0 iq chaotic adhd cat founder of @studio_raccoons - building Jupiter, Meteora & researching interchain tech. growing the meta and pie for YOU
Jan 2 • 4 tweets • 13 min read
Jupuary Kickoff: Let's launch JUP together!
Long essay ahead, no TLDR. If you can trade you can read*
The month of Jupuary will be a month of learning. We will learn how to launch JUP together as a community, learn how to improve the infra for high stress events, and be a great defi education opportunity for everyone.
With some luck, we might be able to repeat this process for any team that wants to launch their token too.
This essay will outline the various areas of preparation we are taking, how you can be involved in every step of the way, and when the approximate launch date will be.
Before we start, one should note that we are not optimising for hype or price or perfect price discovery, so please save your eyes if you expect any of the above. We will not focus on these short sighted optimisations. This opinion, while unpopular with many in community and CT, is an hill I will die on [1].
Instead we will focus JUPUARY for learning with everyone openly on how to launch a token on chain that aligns the needs of airdrop recipients, buyers, traders, team funding needs, bots and the rest of ecosystem. We will have launch test parties, do lots of explainers, share scaling plans openly, host a lot of discussions in the next 3 weeks and do a post mortem.
But why do that?
Why not just hype and cex, farmers be dumping, pumpers be happy, cats be chilling?
Simple [2] - doing this or repeating the usual ido game is easy but does not move the meta forward, does not make the team more capable, and does not help the ecosystem learn how to move the crucial initial process onchain.
If we start off this new phase not trying things out based on what we think would be a good step in the right direction, I don’t think we deserve to be mentioned in DeFi 2.0, regardless what the price is.
The price can go up or down, the ethos must remain.
So experiment we shall. And if we fuck up, we shall own up and we will get better. That’s how we got here in the first place, I am determined to enter this new phase the same way. Show up, pay the price, learn the hard way if needed.
And with that ethos, we will win later.
What's Happening In Jupuary
In Jupuary, we will have the following key areas of work leading up to the claim and launch.
1. Overcommunicating Jupiter 2. Preparing infra, pools, site, minting, venues 3. Ensuring no cats left behind
Given the extensive amount of work, we expect launch day to be in the 4th week of Jupuary. Let's work on it together.
Before the launch, you can help by discussing plans together, participate in test launch parties, learning and sharing w friends about the 3 moons of Jupiter, and getting familiar with all the tools available.
1. Over-communicate Jupiter
Being poly/open teaches you many things, one of whom is that if you overcommunicate, the worst thing that can happen is that people find you annoying. But if you undercommunicate (esp before things start) you are gonna be in for some serious shit later on.
Since we like our cats clean, overcommunicate we shall, especially pre launch. Over the course of Jupuary, we will share a lot about the 3 moons of Jupiter:
1. - Full stack ecosystem play 2. JUP - Symbol for defi 2.0 3. J.U.P. - Community driving the meta
At Jupiter, we love love love meme coins, and I want to meme the shit out of everything, but we want to also be as detailed as possible about our product roadmap, ethos, and community goals, so that anyone choosing to get involved does so with full knowledge. Both are important.
I will aim to compile all these into the Jupiter White Paper, which will drop at least a week before actual token launch to give those who are interested enough time to review it.
In the meantime, the super long reddit AMA and discord thread remains the best places for both seeing what the everyone says about us, as well as for understanding key parts of our strategy.
I strongly encourage everyone to take a read on these if you have not yet.
Reddit AMA:
Jupiter Strategy w Discord Screenshots:
2. Prep For JUP Launch
There are 5 key areas of work for the launch - infra prep, dlmm launch pool, launch site, JUP accountability, partner platforms.
For each of these, we will release in even more detail incrementally over the next 3 weeks to get as much feedback as possible - but here's an overview.
a. Infra Prep
First off, we are working very closely with 2 of the very best infra partners @triton_one and @heliuslabs to scale up our RPCs on both frontend and backend ahead of time. They will also help to run parallel keeper infrastructure to assist in more redundancy ahead of time.
The other thing we are monitoring along with Solana labs is the rollout of 1.17, which is expected to solve a number of issues as well as improve performance. We hope for 1.17 to be fully rolled out and stable before proceeding with the launch.
As many have noted, these kind of events are major test not just for Jupiter, Solana but also for the industry. So it is crucial that we all learn together. SOL haters waiting to laugh at the sideline in case of any issues are not serious, should be ignored in perpetuity.
To maximize collective learning, we will as usual be sharing all the main things we will be doing as preparation, live updates from us and partners as well as through post moterms as well.
b. DLMM Launch Pool
Secondly, there will be a single sided @MeteoraAG DLMM pool [3] customised for the launch use case.
