Tokenomist has recorded six versions of JUP's unlock schedule since the token launched on January 31, 2024. The last two changes, in November 2025 and February 2026, cut the JUP due over the following year by 500 million and then 910 million tokens. The schedule read on October 29, 2026 shows no airdrop and no new team tokens.

Key Takeaways

• Tokenomist has recorded six versions of JUP's unlock schedule: the launch plan of January 2024 and five changes since.
• A 2024 vote cut the supply from 10 billion to 7 billion JUP.
• By early 2025, team tokens were unlocking every month and a 700 million airdrop was dated for January 2026.
• Two changes since then postponed the airdrop and paused team unlocks, so the JUP due over the next year fell from about 1.4 billion to about 131 million.
• Tokenomist keeps each version, so you can see what the schedule said on any given date.

What Jupiter is and how JUP works

Jupiter is a trading platform on Solana that routes swaps across many exchanges. JUP is its governance token: holders stake it to vote in the Jupiter DAO and earn staking rewards for voting.

New JUP reaches holders through Jupuary airdrops voted on by the DAO, monthly vesting for the team and for Mercurial stakeholders (the holders and investors of the project Jupiter spun out of), and launch allocations for liquidity and market makers.

Source: Tokenomist, JUP, current schedule, read October 29, 2026. Team Unlocked includes a 467 million cliff that team members said they would voluntarily keep locked for two more years. On November 25, 2025, Jupiter burned about 135 million JUP it had bought back on the market, so the supply on chain is about 6.86 billion.

Value comes back through buybacks. In its Net-Zero proposal of February 2026, Jupiter said it sends 50% of its on-chain revenue to buy JUP on the open market.

1. January 2024: JUP launched with 10 billion tokens, most of them with no release date

The first version is the launch plan. Jupiter minted 10 billion JUP and split them half to the team and its reserves and half to the community. At TGE on January 31, 2024, the first Jupuary airdrop handed out 1 billion JUP, and launch pools, liquidity and market makers took 350 million more.

About 13.5% of the supply was unlocked, and the other 8.65 billion had no exact schedule. Future airdrops were planned but not yet voted on, and the team's tokens were only described as "distributed 1 year after launch". For holders, most of the supply was still to come, but nobody knew when. No release date did not mean the tokens were cancelled.

2. August 2024: the DAO cut 3 billion JUP from the supply

The second version was a 30% cut. The DAO voted on August 4, 2024, with about 95% in favour, to cut supply from 10 billion to 7 billion. Jupiter burned the 3 billion on January 26, 2025, and its February 2025 audit lists where they came from.

The cut removed about 35% of the JUP not yet unlocked. Only 33 million of the 3 billion came from tokens already circulating. Every existing token became a larger share of the final supply, because 7 billion replaced 10 billion as the ceiling. A holder of 1 million JUP owned 0.01% of a 10 billion supply and about 0.014% of a 7 billion one, with the same number of tokens. A larger share does not by itself move the price.

3. December 2024: two airdrops got dates

The third version put the airdrops on a calendar. A first vote on "2 more Jupuaries of 700M JUP each" reached 58%, short of the 70% it needed. A second vote passed with 87% on December 8, 2024, approving one drop for January 2025 and one for January 2026.

The 2025 drop began on January 22, 2025.

1.4 billion JUP moved from an open reserve to two dated releases, both within about 14 months. Before the vote, holders knew these tokens sat in the reserve but had no dates for them. After it, they could see when each release was planned. The amount did not change; the timing became known.

4. February 2025: team and Mercurial tokens began unlocking every month

The fourth version set the insider schedules. In its February 3, 2025 audit, Jupiter laid out the terms after the cut:

• Team, 1.4 billion JUP. A 467 million cliff on January 31, 2025, then about 39 million a month for two years. The team said it would keep the cliff tokens locked for two more years.
• Mercurial stakeholders, 350 million JUP. About 15 million a month for two years.

Together, the team and Mercurial schedules were set to unlock about 53 million JUP a month until January 2027. These tokens came from allocations that already existed; unlocking them added nothing to the 7 billion supply.

On February 3, 2025, the schedule showed about 1.44 billion JUP unlocking over the next 12 months. It is the highest year ahead of the five changes.

5. November 2025: the 2026 airdrop was split into three

The fifth version broke up the 700 million drop. Jupiter restructured Jupuary 2026 into:

• 200 million for an initial drop to users and stakers.
• 200 million as a bonus for holding or staking through 2026.
• 300 million set aside for incentives on JupNet, a Jupiter project, with no date.

Tokenomist dated the version November 19, 2025. Its schedule placed the first 200 million on February 28, 2026 and the bonus on January 31, 2027.

The JUP due over the next 12 months fell from about 1.34 billion to about 842 million. 200 million moved into early 2027 and 300 million lost its date. The 500 million did not leave the supply. It fell outside the next 12 months because part was scheduled later and part no longer had a date.

