Jupiter (JUP) $860 Million Airdrop: Distribution and Impact on Token

Bittime - Community Jupiter DAO, which manages the Solana-based decentralized exchange, has approved a massive airdrop incentive plan worth $860 million. 

This decision is part of the highly anticipated airdrop initiative, known as “Jupuary,” and marks a significant change in the JUP token landscape.

“Jupruary” Airdrop Proposal For $860 Million Dollars

This proposal allocates $860 million in JUP tokens over two years. 

Although initially faced with resistance, the plan was revised and resubmitted after the first vote did not gain enough support from the community. 

This is in line with the goal of the Jupuary initiative to reward Jupiter users every January based on their activity in the previous year.

Protection Against "Airdrop Farmers"

Several protection measures have been added to prevent tokens from falling into the hands of short-term “airdrop farmers.” 

These farmers usually take advantage of the protocol to get quick rewards without committing to the long term. 

JUP Airdrop is not intended for opportunists

Jupiter's founder, known as "Meow," stressed the importance of rewarding users who truly contribute, not opportunists.

JUP Token Distribution Strategy

Meow emphasizes the need for maximum effort to direct JUP to individuals who have strong potential to become long-term members, as well as avoiding allocation to farmers or users who only focus on small groups. 

The majority of tokens will now be set aside to encourage ownership, purchasing and active involvement in the community.

“We will be very focused on engaging as many real users as possible, using key parameters such as actual ownership, participation in the ecosystem and consistency of use. 

"Unlike the first Jupuary, bots will be explicitly excluded," Meow said.

JUP Airdrop Snapshot in November

To ensure fairness, a snapshot of eligible users was taken in November. 

Those who qualify can check their eligibility status via a link that will be released later this month. 

Token distribution will take place in January, in accordance with Jupuary's annual tradition.

Impact JUP Price Drop Despite Positive Sentiment

Although this voting approval brought joy, the JUP token saw a decline of 8.24% in the last 24 hours. 

However, trading activity in the last 24 hours increased by 25%, and in the weekly time frame it showed an increase of 3.80%. 

The recent decline in the JUP token reflects the lingering uncertainty and imminent loss of momentum.

JUP Positive Sentiment Signs Appear

Nonetheless, signs of positive sentiment are starting to emerge. The exchange's Netflow data shows that fewer JUP tokens are being deposited to the exchange. 

This suggests that investors prefer to hold their tokens rather than sell them, which reduces the circulating supply and potentially increases the value of the token.

Airdrop Details and JUP Airdrop Voting Process

Jupiter, as a DEX-based aggregator Solana, will airdrop JUP tokens to its community over the next two Januarys after Jupiter DAO—a collection of JUP token holders—approved a revised airdrop proposal after the first attempt to distribute $1.7 billion worth of tokens failed.

More than 87% of Voters Approve the Jupruary Airdrop

More than 87% of the vote supported this second proposal, which made several key changes from the first proposal that received only 58% support, below the 70% threshold needed for approval.

Proposal Airdrop Jupruary | Sumber: Coinspeaker

Second Airdrop Allocation Proposal Process

Incorporating feedback from thousands of previous voters, this second proposal includes important changes, such as providing allocations for JUP stakers and increasing focus on the inclusion of real users, not bots doing airdrop farming, through criteria such as “actual ownership” and “participation in the ecosystem. ”

Comments on the Second Airdrop Proposal

“Maximum efforts must be made to ensure that JUP is given to the right people who have a good chance of becoming long-term members—not farmers or members who are too focused on minority groups,” Meow wrote in a second proposal.

Jupruary Airdrop Official Time and Date

An official time and date for the airdrop has not been announced, but the revised proposal indicates the need for the “Jupuary” token drop to be fully completed before the two-day ecosystem event held in Istanbul, Turkey on January 25-26, 2025.

Jupiter completed its first airdrop to ecosystem participants in January 2024, distributing 1.35 billion JUP, or 13.5% of the total token supply of 10 billion, to nearly 1 million eligible wallets.

The final number of JUP tokens was not included in the second proposal, with Meow mentioning that discussing an exact figure "would be a burden on the team." 

The first airdrop proposal calls for 700 million JUP tokens to be set aside for each of the next two Januarys, totaling $1.7 billion based on current JUP prices.

Read too Latest Jupiter JUP Coin Prices 

Conclusion

“We all want the same thing—to grow Jupiverse in the best way possible,” said Meow.

Currently, the JUP token, which is the native token of the Jupiter ecosystem, is trading at $1.22, down 7.5% in the last 24 hours.

FAQ

How to Get Jupiter Airdrop (JUP)

To get a Jupiter airdrop, users need to meet certain conditions set by the project. Here are the steps that can be followed:

1. Create an Account on Jupiter: Make sure you have an account on the Jupiter platform and have made the minimum transactions required.

2. Check Eligibility: you can check eligibility for the airdrop by visiting Jupiter's official claim page. Make sure you have a compatible wallet, such as Trust Wallet.

3. Follow the Claims Process: If you meet the requirements, you will be able to claim JUP tokens via the claim page provided.

This airdrop is planned to be distributed in several phases, with a total of 1.4 billion JUP to be distributed to active users and stakers.

When will the Jupiter Airdrop take place?

The Jupiter airdrop is scheduled to take place on January 31, 2024. Eligible users will be able to start claiming their tokens on that date. However, they have until July 31, 2024 to resolve the claim.

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Reference

Ben Elias, Jupiter DAO Approves $860M JUP Airdrop Plan for Annual Rewards, Accessed 10 December 2024

Logan Hitchcock, Solana DeFi Exchange Jupiter Gets OK for Airdrops After First $1.7 Billion Vote Failed, Accessed December 10, 2024

Shaurya Malwa, Jupiter DAO Passes Massive $860M ‘Jupuary’ Airdrop Vote, Accessed December 10, 2024

Trustwallet.com, Jupiter Airdrop (JUP) – Everything You Need to Know, Accessed December 10, 2024

Author: IN