A new Jupiter DAO governance proposal created by Meow, the pseudonymous co-founder of decentralized exchange Solana (DEX) and token launchpad, is seeking a 70% “yes” vote to airdrop 700 million JUP tokens to the community in January, as well than 700 million additional JUP tokens at any given time. after that. In total, that’s almost $1.5 billion worth of JUP at current prices.
Those who stake the JUP token through Jupiter are eligible to vote on the proposal, gaining voting rights in a 1:1 ratio with the amount of JUP staked. Voting on the proposal, designed to reward “real humans and active users,” is open until November 29 at 10:59 a.m. ET.
“I sincerely believe that if we can achieve this in a united way, we can make JUP, Jupiverse and Jupiter much bigger, (more) complete and (more) valuable than before,” said Meow on X (formerly known as Twitter).
It’s time for the most important DAO experiment in recent cycles: the first vote of July will officially begin on November 25 and last 4 days.
70% approval required
Because we need all of Jupiter to unite behind the crucial plan, we will seek 70% approval for…– meow (@weremeow) November 23, 2024
Formal eligibility details are not outlined in the proposal, indicating that a potential “July 2025” event would have a key consideration to be “as inclusive as possible.” The proposal also states that the volume traded on Jupiter’s platforms would be a factor to consider, but not the sole focus in determining eligible parties and their respective allocations.
If the vote does not meet the 70% approval required to move forward, then an amendment will be made based on community feedback, and a new vote will be opened.
The proposal, in its current form, provides for two separate airdrops of JUP 700 million each.
Nearly a million wallets were eligible First JUP drop from Jupiter in January this year, putting 1.35 billion JUP tokens into circulation. This time, however, the team is expected to increase the minimum eligibility thresholds and invest more in detecting sybils, or determining multiple wallets controlled by a single party.
“We view the first month of July as one of the best executed and most widely distributed airdrops in crypto,” Meow said. in a blog post attached to the proposal. “If done strategically, Jupuary has enormous potential to bring the right people into the ecosystem and accelerate community growth.”
JUP traded around $0.50 in the days and weeks following its initial airdrop, but climbed to over $1.75 by the end of March. according to CoinGecko. Down 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 currently be collectively valued at $1.48 billion.
Jupiter, a decentralized exchange aggregator Solana (DEX), ranks 16th among all on-chain protocols with over $2.6 billion in total value locked based on DefiLlama data.
Edited by Andrew Hayward
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