- Jupiter DEX’s airdrop proposal failed to reach the required 70% supermajority, receiving only 58% approval
- The proposal would have distributed $1.6 billion worth of JUP tokens across multiple Waves
- Over 364 million JUP tokens participated in the voting process
- A revised proposal is expected next week after reviewing community feedback
- JUP token price increased by 4% to $1.15 following the announcement
Jupiter DEX Airdrop Plans Face Setback
The Jupiter decentralized exchange (DEX) will revise its substantial token distribution strategy after its initial governance proposal failed to secure the required supermajority support. The original plan, which would have resulted in a $1.6 billion JUP token airdrop, received only 58% approval from participating token holders.
Voting Participation and Results
The proposal, initiated by pseudonymous Jupiter co-founder Meow, attracted significant participation with more than 364 million JUP tokens cast in votes. Despite majority support, the result fell short of the 70% threshold required for implementation.
"While this uncertainty is weighing down on sentiment, it is also crucial to remember that if we do unify behind a plan—we will emerge far stronger," Meow stated on X.
Community Feedback and Next Steps
The Jupiter team is analyzing feedback from dissenting voters before presenting a modified proposal. Community members have expressed support for the concept while questioning specific details. For instance, user Juanortuzar.sol commented: "I think the idea to ‘Grow the Pie’ with Jupuary is great. I would blindly vote ‘yes’ if the quantity was different."
Token Distribution Details
The original proposal outlined the distribution of 1.4 billion JUP tokens through multiple waves, scheduled for consecutive Januarys. The substantial size of the distribution appears to be a primary concern among voting participants.
Market Response
The JUP token demonstrated resilience following the vote results, trading at $1.15 with a 4% increase, suggesting market confidence in the team’s ability to develop an acceptable revised proposal.
The Jupiter team expects to present a new proposal incorporating community feedback within the next week, potentially adjusting the token quantity and distribution mechanisms to secure broader support.
Previous Articles:
- Mobile Bitcoin Games: Solitaire Apps Offer Crypto Rewards, But Earnings Are Slim
- Justin Sun Devours $6M Banana Artwork, Must Replace it Every Week Forever
- XRP Hits 3-Year High at $1.67 as ETF Speculation and SEC Changes Fuel Rally
- Bitcoin Surges Back Toward $100K as Trump Victory Sparks Crypto Market Rally
- Hyperliquid DEX Launches $1B Community Airdrop, Shuns Venture Capital Route