6. February 2026: Net-Zero postponed the airdrop and paused the team

The sixth version is the current one. The DAO passed the Net-Zero Emissions proposal on February 22, 2026, with about 75% of the vote. Jupiter's stated goal was to "drive $JUP emissions to roughly zero for the foreseeable future".

It did three things:

• Postponed Jupuary 2026 indefinitely. All 700 million JUP went back to the Community Cold Multisig, a community-controlled wallet, "to be used at a future date", and the snapshot of eligible users was kept.
• Paused Team Reserve emissions indefinitely. Since February 22, 2026, team members receive JUP "as a credit against the Jupiter balance sheet", and Jupiter buys the tokens of any member who wants to sell.
• Accelerated Mercurial vesting. Jupiter said it would buy the same amount of JUP that Mercurial stakeholders sell or move to an exchange, for the rest of 2026.

On Tokenomist's current schedule, the pause takes effect after the February 28, 2026 release. Team unlocks stop at 972 million JUP, and 428 million has no release date. The schedule releases 78 million Mercurial JUP early, on February 25, 2026, and leaves 82 million without a date. Both Mercurial figures come from Tokenomist's schedule only; Jupiter's proposal did not publish the amounts.

The JUP due over the next 12 months fell from about 1.04 billion to about 131 million. All of it, the early Mercurial release and one monthly release, fell by February 28, 2026, and nothing has been scheduled since. Paused is not cancelled. The airdrop, the team tokens and the Mercurial remainder are still part of the supply, without dates, unless a later vote changes them. A smaller scheduled number also does not mean no selling. Tokens that have already unlocked can still be sold, except where holders have agreed to keep them locked, such as the team's 467 million cliff.

7. What the six versions add up to

Put the last three versions side by side and the year ahead falls twice. On February 22, 2026, the day of the Net-Zero vote, the schedule from before the vote showed about 1.04 billion JUP due over the next 12 months. The schedule after the vote showed about 131 million for the same 12 months. The chart's other dates each count the 12 months after that date, so compare each before with its own after, not one date with another.

Unlocked does not mean sold. A schedule says when tokens may move, not whether holders sell them.

8. What the price did around each change

How JUP and SOL moved in the 30 days after each change, next to the JUP that change left due over the next 12 months.

Source: Tokenomist, JUP schedule versions, read October 29, 2026; CoinGecko daily closes for JUP and SOL, read October 31, 2026.

JUP did worse than SOL after four of the five changes, whether the change added dated supply or took it away. Only after the February 2025 team terms did the two move together.

Five changes are too few to say what moves the price, and each came with other news, such as the market-wide drop of August 2024 and the buyback burn of November 2025. A smaller schedule lowers how much JUP can reach the market. It does not set the price.

9. What to watch

• A DAO vote to restart Jupuary. Jupiter kept the snapshot for the 2026 airdrop and said it would revisit the drop with the DAO later. A passed vote would put a dated release back on the schedule and add a seventh version.
• The 300 million JUP for JupNet. It never had a date and went back with the rest of the airdrop. A date for JupNet incentives would add releases back.
• Team emissions. 428 million team JUP has no release date. A restart would show as a new version with dated monthly releases.
• Mercurial offsets through December 31, 2026. Jupiter said it would buy the exact amount Mercurial stakeholders sell or move to an exchange "for the rest of the year".

10. Check any date yourself

A current unlock chart shows the schedule as it is known today. Point-in-Time data lets you look back at what the schedule showed before a later decision changed it.

Open JUP's Updates tab. Tokenomist keeps a version for each change to JUP's tokenomics; data corrections and source updates do not get a version of their own. Click a version to redraw the chart as it stood on that date, including releases a later change removed, and use Compare with to overlay an earlier version as a dashed line. Each version has a change note that links its source, such as the DAO vote.

The author holds no position in JUP or any other token named here. Tokenomist publishes this article and operates the data it cites.

Methodology

• Schedules: Tokenomist's JUP Updates tab, read October 29, 2026. Each change is dated as Tokenomist shows it.
• Year ahead: dated releases in the 12 months after each change. Allocations without a date are left out.
• Price: CoinGecko daily closes, from the day before each change to 30 days later. Share is the JUP due divided by the JUP unlocked on Tokenomist's schedule that day, because CoinGecko's circulating figure lagged in early 2025.
• On-chain: the November 25, 2025 burn and the current supply, read October 29, 2026.
• Not checked: transfers from Jupiter's multisigs.

Sources

• Jupiter DAO: Supply reduction proposal (J4J #1), August 1, 2024
• Jupiter DAO: J4J #3 Jupuary Vote 2, closed December 8, 2024
• Jupiter: JUP Community Audit, February 2025, February 3, 2025
• Jupiter Support: What are the criteria for Jupuary 2026?, updated November 22, 2025
• Jupiter DAO: Proposal: Net-Zero Emissions, February 13, 2026
• Jupiter on X: Net-Zero result, February 23, 2026
• Tokenomist on X: Introducing Point-in-Time, October 27, 2026
• Tokenomist: JUP Updates, read October 29, 2026
• CoinGecko: JUP and SOL daily prices, read October 31, 2026

Frequently Asked Questions