Jupiter, a Solana decentralized exchange (DEX), is revising its airdrop plan after a governance proposal failed to reach a 70% supermajority. The proposal, put forth by pseudonymous Jupiter co-founder Meow, aimed to airdrop $1.6 billion worth of JUP tokens to users across multiple waves. Despite receiving more than 364 million in JUP voting power, the proposal only garnered 58% of votes in favor of distributing the tokens.
Following the outcome of the first vote, Meow announced that a second vote would be conducted in order to achieve the 70% supermajority required for the airdrop plan. While acknowledging the uncertainty and negative sentiment surrounding the situation, Meow emphasized the importance of uniting behind a plan to strengthen the Jupiter community. The team will now review feedback from dissenting voters and address their concerns in a new proposal, which is set to be voted on next week.
One user expressed support for the concept of ‘Growing the Pie’ with the JUP airdrop but suggested that modifications may be necessary, particularly in terms of the quantity of tokens being distributed. Meow and the Jupiter team will likely make adjustments to the total quantity of JUP tokens and other factors in order to secure the additional support needed for a successful proposal. Despite the current challenges, JUP, the native token of the Jupiter ecosystem, has seen a nearly 4% increase on the day and is trading at $1.15.
The outcome of the initial vote on the JUP airdrop proposal indicates a divide among Jupiter token holders, with 58% in favor of the plan and 42% against it. With 364 million JUP tokens voted and 12,000 verified feedback responses, the Jupiter community has provided valuable input that will inform the revision of the airdrop plan. The upcoming second vote will offer token holders another opportunity to voice their opinions and potentially influence the direction of the Jupiter ecosystem.
In response to the mixed feedback and voting results, Meow and the Jupiter team are committed to refining the airdrop plan and addressing the concerns raised by voters. By analyzing the feedback from dissenting voters and incorporating necessary changes into a new proposal, Jupiter aims to increase support for the airdrop and ultimately unite the community behind a shared vision. The ongoing governance process highlights the importance of community engagement and consensus-building in decentralized platforms like Jupiter.
As Jupiter prepares for the second vote on the revised airdrop plan, the team remains focused on fostering transparency, communication, and unity within the Jupiter community. By taking into account the diverse perspectives and feedback from token holders, Jupiter aims to create a consensus-driven governance model that reflects the interests and values of its users. The upcoming vote will be a crucial moment for the Jupiter ecosystem, as it has the potential to shape the future trajectory of the platform and strengthen the bond between users and the project team.
