Jupiter Revisits $1.6B Airdrop Plan

Solana-based decentralized exchange Jupiter is reworking its ambitious airdrop plan after a governance proposal failed to secure the required 70% supermajority. The proposal, which would have distributed $1.6 billion in JUP tokens across two airdrops, garnered 58% of votes in favor, falling short of the threshold.

The airdrops were intended to take place over two consecutive Januarys, rewarding users across the Jupiter ecosystem. Voting power in the proposal exceeded 364 million JUP, but dissent from a significant portion of the Jupiter DAO has sent the plan back to the drawing board.

Community Weighs In

Calls for Revisions

Following the vote, Jupiter co-founder Meow announced on X (formerly Twitter) that the team will hold a second vote after addressing concerns raised by dissenting voters. “While this uncertainty is definitely tiring and weighing down on sentiment, it is crucial to remember that if we do unify behind a plan, we will emerge far stronger,” Meow said.

Feedback from users highlighted issues with the current plan, including the quantity of tokens earmarked for the airdrop. “I think the idea to ‘Grow the Pie’ with Jupuary is great. I would blindly vote ‘yes’ if the quantity was different,” wrote community member Juanortuzar.sol on the proposal’s forum.

What’s Next?

The Jupiter team will incorporate feedback into a revised proposal, expected to go up for vote next week. Key adjustments may include reducing the total airdrop amount—1.4 billion JUP—and clarifying distribution criteria to gain broader support.

The Impact on JUP

Market Reaction

Despite the voting setback, JUP, the native token of the Jupiter ecosystem, saw a 4% price increase on the day, trading at $1.15. This reflects continued optimism among investors regarding the platform’s long-term potential.

Strengthening Governance

While the delay introduces short-term uncertainty, the governance process showcases the DAO’s commitment to refining its strategy through community input. A successful second vote could unite stakeholders and solidify Jupiter’s position as a leading Solana DEX.

Jupiter DAO’s airdrop proposal reflects the growing importance of decentralized governance in shaping the future of crypto projects. By revisiting its plan and incorporating community feedback, Jupiter has an opportunity to align its goals with the needs of its ecosystem.

As the revised proposal takes shape, all eyes will be on the next governance vote to determine whether Jupiter can achieve the unity and consensus required to move forward with its ambitious airdrop strategy.