25% of $JUP Claimants Stake Allocations and Recommit for Further Rewards

The Jupiverse just got a whole lot bigger, but what does claimant behavior tell us about long-term $JUP alignment?

Published: Jan 23, 2025 at 10:05

Jupuary 2025, the most eagerly anticipated airdrop event of the year, is in full swing. Rewarding its users for their activity, Jupiter has begun distributing 700M $JUP tokens, valued at $546M, to over 2M eligible wallets.

Since the floodgates opened, over 263M $JUP tokens have already been claimed. However, despite Jupiter’s loyal and devout community, only 25.94% of claimants opted to stake their allocation in the hunt for further rewards.

Meanwhile, market participants have defended $JUP’s historic supply dilution, offering plenty of buy-side demand for the rapidly inflating asset. What can claimant behavior tell us about $JUP’s future?

Over 549k Wallets Claim $JUP

Since Jupuary claims opened at 15:30 PM UTC, over 226M $JUP tokens have been claimed across 549M individual claim events. This suggests that, so far, over 549M unique wallets have claimed their allocations.

claim volume

According to Flipside Data, just over 263M $JUP tokens have been claimed, representing 52.72% of the 500M $JUP immediately available. The 200M remaining tokens have been reserved for Good Cat and ‘Carrot’ Allocations.

With 52.72% of the immediately available supply claimed, the average claim across all wallets sits at 489 $JUP. However, average allocation numbers are heavily skewed towards whales and power users, with the recipient of the largest $JUP allocation claiming 1.6M tokens. With that in mind, a median claim of 100 $JUP is likely a more accurate representation of a typical user’s allocation.

Despite Jupiter distributing over $546M to its users, the Solana community still found ways to be frustrated with free money. Social media commentators expressed frustration with Jupiter’s convoluted claim process, which demanded users link wallets to their email addresses, a requirement that is arguably counterproductive to the Web3 vision.

24% of Claimants Stake Allocation

In a bid to reduce sell pressure and discourage claimants from immediately dumping their allocations on the market, Jupiter devised a ‘Carrot’ system. Designed to reward users who align with Jupiter long-term, airdrop recipients who stake their allocations will be eligible for further rewards.

So far, 25.94% of all claim events have opted to stake their allocations. However, only 23.11% of the total claim volume has been immediately staked.

Claimrates

This disparity suggests that claimants who were eligible for larger allocations were more likely to claim tokens directly to their wallets. Unsurprisingly, recipients who claimed their tokens earlier in the window demonstrated dramatically lower staking rates than those who claimed later.

Lateclaim

Fearful of a dump in $JUP value, claimants who intended to sell their allocations raced to dump their holdings ahead of other sellers. Meanwhile, recipients who are bullish on $JUP long-term had no reason to claim at the beginning of the window, resulting in increasing staking rates as time wore on.

$JUP Holds Strong Despite 700M Token Unlock

Prior to Jupuary 2025, the release of 700M $JUP tokens into circulation loomed large over the Solana community. However, $JUP has shown strength and resilience since the floodgates opened, suffering a mere 7.48% drop in value as $JUP slid from $0.85 to currently trade hands at $0.79.

JUP price

Remarkably, $JUP has witnessed strong buy support in the hours following the 2nd Jupuary airdrop, indicating high demand for $JUP tokens.

Network participants now eagerly await bullish announcements and potential catalysts for the Jupiverse at Catsanbul, Jupiter’s inaugural community event. $JUP holders are optimistic that the Jupiter team will announce additional utilities for the platform’s native token, which could include a buyback mechanism or some other form of programmatic value accrual for the asset.