In summary
- Jupiter proposed to distribute JUP 1.4 billion to the community in two airdrops if 70% “yes” votes are obtained.
- Users with JUP staked can vote, with voting power proportional to the number of tokens staked.
- The first JUP airdrop in January this year distributed 1.35 billion tokens, and improvements to eligibility and sybil detection are planned.
A new Jupiter DAO governance proposal created by Meow, the pseudonymous co-founder of Solana decentralized exchange (DEX) and token launch platform, seeks a 70% “yes” vote to distribute 700 million JUP tokens to the community in January, as well as another 700 million JUP tokens at some point later. In total, that equates to almost $1.5 billion in JUP at current prices.
Those who stake the JUP token through Jupiter are eligible to vote on the proposal, gaining voting power in a 1:1 ratio with the number of JUP tokens staked. Voting on the proposal, designed to reward “real humans and active users,” is open until November 29 at 10:59 a.m. Eastern Time.
“It is my firm belief that if we can complete this together, we can make JUP, Jupiverse and Jupiter much bigger, (more) complete and (more) valuable than before,” Meow said on X (formerly known as Twitter) .
Formal details of eligibility are not outlined in the proposal, which also notes that volume traded on Jupiter’s platforms would be a consideration, but not the only approach to determining eligible parties and their respective allocations.
If the vote does not obtain the 70% approval required to advance, an amendment will be made based on community feedback and a new vote will be opened.
The proposal, as it currently stands, calls for delivery in two separate airdrops of JUP 700 million each.
Nearly one million wallets were eligible for Jupiter’s first JUP airdrop in January this year, putting 1.35 billion JUP tokens into circulation. However, this time the team is expected to increase the minimum eligibility thresholds and invest more in sybil detection, or determination of multiple wallets controlled by a single party.
“We look back on the first Jupuary as one of the best-executed and widely distributed airdrops in the Cryptocurrency world,” Meow said in a blog post accompanying the proposal. “If done strategically, Jupuary has tremendous potential to bring the right people into the ecosystem and accelerate community growth.”
JUP was trading around $0.50 in the days and weeks following its first airdrop, but skyrocketed to over $1.75 in late March, according to CoinGecko. Following a drop of more than 40% from its highs, JUP is up 7% this month and is now trading at $1.07. At that price, the airdrops would be collectively worth $1.48 billion today.
Jupiter, a Solana decentralized exchange (DEX) aggregator, ranks #16 among all on-chain protocols with over $2.6 billion in total value locked, according to data from DefiLlama.
Edited by Andrew Hayward
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