new lesson Jupiter DTF

lessons/jupiter-dtf.mdx

@@ -0,0 +1,88 @@
+---
+title: "Structured Token Launches with Jupiter DTF"
+publishedAt: '2026-04-29'
+tryUrl: 'https://dtf.jup.ag/'
+badges:
+  - Advanced
+  - Product
+hiddenBadges:
+  - DTF
+  - Decentralized Token Formation
+  - Token Launch
+  - Token Sale
+  - TGE
+  - ICO
+---
+
+## Structured Token Launches with Jupiter DTF
+
+Jupiter Decentralized Token Formation (DTF) is a launch platform that enables vetted projects to launch tokens directly to interested retail buyers.
+
+You can think of DTF as similar to an Initial Public Offering (IPO) in the TradFi space, which is a structured, heavily regulated event where a company sells shares to the public to raise funds. It goes through auditors and underwriters precisely because fairness and disclosure matter.
+
+Jupiter DTF is designed to replicate the vetted, structured approach from IPOs, for verified projects to raise capital from retail participants and community members. It leverages upon the features of the blockchain to create a transparent, onchain environment with enforceable protections built into the protocol itself.
+
+### How Jupiter DTF Protects Buyers
+
+Most token launches today suffer from one or more of the same problems: insider allocations to VCs at steep discounts before the public sees a price, vague vesting schedules that may or may not be honored, and no guaranteed liquidity at launch, meaning early buyers have no way to exit.
+
+Jupiter DTF includes protocol-level guardrails designed to improve buyer protections across allocation, vesting, and liquidity at launch. These protections come in three layers:
+
+1. **Onchain Allocation Locking via [Jupiter Lock](/lessons/jupiter-lock)**. Unsold tokens reserved for the project team are locked onchain and placed under enforced vesting schedules via Jupiter Lock. This converts any project promises that were made into a transparent, verifiable smart contract.
+2. **Immediate Liquidity at the Token Generation Event (TGE)**. A portion of the sale proceeds is used at TGE to seed a liquidity pool on [Meteora](https://www.meteora.ag/), a leading [automated market maker](/lessons/automated-market-makers) in the Solana ecosystem. This gives buyers access to liquidity immediately upon launch, instead of having to wait for some exchange to list the token.
+3. **Curated Launches via Vetting**. Each launch is curated through a rigorous vetting process conducted by Jupiter before a project can launch via DTF. Only projects that meet the criteria are approved.
+
+Together, these measures aim to increase transparency and reduce common launch risks for retail participants.
+
+### How a DTF Launch Works
+
+**Stage 1: Application and Vetting.** Multiple Solana startups may apply to launch their token via Jupiter DTF. Jupiter then evaluates each project against three key factors:
+
+* Market suitability
+* Valuation
+* Commitment to transparency
+
+Projects that meet these eligibility criteria and are deemed beneficial to the ecosystem are approved to launch.
+
+**Stage 2: Launch Configuration.** Once approved, Jupiter works closely with the project team to finalize the launch configuration, including:
+
+* Number of phases
+* Pricing
+* Vesting conditions
+* Purchase limits
+* Eligibility criteria
+
+These parameters can vary from launch to launch.
+
+**Stage 3: The Token Sale.** Each launch opens to buyers with one or more phases and criteria, driven by each project's needs and community goals. Using HumidiFi, a Solana protocol, as a recent example, they launched their $WET token via DTF. The launch used three eligibility phases:
+
+* Whitelisted (named "Wetlist" by HumidiFi): Access determined by the protocol for its community.
+* $JUP stakers: Access determined by Jupiter to reward long-term stakers.
+* Public access: Open participation.
+
+Each phase had its own pre-sale price, eligibility requirements, and criteria. The launch sold out quickly, leaving no unsold tokens to be placed into vesting.
+
+**Stage 4: TGE and Post-Launch.** During TGE and post-launch, the following happen simultaneously: any unsold tokens are locked onchain via Jupiter Lock, a liquidity pool is provisioned immediately via Meteora, and buyers can claim their tokens through the DTF interface.
+
+### DTF Risk Considerations
+
+Jupiter's DTF guardrails are designed to support buyer protections and protocol integrity through a rigorous evaluation and launch process. However, DTF is not designed to guarantee token performance or future profits.
+
+Key considerations include:
+
+* **Vetting Is Not a Guarantee**: Jupiter's curation reduces the chance of an outright fraudulent launch making it onto DTF, but vetting cannot predict execution risk, market reception, or whether a project will deliver on its roadmap. A project that passes DTF curation can still fail commercially or technically.
+* **Vesting Lock-Ups**: If a launch includes vesting, some tokens you purchase may not be available immediately at TGE. Review the vesting schedule before committing.
+* **Liquidity Risk**: While DTF provisions initial liquidity via Meteora at TGE, the depth of that liquidity depends on the size of the sale. A small launch may have thinner markets in the early days.
+* **Asset Value**: Participation in a DTF launch is a commitment to a new, early-stage asset. Prices after TGE reflect open market dynamics, and early volatility is common.
+
+Each token launch carries its own risks. DTF is designed to improve the conditions of the launch. It is not a guarantee of what happens after one.
+
+### Participating in a DTF Launch
+
+DTF launches are accessed through the [official DTF site](https://dtf.jup.ag/) and are announced via Jupiter's official channels. Once a launch is announced, the DTF site will outline the eligibility requirements and specific criteria.
+
+From the DTF site, you can:
+
+* See which pre-sale phases you're eligible for
+* View the timeline and commitment windows for each phase
+* Claim tokens directly through the DTF interface at TGE