934 JUP is reserved and stored across team managed hot and cold multisigs.
$JUP in team cold: 4,090,152,116.56
$JUP in team hot: 618,924,818.97
Total = : 4,090,152,116.56 + 618,924,818.97 = 4,709,076,935.53
Note that there is a variance of 4,709,076,935.5 - 4,709,076,934 = 1.5 JUP due to random donation from anon.
Community Multisigs Token Breakdown
For the 5B community tokens, 1.1B JUP has been distributed for the initial airdrop and DAO, while 3.9B JUP is reserved for subsequent Jupuaries, community needs and reserves.
Note that out of the initial 1B airdrop, we reserved 33,171,900 (txn1, txn2) JUP on behalf of compromised wallets, out of which only 3,821,650 + 28,300 have been distributed. Out of the 966,828,100 tokens, there are also some which will be clawed back on Wednesday after the claim window has ended.
$JUP in community cold: 3.5B
$JUP in community hot: 400M
Total = 3.5B + 400M = 3.9B
Next Steps
On July 31st, we will clawback the unclaimed JUP from Jupuary, and JUP from the compromised wallet airdrop. These tokens, in addition to the tokens not used from the initial 1B, will be returned to the Community Multisig.
Summary
Key notes includes:
- No tokens were sold outside of the initial launch pool - Out of 250M tokens, 138,623,066 JUP were sold, leaving 111,376,934 JUP unsold.
- All $JUP is accounted for, with 4,709,076,934.04 JUP in Multisigs managed by Team, and 3,900,000,000 JUP in Community Multisigs.
- Only 2.3M out of the 50M tokens reserved for liquidy needs were used
Anyone can easily verify the results of this audit by reviewing the numbers across the 4 multisigs.
This concludes the community audit of $JUP multisig wallets for July 2024.
