- Jupiter community voting on the fate of 215M unclaimed JUP tokens is now live
- Options include funding staking rewards, burning tokens, or multisig return
- Decision part of J4J initiative for transparency and alignment among JUP holders
Jupiter, a decentralized exchange aggregator on Solana, has opened a community vote to decide the fate of 215 million unclaimed JUP tokens.
These tokens, initially part of the platform’s “Jupuary” airdrop and staking rewards, were either unclaimed or from compromised wallets.
J4J initiative proposals
The vote, opened on September 27, follows a proposal put forward by the Jupiter team, led by developer Weremeow. As part of the J4J initiative it’s aim is to promote certainty, alignment, and transparency among JUP holders.
This proposal is the second in the J4J initiative. The first J4J proposal, which was approved after a vote at the beginning of August, trimmed away any fat in the initial tokenomics, helping everyone in the JUP to understand the token breakdowns. This set the stage for two more votes.
The current proposal whose voting has been opened now seeks to solve the issue of how to use the excess tokens from last Jupuary.
According to the proposal, Jupiter token holders will be voting to use the tokens to fund the Active Staking Rewards (ASR) program for another year, burn the tokens, or return them to a community-managed multisig wallet.
Extending the Jupiter ASR program
This option would see the tokens used to extend the ASR program, which rewards holders for participating in Jupiter’s governance. This would incentivize active participation in the decentralized autonomous organization (DAO) and community voting processes.
The ASR was initially funded with 100 million JUP, 50% of which went to voters in the first three months.
If approved, the 215 million tokens would further boost rewards for the coming year.
Burning the JUP tokens
Alternatively, the community could opt to burn the tokens, reducing the circulating supply by around 13%.
This move could potentially increase the value of the remaining JUP tokens by making them scarcer.
Putting the tokens back into a multisig wallet
Lastly, returning the tokens to a multisig wallet would allow the community to decide on future uses for the unclaimed assets.
Voting is now live and can be accessed at vote.jup.ag. As part of the ongoing J4J initiative, this vote aims at involving Jupiter’s community in key governance decisions while fostering transparency and alignment among stakeholders.