Solana DeFi Exchange Jupiter to Revise Airdrop Plan After Voters Reject $1.6 Billion in Rewards

Decentralized exchange Solana (DEX) Jupiter will revise its airdrop plan after a governance proposal failed to reach a 70% supermajority, which would have led to an airdrop of JUP worth 1.6 billion dollars to users of its platforms over several waves.

Earlier this week, a Jupiter DAO proposal authored by pseudonymous Jupiter co-founder Meow went live for voting, allowing token holders to determine whether Jupiter would airdrop up to $1.6 billion in JUP on two separate airdrops apparently planned for the following January.

The proposal, which received more than more than 364 million JUP votes, received only 58% votes in favor of distributing the tokens to users.

“Because we are looking for a qualified majority of 70%, we will take a second vote,” Meow said the (formerly known as Twitter). “While this uncertainty is definitely tiring and taking a toll on sentiment, it’s also crucial to remember that if we unite behind a plan, we will emerge much stronger. »

Meow and Jupiter will now go back to the drawing board, first considering comments from dissenting voters and then addressing those concerns in a new proposal, which is expected to be put to a vote next week.

“I think the idea of ​​“growing the pie” with Jupuary is brilliant. I would blindly vote ‘yes’ if the quantity was different,” the user said Juanortuzar.sol on the proposal forum.

The amount of JUP (1.4 billion tokens in total) and other factors may need to be changed for Meow and his team to get the additional support they need to get a satisfactory proposal.

JUP, the native token of the Jupiter ecosystem, is up almost 4% on the day and trading at $1.15.

Edited by Andrew Hayward