Jupiter Earn Program – UPDATED 3 MAY 2020
Hello Jupiter community! We are excited to announce the Jupiter Earn Program! We have created FORGE* (Asset ID 15210174725739850610) to allow for anyone to trade Jupiter for a slice of forging rewards and to participate in the earning program. How does it work?
1 FORGE is the equivalent of 1 JUP. Index pricing is set and cross checked via a bot, looking at the average value of BTC, JUP, MER, and USD. The index is the selling price on the Jupiter DEX, in JUP, to the amount of JUP (rounded to nearest whole number) it takes to equal $1 USD. Let us use 10 JUP = $1 USD for our example. A holder with 10,000 JUP can purchase 10,000 FORGE on the DEX and locks Jupiter into the earning program. This Jupiter is used to forge new blocks in the Sigwo Technologies forging account (JUP-CR58-R25L-ZWYU-4LFEH). While the account forges blocks, you earn fees from transactions. The transaction fees will be distributed to holders of FORGE each Sunday at 1800 UTC.
If you would like to leave the Jupiter Earn Program, simply set your 1:1 sell order on the DEX. The bot checks every 30 minutes and if it detects a sell order, the team’s sell order will be canceled and your FORGE will be bought automatically. No transaction fees will be kept by the Sigwo Technologies’ account. If you want to attempt some JUP/JUSD arbitrage, you are able to sell JUSD on the DEX. Remember, only holders of FORGE on Sundays at 1800 UTC will be calculated in the earn program. The percentage an account receives is weighted by the amount of FORGE asset the account holds.
FORGE is now for sale into perpetuity and the ask/bid bot is online. JUSD will not be a free-for-all to purchase. Once a month will there be a tranche of 1 million JUSD released on the DEX for sale. This will allow for the market to correctly scale into price discovery. So you will need to be ready when JUSD goes on sale to take advantage of the Jupiter Earn Program. The Jupiter Project will make an announcement before future JUSD goes on sale. The first earnings will be sent May 10th, 2020.
To get the program rolling in the right direction, the first allotment will bring the Sigwo Technologies account to 300,000,000 after the first earnings are sent. This means the first earnings amount will be larger per FORGE. Read the a short how-to here.
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*Please, be cautious on the Jupiter DEX and VERIFY the Asset ID is 15210174725739850610! Any asset can be named FORGE, but ONLY the official FORGE is accepted and recognized. If in doubt, ASK us first!