Jupiter Community Approves Token Supply Reduction Proposal, Burning 30% of JUP
CryptoNewsTerminal Staff04 Aug, 2024
Jupiter Community Approves Token Supply Reduction Proposal, Burning 30% of JUP
The Jupiter (JUP) community has voted to reduce the total supply of its native token by 30%, from 10 billion to 7 billion. This move aims to address concerns over the token's fully diluted valuation (FDV) and provide clarity on token distribution. After the reduction, 30% of the total supply will be distributed equally between the team and the community. This move is expected to increase the value of JUP tokens by reducing the overall supply in circulation. Jupiter is a Solana-based decentralized cryptocurrency swap aggregator that allows users to find the best rates for their token swaps. The platform has gained popularity due to its user-friendly interface and support for a wide range of cryptocurrencies. The decision to reduce the token supply demonstrates the commitment of the Jupiter team to the long-term success of the project. By reducing the FDV, Jupiter aims to align token valuation with the platform's growth and potential.
