Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
On the Solana network, decentralized exchange (DEX) aggregator Jupiter has approved a revised airdrop proposal after DAO voters rejected an initial plan for an airdrop of $1.7 billion in the platform’s native $JUP token.
The initial vote failed after only 58% of voters approved the plan, falling significantly short of the 70% threshold required for passage. Jupiter’s founder, known online as “meow,” stated that the DAO received over 12,000 pieces of feedback before formulating the new plan. The revised proposal has now passed with 87% of the vote.
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
The new airdrop, dubbed “Jupuary,” will distribute approximately $860 million in $JUP to supporters over the next two Januaries. The focus is on benefiting long-term holders rather than speculators seeking quick profits.
In the new proposal, meow wrote: “Maximum effort has to be made to ensure that JUP goes to the right people who have a good chance to become long term members – not farmers or overly focused on minority set of users.”
The founder also mentioned that there would be an allocation of $JUP to incentivize “holding, buying and voting through the year,” though he did not elaborate further.
However, meow hinted that more regular participants would receive larger rewards. “We will be hyper focused on including as many real users as possible, using key parameters like actual holdings, participation in the ecosystem, and consistency/place of usage.”
He also clarified that the new proposal explicitly excludes bots, unlike the previous one.
Related Posts
The exchange took a snapshot of eligibility last month and will make a link to check eligibility available later this month.
Jupiter’s DEX, $JUP, and 2025 prospects
Jupiter clearly has ambitious plans to become one of crypto’s leading DEXs.
The exchange is currently one of Solana’s largest validators, although it dropped from the ninth largest to the nineteenth position and currently controls 1.14% of the stake.
As the New Year approaches, Jupiter is pivoting toward cross-chain expansion. The platform has partnered with Mayan Finance, Debridge, and Wormhole to launch a bridge aggregator service.
Additionally, the industry anticipates that the re-election of pro-crypto Donald Trump will provide much-needed regulatory clarity, potentially encouraging more institutions to take up $JUP positions.
The launch of Jupiter Terminal and significant API upgrades demonstrate an expanding ecosystem, which could drive $JUP’s performance significantly in the coming year.
The post Jupiter DEX Approves Revised Airdrop Proposal After Initial $1.7B Plan Fails appeared first on Cryptonews.
