Solana DeFi Exchange Jupiter Will Revise Airdrop Plan After Voters Reject $1.6 Billion in Rewards
Solana decentralized exchange (DEX) Jupiter will revise its airdrop plan after a governance proposal did not reach a 70% supermajority, which would have led to $1.6 billion worth JUP being airdropped to users of its platforms across multiple waves.
Earlier this week, a Jupiter DAO proposal penned by pseudonymous Jupiter co-founder Meow went live for voting, letting token holders determine whether Jupiter would airdrop up to $1.6 billion in JUP across two separate airdrops apparently planned for subsequent Januarys ahead.
The proposal, which received more than 364 million in JUP voting power, only received 58% in votes in favor of disbursing the tokens to users.
First Jupuary Vote: Conclusion & Next Steps
The first Jupuary vote has concluded with 58% comfortable with the baseline plan, 42% uncomfortable.
364M JUP voted, with an astonishing 12K verified voting feedback, many long and detailed – giving us an extremely good understanding…
— meow (@weremeow) November 29, 2024
“Because we are looking for a 70% supermajority, we will be proceeding with a second vote,” Meow said on X (formerly known as Twitter). “While this uncertainty is definitely tiring, and weighing down on sentiment, it is also crucial to remember that if we do unify behind a plan—we will emerge far stronger.”
Now Meow and Jupiter will go back to the drawing board, first reviewing the feedback from dissenting voters and then addressing those concerns in a new proposal, which is expected to go up for vote next week.
“I think the idea to ‘Grow the Pie’ with Jupuary is great. I would blindly vote ‘yes’ if the quantity was different,” said user Juanortuzar.sol on the proposal’s forum.
The JUP quantity—1.4 billion tokens in total—and other factors may need to be modified for Meow and team to get the additional support they need to earn a passing proposal.
JUP, the Jupiter ecosystem’s native token, is up nearly 4% on the day and trading at $1.15.
Edited by Andrew Hayward