Solana decentralized exchange (DEX) Jupiter will revise its airdrop plan after a board proposal failed to reach a 70% supermajority, which would have resulted in $1.6 billion worth of JUP being dropped via multiple waves to users of its platforms .
Earlier this week, a Jupiter DAO proposal written by the pseudonymous co-founder of Jupiter Meow went live for voting, allowing token holders to determine whether Jupiter would drop up to $1.6 billion in JUP over two separate airdrops apparently planned for next January.
The proposal, which received more than 364 million votes in the JUP, received only 58% of votes in favor of paying out the tokens to users.
First Jupuary Vote: Conclusion and Next Steps
The first Jupuary vote has been completed with 58% comfortable with the basic plan and 42% feeling uncomfortable.
364 million JUP voted, with an astonishing 12,000 verified voting feedbacks, many of them long and detailed – giving us an extremely good understanding…
— meow (@weremeow) November 29, 2024
“Because we are looking for a super majority of 70%, we will proceed to a second vote,” says Miauw. said on X (formerly known as Twitter). “While this uncertainty is certainly exhausting and weighs on sentiment, it is also critical to remember that if we unite behind a plan, we will emerge much stronger.”
Now Meow and Jupiter are going back to the drawing board, first reviewing feedback from dissenting voters and then addressing those concerns in a new proposal, which is expected to go to a vote next week.
“I love the idea of doing ‘Grow the Pie’ with Jupuary. I would blindly vote ‘yes’ if the amount was different,” the user said Juanortuzar.sol on the proposal forum.
The JUP number (1.4 billion tokens in total) and other factors may need to be adjusted so that Meow and his team can get the additional support they need to earn a successful proposal.
JUP, the native token of the Jupiter ecosystem, is up almost 4% on the day and is trading at $1.15.
Edited by Andrew Hayward
