Jupiter's meme token WEN airdrop claims just surpassed half, but Solana new addresses surge sharply
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Jupiter's meme token WEN airdrop claims just surpassed half, but Solana new addresses surge sharply
Although the meme token WEN, created by Meow, founder of Jupiter, saw fewer recipients than expected, it indirectly benefited Solana.
Navigating Web3 tides with focused insightsCompiled by: Felix, PANews
Jupiter is a Solana-based DeFi platform featuring multiple functions and products, including token trading with customizable settings, dollar-cost averaging (DCA), limit orders, perpetual trading, and a launchpad.
Jupiter recently announced the upcoming issuance of its JUP token, with an initial community airdrop scheduled for January 31, representing 10% of the total supply. Additional airdrops will follow in three more rounds. Prior to this, the platform will test its launchpad by distributing a meme token called WEN.
WEN Meme Token Airdrop
WEN is Jupiter's first official Beta LFG project and the first NFT minted under the WNS NFT standard. The WNS standard is a "very lightweight" NFT framework built on Token 2022, designed for maximum ecosystem composability, flexibility, and backward compatibility. WNS 0.0 starts simple with just three fields (name, symbol, URI), and new features will only be added through community consensus.
WEN represents the division of Meow, Jupiter’s founder, poem titled "A Love Letter to Wen Bros," split into trillions of parts and tradable like a regular Solana token. Each Wen token corresponds to a proportional ownership stake in Meow’s poem. Meow stated that the project would subsequently be handed over to the development team Ovols.
The WEN airdrop is even larger in scale than JUP, with over 1 million wallets eligible to claim. Distribution began on January 26 at 23:00. Eligibility includes active Jupiter users from the past six months, holders of several top NFTs, Ovols token holders, and owners of Solana’s Saga smartphone.
WEN has a total supply of one trillion tokens. Of these, 70% will be distributed to over one million wallets, 20% will go into the launched DLMM pool, and the remaining 10% will be held in the WEN treasury for purposes deemed appropriate by LPs—such as promoting WEN culture or advancing the WNS standard. Within the treasury, 1% will go to the LFG Launchpad, 0.75% to the future Jupiter DAO, and 0.25% to the team.
Claims Just Over Halfway
Data shows that barely half of the whitelisted WEN wallets have claimed their tokens. According to Dune analytics, 403,250,552,608 WEN tokens have been claimed so far, leaving approximately 42.4% of the airdrop unclaimed. There are currently around 322,700 WEN holders. Each qualifying wallet receives an equal amount of WEN: 643,652 tokens, worth about $93 at current prices.
However, WEN’s price has been highly volatile. According to CoinGecko data, after peaking at $0.00016982 earlier in the day, WEN has pulled back to $0.0001447, still posting a 24-hour gain of 38%.
If claiming stops now, a significant portion of WEN tokens may remain unclaimed. On-chain data suggests that unclaimed tokens could account for at least 17% of WEN’s one-trillion-token supply. The final redemption rate may ultimately cap the total supply, thereby influencing WEN’s price, as the team has committed to burning all unclaimed airdropped tokens.
Surge in New Solana Addresses
Despite claims being only slightly above half, the event has generated additional positive effects for the Solana blockchain. Earlier this month, Solana’s transaction volume reached its highest level since October 2022. Moreover, on January 28, the number of new daily addresses on Solana hit an all-time high (7DMA).
While May 2022 remains the best month overall for new network addresses, January 2024 has already pushed last month (December 2023) into third place, with over 10 million new addresses created—and the number continues to grow.
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