This vote is for checking if the community is comfortable with 2 more Jupuaries of 700M JUP each. Because it is crucial that the whole community is unified, the team will be seeking a 70% yes vote.
I am a loyal supporter and investor in Jupiter with a sizeable long-term position and cast my vote based on an assessment of the best strategy to leverage the long-term benefits from the Jupuary airdrop rewards as I see them
I voted NO in the first Jupuary vote. These are my reasons
We are super early in crypto adoption
Mass adoption hasn’t even started
Jupiter is less than 1 year old! I still struggle to get my head around that!
Jupiter is well placed strategically for user growth with its fantastic mobile app
Price follows user activity - Metcalf’s Law
Growth & Success take time and Incentives/rewards
Jupuary is a fantastic incentive for growth and we can extend that benefit over more realistic growth target periods
Longer time periods allow better management of the challenges faced by rapid growth
Smaller Jupuary drops has less price impact
Lock-up periods are unnecessary IMO as a person who wants to cash out will just do it anyway after the lock up ends, you’re just delaying any likely price impact
I know we can trust the Jupiter team to ensure each drop is fair - let them design and implement the distributions
We can have a second, better vote once we reach agreement on its wording. I have drafted a second Proposal and would love everyone’s thoughts and feedback
Suggested Proposal for Jupuary re-vote
This vote is for checking if the community is comfortable with 4 more Jupuaries of 350M unlocked JUP each commencing January 2025. Because it is crucial that the whole community is unified, the team will be seeking a 70% yes vote.
I like this though since 700M could not pass perhaps half of that. It would be nice knowing that Jupiter has a lot of incentives for many more years. It is really amazing to see how far wec have come though.
Lock ups ain’t necessary. It just kills the fun in airdrops especially for old projects.
Locking the tokens up seems to have a lot of support amongst Jupiter owners. As I have argued, they really don’t matter much in the longer term as paper hands will always sell their airdrop as soon as they can
Lock-ups should not be a deal breaker - I’m happy to vote for a proposal with a reasonable lock up (eg 30 days) as long as the proposal reduces the number of JUP each jupuary to lessen the impact of price dilution by each airdrop
How about we have a smaller quartely or 6-month airdrop based on the 700m Jupurary ? 50% in January and the balance is airdropped once per quarter ?
That will incentivize JUP stakers to keep staking throughout the year, lessen the price impact on each drop, while also giving people to take profits. Lets be real, we are in the early stage of a bullrun, and if we don’t recognize that people want ( and need) to take profits during this period we are deluding ourselves.
Maybe even a monthly allocation based on last years participation ( and other factors). Or a base of 75% of your allocation with an incentive of an additional 25% based on the current year participation. This would be separate from the ASR.
I believe a version of this distribution methodology will maximize the amount of participation while also giving people a chance to reap the fruits of their engagement.
I think we need to balance the size/timing of the Jupuary drops with expectations of JUP owners
The DAO votes are determined by total voting power not number of JUP owners which means that a vote can be lost if enough JUP whales say NO
JUP whales clearly did not like the idea of 2 massive unlocked JUP Jupuary drops and hopefully we will find out why when the Jupiter team review the 12,000 vote responses
4 x 6-monthly drops of 350M is an interesting suggestion and will help reduce the price impact of 2 bigger 700M drops
But I still prefer the idea of 1 x 350M Jupuary drop per year over 4 years as it helps build growth and use over manageable timeframes
Also we need to be mindful of the investment psychology of a whale vs a retail investor
Whales will always chase the best returns - that’s what makes them whales
They do not get emotionally attached to a project. If there are good returns on their investments they will hold, if things start going south they will sell whereas Retail investors get emotionally involved and HODL through thick and thin
Its brutal but true and every project needs the support of whales
The Jupuary distributions will need to be distributed in a way that rewards ALL investors - I am sure the Team will deliver a solution that everyone can accept
You’re almost there on your understanding of whales, but don’t quite get it.
Whales want a stake ponzi, they want as you say the best returns, and even as you say they don’t get emotionally attached to projects.
They want the most token emissions based on staking as quickly as possible, at which point they’ll leave.
Whales have absolutely nothing to do with the health of any project in all of crypto, often they’re the bane of the token price.
There’s a reason we look at distribution of holders, how many holders and how decentralized it is as a measure of token health.
USERS and community are what makes a project successful. This is the industry of networks, whales do not contribute to the network effect any more than an average joe middle tier user does. The value of the project is dependent on the userbase.
At the end of the day, whales have the power to change community sentiment to positive or negative, its apparent that many of those holding JUP don’t give half a shit about community sentiment or USERS that keep their token alive, they want a stake ponzi. That’s why you’ll see them advocate for an ASR 2.0 in terms of how they’d run a Jupuary.
thanks for the whale psychology insights
they remain a mystery to me
i have posted a new thread inviting whales to an open discussion about Jupiter
you may want to respond to that bro when my posting gets approved
There’s compromises to be made, maybe a Jupuary after this upcoming should even be halved in token outlay, and maybe we should guarantee lockups or something of the sort.
Issue is here on these boards you’ll find so many stakers saying we should cancel the event entirely, despite it being promised by the team. Or they’ll advocate it being a linear stake drop, like ASR 2.0.
These are legitimate points of view IF and only if you want the quickest profit possible, but don’t care about the long term value of the token and community sentiment. These people will dump as soon as they’ve milked enough of the protocol such that they feel like they’re better off moving on to milk the next project. They don’t give a shit about the community or users, they’ll say as much explicitly.
Yes The whales took up the DAO…200 Whales have 40 pecent voting power!!they don’t care about the Traders which is will trade on Jupiter foreve,traders are the community!!traders generates income to Jupiter paying fees!!The wales put the eye on Julpiary!!they want it for themselves and will vote on proposals what’s benefit them!!Its look like the TEAM are hostages of the whales and nothing they can do…
In the team we trust. After all they created the entire protocol at the outset with real good intentions. They made a mistake I believe by allowing voting power. Perhaps it seemed like a good idea at the start, but it is becoming clear I think that it’s not working. Dao mean’s do whatever is best for the project / community with a bottom up approach. Currently it has evolved to a top down approach. I believe this needs addressing.
Furthermore it is interesting that there was a 58% yes vote. This means some whales genuinely care about a healthy Dao. If voting power had not been a factor we would have probably had a 90% yes vote. Am guessing here.
Let’s face it who wouldn’t want an airdrop, especially if it means continued growth of the ecosystem.
This means that the wishes of the team are aligned with the wishes of most of the users. Four rounds was promised. Now we have one airdrop less and a reduction of 30%. Who cares about price it will recover in 2025. It’s normal and people will buy back in as Jupiter has real value. Actually it’s good to get more Jup into more hands via airdrop and whales selling. It prevents draining of large amounts of liquidity which has the worst impact on price. If there was ever a good time to weed out people who aren’t committed it is now at the beginning of alt season. This goes for traders and whales alike. I think Jupiter has plenty to offer but more efforts need to continue to go towards further building out Jupiter exchange.
