if your wallet was compromised and you have JUP in staking, reach out to us, we can help you.
This wallet has been stealing from many wallets, don't let em take more.
https://t.co/Fov27q14Rw
Jupuary feedback review
First of all, I wanted to say a big thank you to everyone for being a user, voter and for being so passionate about this Jupuary. The whole team is working their ass off to make this a meaningful drop for everyone, and we want to make sure your concerns are addressed. 🫶
As someone who handled the Jupuary analysis last year and helped make decisions for that airdrop, I have to say that this drop is way more challenging than before – due to the much larger variety of stakeholders, far larger number of users and transactions, and also a much more complex macro environment.
This Jupuary will look nothing like last year’s, or like other airdrops, and we ask for your understanding. 🙏
I will be on a Twitter space with the CWG on Monday to wrap up the feedback and get back to making sure that we have a good Jupuary.
In the meantime, sharing some key concerns I’ve seen and our thoughts around it:
1) Swap users want more tiers. We are investigating a revamp but there are trade-offs.
There are many requests for additional tiers. Some of the trending suggestions from the community are very much appreciated, but also comes way over budget for the distribution of our wallets, with one popular one coming in at 3X our available allocation. (https://t.co/I1pFqqKUlu)
For context, there are 65X more wallets in the 1k - 20k volume range than above 20k. If we want more granularity, we will have to reduce the total number of eligible wallets, or reduce per wallet allocations across the board. Adding more tiers may make your outcome worse. At the end of the day, we are working with wayyy more real users and volume this year so we will not be able to delight everyone.
There are some suggestions to set a higher minimum volume threshold but we have to stick to the key Jupuary goal of growing the pie (which means we need to include likely real users, even those with lower volume), while showing appreciation for our heavy users.
2) Community is concerned over sybils and bots. We are aggressively filtering them out.
There are requests for a higher minimum volume threshold over concerns that there are more sybils and farmers at the lower tiers. When we look at the data, this is not true –- we are seeing equivalent or more sybil activity at higher swap volumes.
We are excited to expand the Jupiverse with genuine users across all ranges of swap volume. We’re aggressively filtering out sybils and bots, checking for presence of real user activity, and this will happen across the board.
With aggressive filtering there will be false positives, so we will set up buffers and try to provide world class customer support around that.
3) Expert traders want more clarity on criteria and expressed expectations for a more substantial allocation.
For criteria, we are using protocol fees to normalize usage across various products: Perps, LO, DCA and Ape. This excludes perp fees paid to JLP holders (75%), which could explain why some perp traders feel unappreciated.
As for allocation, for now, we allocated 20% of the user allocation for expert traders (85M out of 425M) in the draft. Since there are 10X less expert traders compared to swap, this allocation is relatively high.
We are looking into whether we could make this allocation even bigger, so stay tuned.
4) Stakers requested for the super voter threshold to be decreased from 13/17 votes, or for the allocations to be made proportional to votes cast.
The super voter allocation is not an ASR. It is a bonus for the most committed members of the Jupiverse who understand our ethos and journey. We will look into whether we can continue to do that with a fuzzier qualifier.
5) Allocations are on a per wallet basis!
Allocations are on a per wallet basis. We are unable to combine volume across wallets because sample tiers have already been announced, and we don’t have sufficient time before Jupuary to let all users create a profile before reassessing the distribution.
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Thank you for all your feedback so far! We have many points of view to consider from you and are going through everything carefully.
While we may not be able to cater to everyone, we are working very hard to try to make it a gift that is meaningful to you, that shows you how much we appreciate all of you.
Talk soon! <3
🚨BREAKING: President-elect Trump has appointed
@DavidSacks as the White House AI and Crypto Czar, stating that Sacks will develop a legal framework to provide the crypto industry with the clarity it has been seeking.
Sacks was an early investor in Solana through Multicoin Capital.
In this 2-year-old clip, Sacks explains his investment thesis on Solana.
Jupuary Vote #2
Here's the high level overview of the next Jupuary vote. We worked really hard to put this together and address all key concerns while maintaining the core principles.
Me and the team will be extremely active over the next few days on Twitter, discord and other forums addressing any concerns, discussing the rationale for these, and why we believe this is the best way forward and lays the foundation for the Jupiverse in the coming years, and god bless - decades.
Core Jupuary Ideas:
The key ideas that anchor the design decisions for Jupuary.
