Meow, the pseudonymous founder of Solana DEX aggregator Jupiter, has responded to criticisms of the project’s massive JUP airdrop, dismissing them as “FUD” and insisting that critics have misunderstood the purpose of the launch liquidity pool.
The airdrop saw 1 billion JUP tokens distributed to users, with a peak value of over $700 million.
While the airdrop was successful, with nearly half a million wallets claiming their tokens, it also drew criticism from some crypto influencers who labeled it a token sale in disguise.
-gave 50% of token to themselves, it was not their first token
-Used their own platform which also paid self
-Pulled liquidity from the pool in cash
-Gave a cut to the dev team
So cash out $30m day one with no lockup, and still own 50%?
Shitty antics throwing away reputation… https://t.co/HlSFzjHIL0
— Adam Cochran (adamscochran.eth) (@adamscochran) February 1, 2024
Meow refuted these claims, explaining that the 250 million JUP launch liquidity pool established by the team was intended to benefit JUP holders.
He emphasized that all information about the launch pool was publicly available before the airdrop and that users had the opportunity to understand the details before claiming their tokens.
According to Meow, the launch liquidity pool will be available for seven days, allowing anyone to sell their JUP tokens into it.
After that, the remaining tokens in the pool, both JUP and USDC, will be withdrawn back into the team’s treasury or used to support other liquidity pools.
Meow argued that this approach is fair to JUP holders, as it allows the team to demonstrate the value of the token.
For those who disagree with Jupiter’s approach or are not satisfied with Meow’s explanation, Meow stated that they can simply sell their tokens into the launch pool while it remains active.