Since the last Community Audit in July 2024, a lot has happened in the Jupiverse. We carried out the largest user airdrop, to almost 2M users in crypto, and followed that up with a 3B token burn during Catstanbul. Several scheduled vestings of tokens have also begun.
To continue to maintain utmost transparency and integrity of the $JUP token, we are posting this community audit with updates on the token movements and their expected usage. Most of these have been covered during the Community Audit by 0xSoju in Catstanbul live, but there have been some changes made since. We’re committed to doing this on a regular basis to continue honouring the CAT (Certainty, Alignment, Transparency) pact with the community.
Audit Scope
This audit covers the movements of $JUP from the second half of 2024 until 1st Feb 2025. It does not include tokens already distributed.
If you’re interested in $JUP tokens pre July 2024, check out our previous audit here:
Events in H2 2024:
Clawback of 215,461,850.21 JUP to Community Hot Multisig. This represented the excess unclaimed $JUP from the Jupuary #1 airdrop. As per J4J: ASR, this 215M has been allocated 200M to ASR rewards and 15M~ to the Community Hot Multisig.
Events in January 2025
Catstanbul 3B Token Burn
We created a new multisig, to store the 3 billion $JUP tokens that were burnt on January 26, at Catstanbul. We also executed a test burn transaction, verifying that it works as intended. 3B Burn Multisig and Test Burn TX
We also moved 3 Billion Tokens, as per the Supply Reduction Proposal to this Multisig and burnt 3B Tokens.
Check out the transaction here: 3B BURN
Token movements that formed the 3B Tokens:
- Move 582.7M JUP (Txn1, Txn2) from Team Hot Multisig to the Burn Multisig. This consists of 550M $JUP that was initially set for Liquidity Needs, and 32.7M initially set for Short-Term LP needs.
- Move 917.3M (Txn1, Txn2) JUP from Team Cold Multisig to the Burn Multisig. This consists of 600M $JUP burnt from the team allocation, 167.3M from the Strategic Reserve, and 150M burnt from the Mercurial Stakeholders.
- Move 1.1B (Txn1, Txn2) from the Community Cold Wallet to the Burn Multisig, comprising 900M from the Jupuary Reserve (30%), and 200M from the Community Reserves allocation.
- Move 400M (Txn1, Txn2) from the Community Hot Wallet, consisting of the Community Needs Allocation. (not circulating)
Read more details about the burn amounts here:
Community Movements
As per the Jupuary #2 Proposal, we set aside 700M $JUP to be distributed over the course of 2025. This consists of 3 parts, the main Jupuary drop that began on 22nd January, the ongoing Carrots, and the Goodcats distribution.
Movements:
-
Withdraw 700M $JUP from Community Cold to Community Hot.
-
Transfer ~500M $JUP from Community Hot to load the Jupuary Airdrop in 2 transactions. Leftover ~200M will be for ongoing Carrots and Goodcats distribution.
- First transaction 507,269,638 JUP
- Second transaction 842,578 JUP
Consolidating Remaining $JUP
As per the Supply Reduction Proposal, we sought to enhance certainty for the community by consolidating all the circulating $JUP into a new multisig for clarity for the community.
There are 2 pockets here:
-
15M $JUP set aside from the 47.7M set aside from LP needs. (32.7M was burnt)
-
111,376,934.04 $JUP remaining in the pool from Jupuary #1 LFG launch
Movements:
- 21,224,818.977065 $JUP was already moved to the Team Hot Multisig last year.
- 90,152,115.064053* $JUP from the Team Cold Multisig to Team Hot Multisig at Catstanbul.
Now, the Team Hot Multisig holds a total of 126,376,934.04 $JUP that is earmarked for a new liquidity multisig.
Team & Mercurial Stakeholders
At the $JUP Genesis Post, we laid out the $JUP allocations for Team and Mercurial Holders, to be distributed 1 year after launch. These tokens will be moved from the Team Cold to the Hot Multisig for distribution.