As previously noted, there is no more token sale, the original 20% allocated for the token sale is now split into liquidity provision and the community contributors and grants.
5% of JUP will be in this single sided launch liquidity pool. This pool has key features for launch requirements, with a switch allowing it to be enabled at the exact same time as the airdrop claim, LP lock for predetermined amount of time and max tokens that can be swapped in a single transaction.
The price will start low to assist in initial rapid price discovery, as well as provide immediate USDC liquidity to people who want to dump their airdrop immediately. Bots will likely hit it hard at launch, while users who want to try to grab some early on can set a high priority fee to swap, or set up limit orders and DCA ahead of time, or place orders in other onchain markets, which jupiter will index ahead of time (arb bots might hit it).
The configuration for this pool will be important, including the initial price, max price, curve, swap fee and dynamic fees. Since this is meant to be a launch and backstop pool, fees will be very high to prevent immediate dumping as well as not to compete with other onchain pools.
We will have a fun site next week for everyone to try out the modeling, done by intern #2.
We aim for the following objectives: 1. All on-chain participants and price action start at the same time 2. Immediate liquidity for paper paws to dump, while there will be sufficient buy liquidity, preventing very erratic price swings. 3. Single LFG price discovery for everyone, avoids nasty multi round discovery problems with IDOs or complex mechanisms 4. Sufficient backstop buyer-regret liquidity for price to stabilise before liquidity can be withdrawn by team. This prevents a situation where the price dumps shortly but the team has all the stable liquidity. 5. Fully transparent on-chain market making, completely zero shennigans.
The downsides are obvious - bots are likely to have a field day at the very start (I personally don’t think this is a downside), and the network is likely to be extremely congested at the start, with both claiming and bots hitting the pools early on. In addition, there is very little certainty in how much funds we will have at the end of the stablizilation period.
But we believe this is probably the simplest, fair, most defi way of proceeding. Anything else (like scheduling drops) will relieve network stress but vastly complicates the ethos of this, which end of the day is key to us.
In addition, there are likely things that users can do like set very high priority fees (with risks of course), place limit order / DCA orders for keepers to execute or place orders with other onchain platforms.
These are all part of the education that needs to happen. Bots are a crucial and important part of the infra, we need to Empower and Equalize and Educate users, not demonize.
c. Launch Site
Thirdly, we want a launch site that allows users to be as ready as possible, learn as much as possible, and have visibility into all the key concepts like network congestion, fees needed to land transactions, movement of the DLMM pool.
In this site, users will be able to:
- learn all about Jupiter & the 3 moons
- set limit orders and dca ahead of time to try to secure available liquidity at a price they want
- claim the airdrop tokens and sell them directly
- see network status, get guidance on priority fees needed to land txns
- see the launch pool being visualised and the current onchain price
- link to various venues if they want to market make their JUP
We want this site to be useful way ahead of time AND later for experts, new users, and n00bs alike. As such, we will be sharing this page a couple of weeks ahead of time, organising several launch parties to test it together, and I will do a youtube live thing as well.
This can be a really good defi education event for so many users, and we want to make that happen. We gonna stop pretending that onchain is the same as off chain. It’s vastly more complex on one hand, and vastly more interesting on the other hand.
And I do think that abstracting away all that is not gonna work - block space, below market assets are all scarce resources that has to be distributed in some way. Better for everyone to learn what these are first, then we make it more fair as we go along.
What better chance to educate than now?
d. JUP Minting
JUP is an incredibly valuable resource, so everyone should know how it is being managed and track it properly from genesis.
Importantly, the various allocations should be in clearly marked out wallets and clearly announced and watched like hawks by every single bot in the business so there is no confusing business going around.
To make it even easier for community to track all these, we will look into getting .SOL names for all these wallets.
The tentative plan is this: 1. 10B JUP will be minted 2. This will be equally split up into 2 cold wallets (50/50). 3. From the team wallet, 10% will be withdrawn for liquidity provision. 4. From the community wallet, 15% will be withdrawn for the first airdrop and near term community needs.
The team LP account will then use 5% for the initial token launch pool. The rest is yet to be decided, but it is possible 1-2% more will be liquid in the first day.
All in all, we are looking at 15% - 17.5% of the tokens to be liquid from day one, 10% - 7.5% in warm wallets, and 75% to be in cold storage.
We are interested in chatting to professional custody providers to be shared signers for all the cold wallets. When the DAO is mature, part of the JUP will be managed by them as well.
On a side note, how the community allocation will be used and stored is going to be a massive area of focus for us to get right. I will be very pragmatic here while also trying to push the bar forward. Will share notes on this very soon.
e. Onchain Market Making Venues
The launch pool is ideal for the initial push and as backstop liquidity, but the high fees and lack of active market making makes it unsuitable for constant market making by users.
