The Meme token WEN created by Jupiter founder Meow indirectly benefits Solana, although the number of recipients is less than expected.

Compiled by: Felix, PANews

Jupiter is a DeFi platform based on Solana, which includes various functions and products such as token trading with customizable settings, dollar-cost averaging (DCA), limit orders, perpetual trading, and a launchpad platform.

Jupiter recently announced the issuance of the JUP token and conducted an initial airdrop to the community on January 31, accounting for 10% of the total supply, with three more airdrops planned for the future. However, prior to this, the platform will test its launchpad by airdropping the Meme token WEN.

Airdrop of the Meme token WEN

WEN is Jupiter's first official Beta LFG project and the first NFT minted based on the WNS NFT standard. The WNS NFT standard is an "extremely lightweight" NFT standard built on Token 2022, which achieves maximum ecosystem composability, flexibility, and backward compatibility. WNS 0.0 starts very simple, with only 3 fields (name, symbol, uri), and new features will only be added with community consensus.

WEN divides the poem "A Love Letter to the Wen Bros" by Jupiter founder Meow into trillions of parts, which can be traded like regular Solana tokens. Each Wen token represents a proportional ownership of Meow's poem. Meow stated that the project will be handed over to the Ovols development team in the future.

The scale of the WEN airdrop is larger than that of JUP, with over 1 million wallets eligible to receive it, starting from 23:00 on January 26. Eligibility for the airdrop includes active Jupiter users in the past six months, several top NFT holders, Ovols holders, and owners of the Saga smartphone released by Solana.

The total supply of WEN is 1 trillion tokens, with 70% of WEN provided to over 1 million wallets, 20% entering the DLMM pool, and the remaining 10% allocated by the WEN treasury for purposes deemed appropriate for LP, promoting WEN culture, or advancing WNS. 1% of the treasury will be provided to the LFG Launchpad, 0.75% to the future Jupiter DAO, and 0.25% to the team.

Just over half of the claims have been made

Data shows that nearly half of the wallets whitelisted for WEN have claimed the tokens. According to Dune data, 403,250,552,608 WEN tokens have been claimed in the airdrop, with approximately 42.4% of the airdrop still unclaimed, and around 322,700 holders of the token. Each eligible wallet can receive the same amount of WEN: 643,652 tokens, worth about $93.

However, the price of WEN has fluctuated significantly. According to Coingecko data, the price of WEN tokens reached a high of $0.00016982 in the early morning and has since fallen to $0.0001447, with a 24-hour increase of 38%.

If claiming were to stop now, a significant portion of WEN might go unclaimed. On-chain data suggests that this figure could account for at least 17% of the total supply of 1 trillion WEN tokens. The final claim data may limit the total supply, thereby affecting the price of WEN, as the team has committed to destroying all unclaimed airdropped tokens.

Sharp increase in new addresses on Solana

Despite just over half of the recipients claiming their tokens, there has been an additional positive impact on the Solana blockchain. Earlier this month, the trading volume on the Solana blockchain reached its highest level since October 2022. Additionally, on January 28, the daily new address count on Solana reached a historical high (7DMA).

Although the best month for overall network new address count was in May 2022, January has pushed the second-place month (last month, December 2023) to third place, with new address count exceeding 10 million and continuing to increase.

Source: The Block, CoinDesk, Decrypt

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