In summary
- Jupiter will review its airdrop plan following a governance proposal that fell short of the 70% supermajority required to distribute $1.6 billion in JUP.
- The proposal received only 58% of votes in favor, leading to the need for a second vote, after reviewing comments from dissenting voters.
- The co-founder of Jupiter stated that they will adjust the number of tokens and other factors to achieve more support in the next proposal.
Solana’s decentralized exchange (DEX) Jupiter will review its airdrop plan after a governance proposal failed to reach a 70% supermajority, which would have led to $1.6 billion in JUP tokens being distributed to users of their platforms in multiple waves.
Earlier this week, a Jupiter DAO proposal drafted by Jupiter’s pseudonymous co-founder Meow was activated for voting, allowing token holders to determine whether Jupiter would distribute up to $1.6 billion in JUP via two separate airdrops. apparently planned for the following Januarys.
The proposal, which received over 364 million in JUP voting power, only received 58% votes in favor of distributing the tokens to users.
“Because we are seeking a 70% supermajority, we will proceed with a second vote,” Meow said on X (formerly known as Twitter). “While this uncertainty is definitely exhausting and weighs on sentiment, it is also crucial to remember that if we unify behind a plan, we will emerge much stronger.”
Now Meow and Jupiter will go back to the drawing board, first reviewing comments from dissident voters and then addressing those concerns in a new proposal, which is expected to come to a vote next week.
“I think the idea of ’Growing the Cake’ with Jupuary is great. I would vote ‘yes’ blindly if the amount was different,” said user Juanortuzar.sol in the proposal’s forum.
The amount of JUP—1.4 billion tokens in total—and other factors may need to be modified for Meow and the team to get the additional support they need to get a proposal approved.
JUP, the native token of the Jupiter ecosystem, is up almost 4% on the day and is trading at $1.15.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
