UpRock's $UPT Token Launches May 30th: Airdrop Checker Goes Live Today
$UPT token launching on May 30th at the same valuation as their last $4M raise.
UpRock, a decentralized data network that leverages idle bandwidth to power AI, is preparing to launch its $UPT token on May 30th at 4 pm UTC on Jupiter's LFG launchpad. The launch will be accompanied by several measures designed to ensure a fair distribution of tokens and prevent manipulation by sniping bots.
UpRock is demonstrating its commitment to the community by offering multiple airdrops. All participants in the second round of Jupiter's LFG voting process will receive an airdrop, and those who voted for UpRock in both the first and second rounds will receive an additional airdrop and a loyalty bonus. Furthermore, 0.75% of UpRock's token supply will be distributed to LFG participants who actively stake their tokens in July.
UpRock has allocated a significant 50% of its total token supply to the community, emphasizing its commitment to decentralization and user participation. In contrast to traditional models, the team's 15% allocation will be distributed based on in-app revenue and product achievements, aligning their incentives with the project's overall success and ensuring a fairer distribution of tokens based on performance and contribution.
UpRock partnered with Meteora to implement a new vault system to protect the community from sniping bots. This vault will allow genuine supporters of the project to purchase tokens at the lowest possible price at launch while delaying their access to the tokens for 24 hours with a 6-day vesting schedule. This strategy aims to discourage bot activity and promote a fairer distribution of tokens among those who believe in the project.
UpRock recently concluded a $4 million fundraising round led by Borderless Capital. Notably, the $UPT token will launch with the same starting price as the private VC round, underscoring UpRock's dedication to fair and equitable token distribution for both retail investors and venture capitalists.
It's worth noting that UpRock's decision to prioritize a high-float, low-FDV (Fully Diluted Valuation) token launch aligns with a recent shift in policy at cryptocurrency exchange giant Binance. In May 2024, Binance announced a new focus on listing projects with a higher circulating token supply relative to their total token valuation. This move was motivated by concerns surrounding "low float, high FDV" launches, which have been criticized for potentially manipulating token prices and disproportionately benefiting early investors.
The UpRock app has experienced substantial growth, with an average of 10,000 new users joining the platform daily. Its Android app has surpassed 1.2 million installs, and its iOS app has over 50,000 installs. The platform boasts nearly 300,000 daily active users (DAU) and 800,000 monthly active users (MAU), with over 400 million transactions to date.
Jupiter will launch its LFG site today, May 28th, allowing eligible users and voters to view their airdrop allocation and set DCA or limit orders for the $UPT token.