@DrinkFlojo Hello @DrinkFlojo, I'm looking to buy more cans but the social media team stopped responding to my DMs about why my account isn't getting the points after my purchase.
@MarkRober I have very much enjoyed your videos and watch them all the moment they’re live but this has caused me to lose all respect for you and won’t be watching anymore of your videos
Hi, I’m meow from Jupiter, and I also cofounded Meteora.
Firstly, I’d like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately.
Secondly, we are hiring an independent 3rd party (Fenwick & West, one of the most reputable law firms in the world) to investigate and issue an report which they will publish independently.
Thirdly, I stand by Ben and his statement. I believe him when he says there was no financial inappropriateness in dealing with partners.
Meteora has been operating as a separate entity from Jupiter for over a year now and Ben has been running it without my significant involvement. He has done a great job building up the team, the most innovative DEX in the past year and the most active LP community in the world.
While I am 100% confident about Ben’s character, as a project lead he has also shown a lack of judgement and care about some of the core aspects of the project (given its current size and reputation) over the past couple of months.
And this is unfortunately unacceptable. Ben understands this, and has chosen to resign. Going forward, we will be looking for new leadership for Meteora.
Ben has been an extremely helpful and kind participant in the ecosystem for a while now, as many people can attest. I ask everyone not jump to conclusions and be as kind to him as possible as he seeks to clear his name.
> JUP, Jupiter, Me
JUP has been the gold standard when it comes to token transparency. We are the only major protocol to ever account for every token over the course of 3 audits. We have never sold tokens OTC and every single major token use is carefully documented and planned in our audits. Token integrity is key to us since the very first day.
Secondly, Jupiter is one of the most non-extractive players in the ecosystem. We have allowed users to swap tens of billions for free and our partners to make hundreds of millions of dollars in fees with minimal take on our end.
Over the last year our perpetuals fees are transparently documented, reported along with the two best audit partners in the space. Even our recent Ultra Mode is the first time we are charging users for swaps, and at 0.05%-0.1%, it’s 10x-20x lower than other main platforms.
Vast majority of fees are kept on Solana and invested in jupSOL/JLP and stay within the ecosystem, other than amounts used to fund talent acquisition and operating expenses.
On my end, I have not sold a single JUP, nor do I regularly trade memecoins. I have been offered free tokens many times for marketing, and I’ve always rejected every single one. I diamond hand most of the tokens that I received from investment / advisory in the past prior to Jupiter.
> Watershed Moment For Crypto
I would like to apologize for the recent stress caused to the team, the community & the ecosystem as a whole.
Even though we hold very high standards for ourselves for token integrity at Jupiter, I want to apologize that we haven’t held other projects in the space to the same standard.
This is a watershed moment for our industry and it’s very very obvious to me now that the way to grow the industry is not simply via more tokens but to have projects that have the same level of token certainty, long-term alignment, and extreme transparency like we practice with JUP.
One of my main goals will be to create permissionless products, operating systems, and ethical standards that I believe can form the new foundation of crypto moving forward.
1. Making https://t.co/cI8DhJdMts the best decentralized platform
2. Building Jupnet as the network to connect everything
3. Driving the certainty, alignment and transparency standards for our industry
I’m not perfect and I’ve learnt a lot of crucial lesson. I hope to take the lessons from this and the robust systems we have built for JUP to define the next major phase of our industry - growing up.
🐱
On $LIBRA
Since the start, Jupiter has always placed a massive premium on transparency. The memecoin launch game is a dirty game with plenty of ugly behavior. We, however, have nothing to hide.
So here are the facts as clearly as we can say them.
A few members of the Jupiter team knew that there would be, at some point, a token project associated with Argentinian President Javier Milei. We learned of this ~2 weeks ago directly from Kelsier Ventures. While we were initially unsure, we then saw credible evidence in the form of public tweets from Milei’s personal account that he was serious.
That was the full extent of our knowledge.
We were completely unaware of the dealings between the the principals, in this case Milei and the market makers, and were not involved in it in any way, shape or form.
It was an open secret in memecoin circles that an “Argentina Coin” was going to launch at some point, as evidenced by the many public tweets that have since surfaced. But in keeping with our ethos of confidentiality, we did not speak about it with anyone at all, online or offline. Further, no one on the team received any LIBRA tokens or related compensation at any time.
No one working on Jupiter products knew the day, time or CA of the launch in advance. Only Meow himself became aware of the launch on the day it was meant to happen, but he did not know the CA or the specific timing nor was he involved in any way. He was in Tokyo and slept through the launch.
Ben from Meteora was aware of the CA a few minutes prior to launch for verification purposes but did not share it with the Jupiter team until AFTER the information was public.
We did not pre-verify or instantly verify the CA either, contrary to a lot of FUD on twitter. Instead, we waited for public confirmation - again from Milei’s twitter account - and sufficient volume.
By the time we added LIBRA to the Strict List and shown with the “Verified” tag in our Trenches product, the market cap was already ~1.5b. LIBRA did not get the “Verified” icon in our default token search until roughly 1 hour after launch.
Why verify it at all? The answer is simple: to protect users. There were dozens of imposter tokens launched right after LIBRA, and without Strict List verification it would have been easy for traders to accidentally purchase the wrong token. Our Strict List has never been an endorsement of a particular token - it is simply our way to ensure that users can buy the correct token they are intending to buy.
(btw, our new Organic Score is designed to help remove the need for this verification process and instead let organic onchain activity dictate which tokens are “correct”)
We take allegations of insider trading EXTREMELY seriously. We have conducted our own investigation and cannot find any evidence of sniping by team members.
If you have evidence of Jupiter employees leaking information or otherwise sniping, please reach out directly. If we discover any team members acted on non-public information, we will take quick and decisive action.
LIBRA was brutal. It was brutal for traders, brutal for FUD, and brutal for our ecosystem. In fact, many memecoins has been brutal for the ecosystem for a long time now with sniping, bundling and all becoming the norm.
We absolutely in no way condone these extreme PVP launches. And we’re actively working on better systems both internally and externally to help improve the situation for all.
As mentioned, @weremeow will issue a more detailed statement later today.