Key takeaways
- Jupiter Coin Launch Framework faces criticism due to partnership with Irene Zhao.
- The CAT framework aims to prevent scams via token airdrops and multi-round distributions.
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Jupiter, decentralized exchange based on Solana announcement Yesterday, a new framework for launching fair trade coins received backlash from the crypto community by announcing a partnership with Irene Zhao to launch the ASIANMOTHER token. Chain Detective ZachXBT accused Zhao to act against the benefit of investors from his previous projects, such as So-Col.
“It’s hilarious to see Irene Zhao involved in a ‘solution’ to opaque allocations when she literally did exactly that with her SOCOL project by brutalizing all early investors by striking a secret deal with DWF whose terms did not satisfy them. were not disclosed and the community had no knowledge of them. about,” ZachXBT said in response to the Jupiter co-founder, identified as Meow, post.
The So-Col mentioned by ZachXBT is the Social Collectibles project founded by Zhao in 2022, which received up to $6.75 million in funding in one year. All rounds consisted of investors purchasing the SIMP token.
During their $1.5 million funding round led by market maker DWF Labs in February 2023, Zhao allegedly acted behind the scenes and omitted details of the deal. The agreement lasted for one year, allowing the market maker to sell its tokens only in February 2024.
However, as reported According to CoinDesk, on-chain data revealed that DWF Labs moved almost 80% of its holdings to the KuCoin exchange ahead of the SIMP token’s launch, when it doubled in price. Voices such as ZachXBT accused Zhao and DWF of acting to take advantage of retail buyers, while the So-Col team claimed that DWF Labs was helping create a market for the token.
Additionally, other X users commented on Meow’s post mentioning other alleged scams promoted by Zhao, such as IreneDAO. The project sold non-fungible tokens (NFTs) with the promise of reshaping the current state of the creator economy, but has lost over 85% of its value since January 2022.
Called CAT, which is short for “Certainty, Alignment, Transparency,” the framework announced by Meow envisions a new coin launch model to prevent scams. The framework includes actions such as airdropping tokens to users, marking developer wallets with cliffs, and multi-round distributions to benefit early investors.
Meow responded to criticism on Jupiter’s Discord server, saying the partnership intended to test the framework and that a high-profile personality was needed.
“I’ll clarify later that I don’t approve, but they are an early adopter. In the future, we will no longer talk about the project, but will focus on the mechanics,” added the Jupiter co-founder.
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