The Jupiter Project: Public blockchain needs developer support
Coinbase listing was a boon for the developing blockchain project, now it needs to hold ground
- What is Jupiter: Ecosystem overview
- The Metis Messenger app
- Jupiter Wallet
- JUP tokenomics
- Jupiter: What next?
What is Jupiter: Ecosystem overview
A self-declared “people’s blockchain”, Jupiter (JUP) is a Singapore-registered blockchain project incorporated by parent company Sigwo Technologies in April 2021. The project is headed up by US-based founder Steven Grove and co-founder David Mahh, who is based in Adelaide, Australia.
Jupiter’s blockchain ecosystem is in the process of upgrading its technology stack to become Ethereum Virtual Machine (EVM) compatible. On completion, Jupiter’s ecosystem will be opened up to a far wider pool of cross-chain developers than currently catered to.
The Jupiter ecosystem consists of the following elements:
Gravity: Jupiter’s smart contract framework for decentralised applications (DApps)
Fndr: A 256-bit encrypted password manager
Decentralized Git: A repository for storing git files (metadata, codebases, etc.)
Leda: An NFT marketplace
Jupiter-fs: A file storage system working as an alternative to InterPlanetary File System or Google Drive
Jupiter-sdk: Jupiter’s software development kit (SDK) serves as the foundation for developing and deploying DApps
Blockchain consensus (Jupiter calls it “forging”) is performed through a proof-of-stake (PoS) method. Anyone can contribute to consensus through a minimum stake of 1,000 JUP via the Jupiter Wallet. Forging can be performed on a Raspberry Pi. Rewards are paid out in JUP, with larger stakes netting larger rewards. As of 24 June, there were 26 active nodes. Block times on Jupiter average 28.34 seconds, while gas fees are as low as 0.002 JUP.
Since the Jupiter PoS blockchain is in its early stages, node rewards are minimal. Each block generates slightly over 15 JUP ($0.25).
The Metis Messenger app
The Jupiter blockchain also underpins Sigwo Technologies’ Metis Messenger application, a “double-encrypted and decentralised group messaging application that combines the latest Jupiter Blockchain technology with a military-grade encryption system”. Metis Messenger can be downloaded via the App Store or Google Play.
Jupiter Wallet is the hub for all things Jupiter. As mentioned above, Jupiter Wallet acts as the portal to blockchain consensus, but there is more going on under the hood. In addition to facilitating consensus, Jupiter Wallet also allows JUP holders to vote on and suggest proposals for the development of the ecosystem.
The wallet also provides access to the NFT marketplace, which currently has 61 NFTs listed. In general, they seem to be poor-quality gifs downloaded from Google with a price tag of anything from 0.2 JUP to 5,000 JUP.
Assets deployed on the Jupiter blockchain are visible on the Jupiter Wallet, though in this early stage, few assets have been deployed on the Jupipter blockchain.
As of 24 June 14:00 BST (UTC +1), the JUP coin was trading at an exchange value of $0.017. In a 24-hour time period, $20.1m JUP changed hands, 122% over the market capitalisation of $17.59m. The JUP token is fully diluted with a supply cap of one billion tokens.
On 23 June, JUP secured a Coinbase listing under the JUP/USD trading pair. JUP is also swapped on the KuCoin centralised exchange. Liquidity can be found on the Uniswap and PancakeSwap decentralised exchanges as well.
The Coinbase listing encouraged a spike in JUP’s value. In fact, JUP was already trending upwards in the run up to the listing. Between 13-24 June, the token gained an impressive 500% in value as it rose from $0.0028 to $0.017.
The June moonshot was not the first for the year. Between 1 February and 6 February, the cryptocurrency went from $0.0096 to $0.0348, effectively multiplying 3.6 times in value. JUP reached its 90-day high on 27 March when it traded as high as $0.0217. The trading value of $0.017 is 21.6% below this figure.
KuCoin is the largest JUP holder with 51% of supply. Coinbase holds 3.1% of supply, while seven other addresses hold more than 1% of supply each, according to Etherscan as of 24 June.
For the latest JUP price targets, head on over to our Jupiter price prediction.
Jupiter: What next?
So what is Jupiter focusing on next? The team will likely be dedicating time to expanding the utility of the ecosystem, starting with the EVM integration. According to the roadmap, Jupiter also plans to work on its decentralised exchange while also upgrading the Metis Messenger app.
Whether the ERC20 JUP crypto can hold onto its recent gains will be contingent on how much support Jupiter can get from third-party developers. Stay tuned to Currency.com for the latest news on Jupiter and the JUP token.
Jupiter is a blockchain platform with a native wallet and developer tools for deploying DApps. JUP is the native ERC20 cryptocurrency of the platform.
JUP achieved a Coinbase listing in June 2022. KuCoin also supports the token, as does the Uniswap and PancakeSwap decentralised exchanges.
You can buy JUP by heading to Coinbase, KuCoin, PancakeSwap or Uniswap.