To everyone who made the jump, thank you.
We’ve been building Jumper for over three and a half years, always with the goal of building the best possible products for our users. Seeing the industry show up to become part of this journey in such a massive way has been surreal.
We are grateful, and don’t take the opportunity and responsibility lightly. Thank you for your trust.
We set out to raise 2M, with a hard cap of 3M. The sale ended with $48,613,947 in committed capital from 9690 participants – that’s more than 24x our original $2 million target, with demand exceeding the amount we ultimately accepted by more than 16x. Those are insane numbers. And again, we cannot feel anything but gratitude, and the responsibility for the trust that people are showing in the team and our ability to execute.
As soon as the token sale hit $3M in committed capital 18 minutes after the sale opened - we were hit with a sense of relief, but also with a sense of another uphill battle at our hands - how do we allocate the $3M against the demand as fairly as possible?
As always, there is no perfect answer and we are well aware we cannot make everyone happy. But there were a few principles that were important to us when determining the final allocations:
- Optimize to distribute as much of the capital to the Jumper community - the people who have been closest to Jumper should have the strongest opportunity to participate in its next chapter.
- We believe it’s more productive to give a smaller group of participants meaningful allocations than distribute very small allocations to a much larger group. Our goal is to create a mix of holders with proper skin in the game, rather than maximizing the number of wallets receiving the minimum possible allocations.
- We also believe that not all capital is equal. While we respect and appreciate every dollar that was bid to participate in the sale, we believe that it is our responsibility to distribute the allocations to a mix of community members, investors, builders, and creators. This creates a strong core group of holders with a good combination of believers and bagworkers that can spread the gospel of Jumper - and get more participants once the token goes live.
Here’s what the final allocation breakdown looks like:
1) Community – existing top Jumper users
The Jumper Loyalty Pass (JLP) is one of the longest-running loyalty programs in the industry, and has been operating since the early days of Jumper. This gives us tremendous amounts of data on how each user interacts with Jumper over the years. And gives us an extremely fair, time-based view of who the most loyal users of Jumper are.
This shows up in the final allocation numbers. $1.64M, nearly 55% of the total amount of the sale, was allocated to the community wallets, based on their jumper pass rankings.
In reality, the community allocation is way higher, because the individuals in other categories are also jumper users and believers - many of whom simply bid with their legion wallets and not the main wallets with jumper xp.
We wanted the most loyal Jumper users to receive meaningfully stronger priority, so we created a tiered allocation system based primarily on JLP level.
The higher a user's JLP level, the greater the weighting applied to their allocation:
Waitlist position could therefore improve a community member’s allocation priority. For example, a JLP Level 20 user who ranked in the top 50 of the waitlist would qualify for Tier 2 and receive a 4x weighting.
In simple terms, the longer and more deeply you had participated in Jumper, the more weight your request carried. To this end, we also made sure community members who show up daily on X and Discord also got an allocation.
2) Strategic Contributors – angel investors, builders, traders, creators
The second-largest portion of the sale was allocated to Strategic Contributors – people we believe can play an important role in the long-term success of Jumper and $JUMP.
Crypto is ultimately a network-driven industry and a strong holder base is one that has a diverse number of investors. This group therefore includes builders, angel investors, active traders and creators. People who can bring users, activity, distribution, credibility and eventually - more believers in Jumper.
The best product in the world does not matter if nobody knows it exists. You need people who can bring new users and attention to the products that we build. Along with the community, we believe that adding these strategic contributors gives us the best mix of token holders and users needed for the long term success of Jumper.
3) Waitlist – power users with a high legion score + social network (with referrals)
The third allocation bucket was reserved for the top 500 participants on our waitlist.
Waitlist rankings were determined using a combination of Legion Score and referrals, with the weighting heavily skewed towards Legion Score.
Legion Score gave us a strong signal of a participant’s onchain activity and experience - helping us identify users who were already active participants across crypto. At the same time, referrals give us a sense of which participants also have the ability to bring other people into the ecosystem through their own networks.
Put together, the waitlist gave us a strong group of onchain power users who also had some degree of social reach and distribution.
The higher a user's rank on the waitlist, the greater the weighting applied to their allocation:
The top 50 waitlist participants qualified for one of our highest allocation tiers, while the top 500 received increased weighting in the broader allocation process.
For participants who were already existing Jumper users, waitlist positions could improve their priority further. However, these weights did not stack - each participant simply only received the highest tier they qualified for.
4) Republic – Legion’s community
Finally, 5% of the sale was allocated to Republic participants. Republic gave us another way to broaden participation in the sale and bring in a strong set of participants. The logic here was to bring in another strong cohort of users, who can be turned into Jumper users and believers.
Sybil Mitigation
A fair allocation also meant making sure that the people receiving allocations were real participants, not clusters of wallets controlled by the same person attempting to multiply their allocation.
We had several layers of protection in place:
- First, Jumper Loyalty Pass is naturally resistant to last-minute sybil activity, as it has been running for years.
- Second, we worked with Legion’s own sybil and participant data. Legion shared signals identifying wallets and accounts that appeared to be linked or otherwise showed patterns consistent with sybil behavior, allowing us to filter suspicious participation from the allocation process.
This ensured that all the allocation was distributed to people we believe will play a big role in Jumper’s future.
Finally, again, thank you for being a part of Jumper and showing up for the token sale. Distributing $3M across $48.6M of capital is hard and for many people, this will not be the allocations they hoped to get. However, our priorities are clear, and we have approached this in a manner that more of the allocation goes to the existing community and we’re able to bring in more long term users and believers in the project with the allocation.
Thank you for trusting us.
The next chapter of Jumper belongs to you.
See you at TGE.
