I’ve seen a lot of discussion about future Jupuary’s and the vote, here’s my take on it
Jupuary is not for stakers
This was really suprising when i first saw it. If you decide to exclude stakers/voters completely from the airdrop you’re basically asking the voters (people in power) to choose to dilute their own bags or not? → Clear answer would be to vote no since you’re giving away more $JUP to people that are not currently stakers and voters so they can just dump it all and move on → There’s no alligned incentives at all
This is the BIG issue here, the ones in power don’t get rewarded from the Jupuary by holding/staking/voting. One of the most important decisions about the exact coin you’re staking and actively voting on.
But stakers have ASR Yeah sure stakers have ASR which is great. That doesn’t exclude the fact that this is a huge decision to make and the ones that are staking are also doing so because they want to have a say in what happens in the DAO and what happens to their JUP. If you’re holding a coin you’d most likely vote for others to not get it for free so they can dump it on you and other holders that have been the ones driving up the price and supporting it.
But stakers are also users of the platform Yeah for sure but again that does not mean that it’s beneficial for them to vote yes. Let’s say you’re not a huge trader so you don’t have a lot of volume on Jupiter, however you do have a lot of staked $JUP. You’d probably be better off with you getting no $JUP at all. Since the amount of $JUP you would receive compared to other non stakers is not worth it, expecting non stakers to dump their allocation. This is an assumption but ask yourself this: If they would not dump their allocation why wouldn’t they be holders already from previous Jupuary or buy $JUP from the market?
Meow mentioned it’s not about individual advantage
Well, it is in fact about individual advantage. Everyone will vote for what they think is best for their bags, could you expect people tovote based on something else?
However it could be the case that the criteria of the proposal make it so that there’s so much potential and additional value that will come from Jupuary that there’s in fact enough reasons to vote for another Jupuary. This can only be achieved if you make the proposal so that it gives an individual advatage to the stakers/voters (or at least make them feel like they have the idividual advantage and are therefore making the best decision)
Meow mentions that the community shouldn’t vote on self interest but decide on the ‘gift’
This again goes back to the previous poins, people in crypto care about their bags and only their bags. Well, there could be some minor amount of people that will care about Jupiter despite the impact it has on their $JUP holdings, but for 99% of the people they won’t care for a community if it’s not making them any money which in this case comes down to buy pressure on $JUP.
Surely we can all agree on that, everyone is here to make money at the end of the day.
Potential penalty for taking the allocation immediately
Ideas floating around of the initial claim only being 25-40% so that people claiming and dumping will have less price impact. Nevertheless there will be people that are planning to just wait for the time being to claim when it goes higher. People that want to sell will sell, just the way it is.
The idea of these unclaimed amounts then being used to fund further ASR rewards is appealing though for stakers, that’s one incentive that could push stakers to vote for yes
Last notes
I want to say I really appreciate and respect Meow and the entire Jupiter team. That’s also the reason I wrote this entire piece to provide another perspective on the situation. Please align the incentives as much as possible throughout Jupuary and the entire DAO since it makes it so much easier to make the right decisions. I can see the vision for Jupiter to grow and why Jupuary can help achieve this vision and growth. BUT at the same time you need to make it so the current $JUP holders and supporters see this as more significant than the inevitable sell pressure that Jupuary will bring as this directly effects them (especially short term) If Jupuary were to take place, which can be great if executed correctly, we should also consider that we don’t want current stakers/voters to leave the community because they feel like it’s not worth to hold this while others will dump on them and their voices are not being heard throughout this voting process. It would be a shame to lose a portion of your current supporters in order potentially bring in new supporters without any guarantees
Original Tweet: x.com