Jupiter to Burn 30% of Native Token JUP in Governance Vote

IconCryptoNewsTerminal Staff01 Aug, 2024

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Jupiter to Burn 30% of Native Token JUP in Governance Vote

Jupiter (JUP), a decentralized cryptocurrency swap aggregator built on Solana (SOL), has announced a governance proposal for the community to vote on whether to burn 30% of the total supply of its native token, JUP. Token Burn Proposal The token burn proposal aims to reduce the circulating supply from 10 billion to 7 billion JUP. According to Jupiter, this move is the first of a three-part community vote designed to increase clarity, alignment, and transparency for JUP token holders and the community. The proposal seeks to address concerns about the relatively high fully diluted valuation (FDV) and bring transparency to the token distribution. Half of the 30% supply to be burnt will come from the team, while the other half will come from the community. Voting is now open and will close on May 5, 00:16 AM UTC.

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