Over on Solana, the decentralized exchange (DEX) aggregator Jupiter has just approved a revised airdrop proposal after DAO voters rejected an initial plan for an airdrop of $1.7 billion in the exchange’s native $JUP token.
The initial vote failed after only 58% of votes approved of the initial plan. This fell far short of the 70% threshold needed to pass the proposal. Jupiter’s founder, known online as “meow” said the DAO received over 12,000 bits of feedback before formulating its new plan. It 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 see some $860 million in $JUP distributed to supporters over the next two Januaries, with the onus being to benefit long-term holders, rather than speculators looking for a quick buck.
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 will be an allocation of $JUP to incentivize “holding, buying and voting through the year” but did not elaborate further.
However, meow hinted that more regular participators will get bigger 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.”
They were also keen to clarify that the new proposal explicitly exclude bots, unlike the previous one.
The exchange took a snapshot of eligibility last month and will make available a link to check eligibility later this month.
Jupiter’s DEX, $JUP, and 2025 prospects
So, Jupiter clearly has big plans to become one of crypto’s leading DEXs.
The exchange is currently one of Solana’s biggest validators, although it dropped from the ninth largest to the nineteenth and currently corners 1.14% of the stake.
Going into the New Year, Jupiter is pivoting towards cross-chain expansion. Jupiter has partnered with Mayan Finance, Debridge, and Wormhole to roll out a bridge aggregator service.
Additionally, the industry expects the re-election of pro-crypto Donald Trump to provide some much-needed regulatory clarity. This could see more institutions taking up $JUP positions.
The launch of Jupiter Terminal and big API upgrades show an expanding ecosystem, which could drive $JUP’s significantly next year.
The post Jupiter DEX Approves Revised Airdrop Proposal After Initial $1.7B Plan Fails appeared first on Cryptonews.