We will collaborate with other awesome defi players in the space to set up markets ahead of time, so that when people get their JUP, they have the option to market make there. We will link to all these places in the launch site so everyone can get familiar with them ahead of time.
3. No Cats Left Behind
This is something that we care about a lot, and have been dedicating enormous amounts of resources into resolving. @9yointern as usual leading the charge on this front. Best intern possible, every defi team needs to take invite her to give talks and then record every word, inscribe into the protocol genesis nft.
There are 3 areas of work here:
A. Completing the good cats submissions. We are reviewing every submission one by one. Accepted good cats wil get additional JUP airdrops based on the level of contribution. It has extremely time consuming to go through each of them, so give us some time!
B. Compromised cats. Turns out that there are many, many cats who have their wallets compromised. We will set up a site allowing them to delay their claims. We have however heard of some EXTREMELY BAD cats who have sold their wallets on OTC and then planning to use this form to prevent the buyer from claiming. We will try to figure this out as well.
C. New cats. There are no plans right now, so cannot talk much about this right now, but we love everyone very much, old and new cats alike. TIme is very tight for Jupuary tho, so it's still in the air what we can do here.
These has been an extremely tiring journey, but we are hopeful that this processes will be helpful not just for this phase, but for future phases as well.
JUPUARY is Month of Learning
New token launches, transparent liquidity for team, large scale concentrated events with large amounts of capital at stake are crucial testing grounds of the industry.
There is so much to learn here: 1. JUP team and community to learn how to launch a token together 2. Ecosystem to learn how to create a win-win situation for everyone involved in this process 2. Users to learn more about dexes and onchain operations 3. Traders to learn more about Jupiter before getting involved 4. Infra teams to learn how to get the entire infra stack ready. 5. Industry to take notes and improve in their own chain or project
If we are lucky enough to do this collaboratively more than 5-6 times w different projects over the year, improve every time, I promise you that we as an community and ecosystem will be super fine-tuned by the end of the year - and give the masses a very powerful reason to enter the meta.
Last but not least, I would also like to change the attitude around failing in crypto. We are under such intense pressure to win all the time and become so afraid of failing that that most of the time, we just follow the status quo, and worst yet build up massive walls of delusion (sbf, do kwon, suzhu) that end up crumbling down and crushing everyone in the vicinity.
So I got no idea how JUPUARY is going to end up, but fuck it, let’s learn together, fail together if needed and at the end of the day, fucking win together.
50/50
Meow
Footnotes:
[1] but I got five lives, so jokes on you haters
[2] no lack of people saying we are overdoing and hence going to zero. they could very well be right, so be involved at your own peril
[3] you can read out the latest about Meteora and DLMM here in this tweetstorm/blog post.
Postscripts:
* A few easter eggs in this essay, whoever spots it gets first dibs to $MEOW whenever i launch it
* Let's make crypto read again. We are too addicted to simple awesome amazing catchy memes like “JUP: DEFI 2.0” or “50/50” or “Grow The Pie” or "Good cats only" or "Full stack ecosystem play" 🤯🤯🤯
To answer all the questions, i will do a JUPUARY focused AMA on reddit, hangout in discord as much as i can and of course shit post here tomorrow.
And look ma, i did this on time!
Dec 18, 2023 • 11 tweets • 8 min read
0/ jupiter strategy explained w discord screenshots 👇
1/ google search
Nov 23, 2022 • 16 tweets • 3 min read
1/ 2 weeks after the FTX meltdown, I am still angry. Angry at his enablers, the industry and most of all, myself.
2/ I am angry at his enablers for denying any responsibility, and worst of all, writing this off as an “LP loss” or “minor part of our treasury” when they have been key to opening the floodgates for his mainstream acceptance.
Nov 9, 2022 • 6 tweets • 3 min read
1/ First things first - I personally had a lot of my nw in FTX, and I had a non-trivial amount of FTT and FTX equity due to the Blockfolio acq. And we run some important projects in @solana, one being @JupiterExchange, prob the most used defi platform on Solana
2/ So yeh, I am very affected by what is happening, both personally as well as professionally. However, I have never felt more free and more determined to push for more transparency, awareness and more openness in Solana, DeFi and in crypto.
Nov 9, 2022 • 7 tweets • 3 min read
1/ One of the most challenging and unspoken issue facing the @solana ecosystem are the wrapped Sollet tokens, namely soBTC, which is used widely across lending and AMM platforms.
The problem? These tokens are issued by FTX (or Alameda, no one really knows)
2/ These tokens were launched very early in the Solana DeFi cycle to help generate liquidity in the space, and supposed to be backed 1-1 by BTC or ETH.
But unlike wBTC (which I helped to start), there was no formal process and no one knows if FTX still have the underlying assets
