EddieJayonCrypto
29 Nov 24
Solana decentralized exchange (DEX) Jupiter will revise its airdrop plan after a governance proposal failed to reach a 70% supermajority. The proposal aimed to airdrop $1.6 billion worth of JUP across multiple waves. With 58% in favor, a second vote is planned after reviewing feedback from dissentin...
Jupiter DEX will revise its airdrop plan after a governance proposal fell short of the 70% supermajority required. The proposal sought to airdrop $1.6 billion worth of JUP tokens across multiple waves. With only 58% in favor, a second vote is planned following a review of feedback from dissenting voters. Meow and the Jupiter team will propose a modified airdrop plan, possibly adjusting the 1.4 billion JUP quantity, to secure additional support.
JUP, the native token, has gained nearly 4% in value and is currently trading at $1.15. This decision comes after Jupiter's DAO proposal, authored by pseudonymous co-founder Meow, garnered 58% support from token holders out of more than 364 million JUP voting power. The proposal aimed to airdrop up to $1.6 billion in JUP across two separate airdrops planned for subsequent Januarys. Meow acknowledged the need for a 70% supermajority and announced a second vote, emphasizing the importance of unity for future success.
Following the initial vote, Meow and Jupiter will solicit feedback from dissenting voters and incorporate their concerns into a new proposal, which is expected to undergo voting next week. The adjustment of the 1.4 billion JUP quantity and other factors may be necessary to garner the necessary support for a passing proposal. As this unfolds, JUP is experiencing a 4% surge, currently trading at $1.15 within the Jupiter ecosystem.