The community group governing decisions on Solana-based decentralized exchange Jupiter on Sunday passed a long-awaited vote to allow two incentives of $860 million (worth of tokens at current prices) each over two years, shifting the related JUP token’s fundamentals.
The proposal was part of the “Jupuary” vote #2, which was changed and refloated after the initial vote failed to gain community favor. Jupuary is the protocol’s name for an annual JUP token airdrop in January to users based on how they interacted with it in the preceding year.
Say what you will about @weremeow and @JupiterExchange, but rallying the community from a bleak 58% to an impressive 87% approval is no small feat.
Imo, @jup_dao is making Web3 history as the first DAO to truly listen and adapt to its community’s concerns. 🪐 pic.twitter.com/O2ZXORoQAq
— Marino (@marinonchain) December 8, 2024
The revised vote changed how tokens would be distributed to users with additional checks to prevent tokens from going to mercenary airdrop farmers — who typically interact with any protocol only for rewards.
“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,” founder “meow” wrote in a November proposal. “Portion of the allocation will go into incentivizing holding, buying and voting through the year.”
“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. Notably, unlike the first Jupuary, bots will be explicitly excluded,” meow added at the time.
A snapshot of eligibility was taken in November. A link to check eligibility will be available later in the month, while the actual airdrop is scheduled for the following month.
JUP prices are down 7% in the past 24 hours amid a broader market decline.
