BlockBeats News, February 22, Jupiter’s vote on “Reducing Future Token Net Issuance to Zero” officially ended today at 19:00, with the community ultimately passing the proposal with a 75% support rate.
Earlier, Jupiter launched a new proposal to reduce the net issuance of JUP to zero in the foreseeable future, mainly targeting the current three sources of JUP issuance—Jupuary airdrop, team share unlock, and Mercurial quota unlock. The specific details are as follows:
First, the Jupuary airdrop is indefinitely postponed, and all 700 million JUP will be returned to the community multisig cold wallet for future use. The current usage and staking snapshot at this time point will be preserved. When the market environment, token conditions, and market sentiment are more appropriate, this matter will be re-discussed with the DAO.
Second, the token release to team members is indefinitely suspended. Instead, team members will receive JUP in the form of Jupiter’s balance sheet receivables—should any member wish to sell their allocated tokens, Jupiter’s balance sheet will buy them back directly. This will further strengthen the JUP reserves and demonstrate the team’s commitment to the future of the JUP token.
Third, fully hedge the selling pressure from Mercurial stakeholders, accelerate their unlocking process, and purchase an equivalent amount of tokens through Jupiter’s own balance sheet to absorb any impact from potential token sales.
