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Solana decentralized exchange (DEX) Jupiter will revise its airdrop plan after a governance proposal did not reach a 70% supermajority, which would have led to $1.6 billion worth $JUP being airdropped to users of its platforms across multiple waves.
Earlier this week, a Jupiter DAO proposal penned by pseudonymous Jupiter co-founder Meow went live for voting, letting token holders determine whether Jupiter would airdrop up to $1.6 billion in $JUP across two separate airdrops apparently planned for subsequent Januarys ahead.
The proposal, which received more than 364 million in $JUP voting power, only received 58% in votes in favor of disbursing the tokens to users.
First Jupuary Vote: Conclusion & Next Steps
The first Jupuary vote has concluded with 58% comfortable with the baseline plan, 42% uncomfortable.
364M $JUP voted, with an astonishing 12K verified voting feedback, many long and detailed - giving us an extremely good understanding…
— meow (@weremeow) November 29, 2024
“Because we are looking for a 70% supermajority, we will be proceeding with a second vote,” Meow said on X (formerly known as Twitter). “While this uncertainty is definitely tiring, and weighing down on sentiment, it is also crucial to remember that if we do unify behind a plan—we will emerge far stronger.”
Now Meow and Jupiter will go back to the drawing board, first reviewing the feedback from dissenting voters and then addressing those concerns in a new proposal, which is expected to go up for vote next week.
“I think the idea to ‘Grow the Pie’ with Jupuary is great. I would blindly vote ‘yes’ if the quantity was different,” said user Juanortuzar.sol on the proposal’s forum.
The $JUP quantity—1.4 billion tokens in total—and other factors may need to be modified for Meow and team to get the additional support they need to earn a passing proposal.
$JUP, the Jupiter ecosystem’s native token, is up nearly 4% on the day and trading at $1.15.
Edited by Andrew Hayward