The Solana decentralized exchange (DEX) Jupiter is revising its airdrop strategy following a governance proposal failing to reach the 70% supermajority threshold. The proposal, if passed, would have resulted in an airdrop of $1.6 billion worth of Jupiter’s native token JUP to users across multiple waves.
Earlier in the week, Jupiter DAO’s Meow, a pseudonymous co-founder, put forward a proposal for voting. The proposal intended to allow token holders to decide the distribution of up to $1.6 billion in JUP through two separate airdrops, scheduled for the subsequent Januarys.
The proposal, however, did not gain enough traction among the voting community. Despite amassing more than 364 million in JUP voting power, only 58% voted in favor of the token disbursement, falling short of the required 70%.
“Because we are looking for a 70% supermajority, we will be proceeding with a second vote,” Meow announced on X (formerly known as Twitter). He also acknowledged the uncertainty surrounding the vote, emphasizing the importance of unity behind a plan for the betterment of the platform.
Now, Meow and the Jupiter team are revisiting the plan, taking into account the feedback of dissenting voters. The team is set to address these concerns in a revised proposal, which is expected to be put up for a vote next week.
Among the concerns, the most prominent is related to the quantity of JUP tokens proposed for airdrop. Notably, one user named Juanortuzar.sol commented on the proposal’s forum, “I think the idea to ‘Grow the Pie’ with Jupuary is great. I would blindly vote ‘yes’ if the quantity was different.”
Meow and his team now face the challenge of modifying not only the quantity of JUP tokens—1.4 billion in total—but also other factors to garner the additional support necessary to pass the proposal.
The Jupiter ecosystem’s native token JUP has increased nearly 4% on the day, trading at $1.15. The team’s effort to revise the airdrop plan reflects the commitment to ensuring that all stakeholders feel their interests are considered and protected. This democratic approach to decision-making underscores the strength of decentralized platforms, where every token holder has a say in the platform’s future.