1. Jupuary is about approving a major expansion to the Jupiverse in a united way. We are not just a team anymore, we are a big community, that means a key decision like this needs to be made together, and in a way that unites, not divides.
2. We need Jupuary to completely wrap up by Catstabul, a major milestone there will be unveiling of new major initiatives, tokens audit, supply burn and clarity of platform strategy. From there, the entire Jupiverse can focus on crushing it.
3. This is a grow the pie vote, not a split the pie vote. That means we will not debate the exact numbers here (that will be the team's burden to bear), but we will agree on a high level plan for the Jupiverse.
Key insights from Vote #1:
We broke so much new ground in the first DAO vote - an unprecedented amount of new people engaging and participating, along with 12000 pieces of verified feedback from real voters.
1. We all want the same thing - to grow the Jupiverse in the most best way possible
2. Key assurances need to be provided - around protecting voter interest, incentivizing holding on the airdrop, size of potential selling when drop happens.
3. Maximum effort has to be made to ensure that JUP goes to the right people who have a good chance to become long term members - not farmers or overly focused on minority set of users.
End of the day, any conversation that whales are different from the rest is wrong - I strongly believe from the thousands of feedback received that we are strongly aligned and is indeed the most long term oriented community in all of crypto.
In particular, some voters have committed a ton of personal capital, attention and emotion to Jupiter and needs to feel their position and stance is approriately appreciated. There is nothing wrong with that.
Key Changes:
1. Portion of the allocation will go into incentivizing holding, buying and voting through the year. Unclaimed JUP will also go into ASR.
2. There will be an explicit allocation for stakers, with bonus for historical consistency.
3. We will be hyper focused on including as many real users as possible, using key parameters like actual holdings, participation in the ecosystem, and consistency/place of usage. Notably, unlike the first Jupuary, bots will be explicitly excluded.
Together, I believe that these addresses all the main concerns while allowing us to acheive the core focus or majorly growing the base.
Size of the initial drop will be lower, there will be a compelling reason to get recipients to hold on to their drop (carrot, not stick), immediate position of core voters will receive a certain level of protection and ASR will also likley be boosted to mitigate the immediate rise in voters.
JUP, Jupuary, Jupiverse:
Lastly, utility of JUP and sustainability of Jupuary is a key concern both in the forum postings and verified feedback.
As someone who's upcoming networth is 99.999% in JUP, i am fully aligned and in agreement with this point.
This is not a topic I can address immediately in this vote (as you know i hate to overpromise).
JUP is already by far the best governance token, and also likely the most organic, transparent token in all of crypto with zero shennigans in supply nor demand.
We will make it even more used and iconic in the coming months and years, and you will be a major part of that process:
1. At Catstabul (less than 2 months away) , where we will unveil new initiatives that has major implications for the token usage, clarity on how the various ventures benefit JUP, token audit and burn. That will be a great time as well to have a frank and open discussion then with everyone in the space, and I promise to fully engage.
2. The 2 jupuaries i am asking for here will be the only 2 in this format, aka drawn from reserves. The future ones will be sourced in a far more sustainable manner. I want Jupuary to be a yearly activity for years to come - but trust me, i will find a way to make it sustainable.
3. Refer to my blog post for Checkpoint 2027, and the long term roadmap, where i outline the longer term milestones
Certainty
Last but not least, i am asking for 2 jupuaries, not one, because we all want to focus on building next year instead of doing this jupuary vote next year again.
But most of all, most of all - I need the blessing to have 2 Jupuaries and execute the shit out of it in the next crucial one year and 3 months and lay the foundation for the Jupiverse for years to come.
I know it is a huge commitment, and I will try my best to make it totally worth it.
Hope for everyone's buy in, and thanks again for being an amazing part of the Jupiverse.
🩷🐈
J4J #3: Jupuary Vote 2 begins
Proposal: https://t.co/mxdzQFPxxU
Vote here: https://t.co/9oMJVG5V9k
Following the previous vote, the team has carefully reviewed all of the verified feedback as well as opinions from various sources before updating the proposal to include some key modifications.
We hope that the community is able to unify around Jupuary with this updated proposal. The team will be extremely active over the next few days on Twitter, Discord and other forums addressing any concerns, discussing the rationale for these changes, and why we believe this is the best way forward and lays the foundation for the Jupiverse in the coming years, and god bless - decades. 🪐