Jupiter’s governance token JUP debuted via airdrop with a market capitalization of $878 million and a fully diluted valuation of $6.7 billion, according to data from CoinGecko.

Jupiter’s highly-anticipated token airdrop went live Wednesday morning around 10 a.m. EST, and the number of eligible addresses, determined by whether they transacted on Jupiter before Nov. 2, stands at roughly 955,000.

Jupiter, as a decentralized exchange (DEX) swapping aggregator, helps crypto traders find the best price for trading cryptocurrencies across a number of decentralized exchanges. 

Read more: Solana-Based DEX Aggregator Jupiter Hits All-Time-High in Weekly Traders

JUP began trading at $2 and has since decreased about 67% percent to settle at around 64 cents at the time of publication, highlighting how volatile price movements can be during airdrops.

Binance, the world’s largest crypto exchange by trading volume, said on X that it would be delaying the listing of JUP for 30 minutes from 10:30 a.m. ET to 11 a.m. ET in order to “ensure the best trading experience.”

Of the initial circulating supply of JUP, which stands at 1.35 billion tokens, Jupiter’s team members have earmarked 74% of JUP’s initial supply for the airdrop, per Jupiter’s pseudonymous founder who goes by the screen name “Meow,” in a forum post.

Growing Rapidly

Jupiter’s token airdrop comes as the trading protocol has crossed over $71 billion in total trading volume, according to self-reported statistics found on Jupiter’s website. At presstime, Jupiter is the second largest decentralized exchange by 24-hour trading volume of over $657 million, second only to Uniswap’s $788 million, data from CoinGecko shows. 

Airdrops occur when crypto protocols distribute tokens en masse to early users as a means to both increase awareness of the project and reward community members for their early participation.

Read more: Solana-Based Memecoin WEN Supply to Decrease by 25% as Airdrop Ends

“It’s going to be interesting with what unfolds with all the liquidity entering into the ecosystem from the JUP airdrop,” said Austin Warren, founder of web3 incubation firm DreamNFTeam, in an interview with Unchained. “With crypto traders receiving an allocation of JUP, we are going to see where profits rotate into, [and] whether they hold, exchange for non-fungible tokens (NFTs), opt into stablecoins for stability, or buy SOL.”

UPDATE (Jan. 31 10:49 a.m. ET): Added information on Binance’s delayed listing.