WEN airdrop by Jupiter introduces a new Solana NFT Standard

Jupiter’s airdrop is around the corner, scheduled to happen on January 31, 2024. Expectations are pretty high, considering DEX has a steady reputation on Solana and other platforms in the DeFi sphere. The community has been waiting for it for more than a month, and with Airdrop finally making its way to the market, it has brought a new Solana NFT Standard along with it.

The memecoin has been created by leveraging the capabilities of Solana’s new token extensions. Moreover, it has been launched via the LFG launchpad on Jupiter. WEN has been airdropped to more than a million wallets, fueling the rise of 1 trillion WEN tokens to more than $100 million in valuation. Wallets are those of Genesis Saga phone holders, NFL collection holders, and Jupiter users.

The launch of WEN has come in handy for Jupiter. The platform has been able to test its infrastructure to its core ends. Also tested were its bot migration measures and the network as a whole. Defined as a stress test, the launch has served its purpose so far, with long-term results awaited post-January 31 this year.

WEN acts as a PoC for WNS, which is the WEN New Standard. PoC is an acronym for Proof of Concept.

WNS is a new lightweight token standard for non-fungible tokens that has been created on Solana by LFG. The community is currently speculating that more NFT standards could be introduced in the future. The first one has come to life by utilizing thirteen new token extensions. These were deployed on the blockchain last week.

Interestingly, the value of WEN, according to CoinMarketCap, is down by 36.16% in the last 24 hours, currently trading at $0.00008019 at the time of writing this article. This reflects a 100% decline in the value in the last 7 days. The market cap and 24-hour volume are down by 35.72% and 51.25%, respectively.

Solana activity is on the rise, with active wallets and new token deployments seeing a spike on the graph. The only difference is that token deployments have surpassed the mark for December, while active wallets are yet to mirror that sentiment.

Meanwhile, it has been learned that Michael Bentley, the chief executive officer of Euler, has recovered governance tokens that had previously been lost. The recent recovery is worth approximately $3.8 million, with the loss being traced back to the start of the month.

Bentley’s EUL tokens were lost after he reportedly lost his private key to the wallet where he had stored the tokens. Tokens lost were 4.4% of the total supply, that is, 1.2 million EUL tokens.

The exchange value of EUL is at $3.96, up by 3.63% in the last 24 hours and 11.05% in the last 7 days. The market cap is stagnant; while there is a slip in the 24-hour volume of 0.57% at the time, this piece is being articulated.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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