Jupiter Founder Picks Side Ahead of Crucial Governance Proposal

The result of Jupiter DAO’s upcoming governance proposal will have far-reaching implications for the Solana DeFi ecosystem. Despite typically remaining impartial, Jupiter founder Meow has made his stance public, hoping to “accelerate the meta and bring the entire world along into the decentralized world”.

Meow Makes Case

Ahead of Jupiter’s decisive upcoming governance proposal regarding future installments of Jupiter airdrops and JUP tokenomics, Meow, the protocol’s founder, has made his position public. In a move of solidarity, Meow declared that he would “bat heavily” in favor of the proposal, continuing future Jupuaries and reducing JUP total supply.

Jupuary, or Jupiter airdrop events, occur every year in January until the 3B JUP tokens allocated to this initiative are distributed. JUP rewards are distributed to community members and protocol users as a sign of appreciation for their support and ongoing use of the protocol. 

Supporting his stance, Meow explained that the first Jupuary event helped create what he considers “one of the active communities/strong cultures/valuable protocols in crypto”. A vote in favor of the proposal reflects Jupiter’s long-term vision of ‘growing the pie’ and pushing the platform’s community-first initiatives.

However, while wielding considerable influence, Meow acknowledges that the upcoming proposal is a collective decision for the wider Jupiter community to make together.

Jupuary Eligibility Conditions Not Set in Stone

Building upon his position, Meow further announced that should Jupiter’s upcoming governance pass, discussions surrounding the next airdrop’s design will only take place after the event’s onchain snapshot. 

Essentially, this serves as a reminder that Jupuary eligibility criteria are still not set in stone and will likely be decided after careful consideration to ensure that organic users and community members are rewarded, as opposed to airdrop farmers and sybil bots.

This announcement comes following rampant speculation regarding Jupuary eligibility criteria, which has influenced the behavior of Jupiter users and community members. For example, recent posts on social media platforms like 𝕏 have caused a flurry of speculative trading activity on Jupiter POAP (Proof of Attendance Protocol) NFTs.

Whatever the final Jupuary eligibility conditions are, criteria will only be confirmed after the official snapshot expected later this year.

Jupiter’s Critical Proposal

Scheduled to go live in the coming weeks of July, the upcoming proposal focuses on three central elements:

• Supply Reduction - In a bid to reduce JUP’s FDV (Fully Diluted Value), the proposal earmarks 3 billion JUP tokens to be burnt, removing them permanently from the asset’s total supply.

• Jupuary Emission Reduction - Consistent with the 30% reduction in supply, the amount of JUP tokens distributed through airdrop will also be reduced by 30%. This means that future Jupuaries would inject 700M JUP into the circulating supply, as opposed to 1B.

• Team Supply Burn - Demonstrating their commitment to Jupiter’s long-term vision and community-first approach, Jupiter team members will voluntarily reduce their own allocations by 30%.

Additionally, as part of Jupiter’s CEF (Community Eats First) initiative, all team tokens released in the initial 1 year vesting period will be staked for an additional two years. This helps to align team members with Jupiter’s long-term goal of establishing the GUM (Grand Unified Market), “the everything exchange for everyone in the world”.

According to Meow, if the community votes against the upcoming proposal, it would result in the temporary suspension of Jupuary and ASR (Active Staking Rewards). For this reason, it is widely believed that community members will join Meow and vote in favor of passing the upcoming proposal.

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