Major Updates:
- As part of the Supply Reduction Proposal, these allocations were also correspondingly reduced by 30% each.
- Mercurial Stakeholders have their allocation reduced from 500M to 350M
- Team allocation is reduced to 1.4B
- Mercurial Stakeholders and Team monthly vesting allocation will be distributed via Jupiter Lock.
- For team allocation, only the first cliff and initial 3 months of vesting will be withdrawn from the Team Cold Multisig and loaded into Jupiter Lock. We will draw from the Team Cold Multisig on a 3-monthly basis.
Movements
- Moved 933,333,333.33 $JUP* from the Team Cold Multisig to Team Hot Multisig for the first 2 years of team tokens.
- 466,666,666.67 JUP from the first year’s cliff has been released into circulating supply. However, the team members have voluntarily decided to lock their cliff for an additional 2 years.
- From the other 466,666,666.66 JUP meant for team vesting over 1 year,
- 350M $JUP was transferred back (txn1, txn2) to the Team Cold Multisig so as to stagger the funding of monthly Team Vesting into 3-month batches. This transferred amount represents 9 months’ worth of team token vesting.
- The remaining 116,666,666.66 $JUP (3 months worth) is currently linearly vested via Jupiter Lock on a monthly basis to the team.
- Moved 350M $JUP* from the Team Cold Multisig to the Team Hot Multisig, for the MER Stakeholders to begin their linear vesting over 2 years.
Note:
*These 3 movements were made via 1 transaction from the Team Cold Multisig.
State of $JUP
Distributed & Allocated Summary of $JUPSummary
In summary, the crucial movements include:
- A clawback of 215,461,850.21 JUP that were unclaimed from Jupuary 2024 into the Community Hot where 200M is set aside for future ASRs while the remaining ~15M remains unallocated
- 700M from Community Cold into Community Hot Multisig for Jupuary 2025.
- 3B was consolidated from various hot and cold wallets into a Burn Multisig and burned during Catstanbul. Of which, 32,700,000 JUP were from circulating and 2,967,300,000 JUP were from non-circulating supply.
- 90,152,115.064053 JUP that were left in the LFG pool after TGE last year were moved from Team Cold to Team Hot to be clearly earmarked for future needs.
- Both team and Mercurial Stakeholders’ allocations have been reduced by 30% as with the Supply Reduction Proposal
- Of the remaining, the 350M JUP for Mercurial Stakeholders were transferred out of Team Cold to set-up a 2-year linear vesting schedule using Jupiter Lock.
- 466,666,666.67 JUP from the team’s first cliff were moved from Team Cold to Team Hot and distributed. While this is considered circulating, these team members have voluntarily agreed to lock these tokens for 2 years.
- 116,666,666.66 JUP were moved from Team Cold to Team Hot to set-up the 2-year linear vesting for the team using Jupiter Lock. This amount consists of 3 months worth of vesting in total, the remaining 816,666,666.67 JUP sits in the Team Cold Multisig. Only fully vested tokens will be considered as part of circulating and these figures will be kept updated via public APIs made available to sites such as CMC.
As of 1st Feb, non-circulating tokens are made up of the following:
- $JUP in Team Cold Multisig - 2,149,366,666.67
- $JUP in Jup Lock: 23 Months of Mercurial Stakeholders + 2 Months of Team Allocation Vesting - 335,416,666.67 + 77,777,777.78 = 413,194,444.45
- $JUP in Community Cold Multisig - 1,700,000,000
- $JUP in DAO (Non-circulating portion) - 100,000,000
Total Non-circulating
= 2,149,366,666.67 + 413,194,444.45 + 1,700,000,000 + 100,000,000
= 4,362,561,111.12 JUP
Total circulating
= 7,000,000,000 - 4,362,561,111.12
= 2,637,438,888.89 JUP
With these movements, as of 1st Feb, there is 2,637,438,888.89 JUP circulating with a total supply of 7,000,000,000 JUP (before accounting for community burns by holders). We therefore conclude the community audit of $JUP for Feb 2025.