I love this post, what a lovely read. And I agree with the OP,
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I think that the staked ASR has been allocated, and if the jupuary is divided, it will lead to a reduction in the user’s gifts, which is not conducive to subsequent development. Jup should allow more people to hold and participate in the community, and should not continue to accumulate in the hands of a few people.
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This will be a deciding factor for more people than the team realize. This is not a staking platform
This is a trading platform first and because of that, then came the governance token
deny this simple fact and I can promise you that you will loose a significant number of users forever
there is tension between stalkers and traders, made worse by the team’s decision to not say anything about their decision until after the nov 2 snapshot. That only served to increase tension.
Furthermore the team often cites the lack of selling any JUP tokens. I believe them personally. But I also understand that $JLP provides a fantastic arb opportunity for them in this one singular regard and certainly acts as a buffer to keep many in the team from selling $JUP. I have never heard of an allocation of JLP going to any users, so this is purely speculative on my behalf. But again, having seen and experienced many things in finance first hand. It’s not hard to assume this.
We would not be having this discussion at all in such a contentious manner if the team simply choose to announce their plans in March, May , June , July, August, September, October.
They chose the days after the alleged snapshot. People who had been massive recipients of $JUP had been posting allocation screenshots from the previous Jupuary all over the timeline.
Again, more chances for the team to come out and say anything that would have set the record straight.
They did not.
As a relatively new user this seems incredibly poorly managed from a team that very outwardly appears to care about all its users
Again. 0 to no revenue is generated via staking. This is an exchange. Staking is a mechanism under the umbrella of governance. While the USA is far from #1 in anything relating to crypto, the strength of its currency is well known compared to India, Indonesia, Asia, places where I imagine you have a high amount of JUP whales. This is looking like very well executed arbitration on just about every conceivable level.
The only thing that the team has stated in this regard to the upcoming vote that is of interest to me personally is the idea of the quorum that needs to be met before the 75% majority can be reached. That nano thread is the one thing that has me truly believing in this project.
I absolutely did not begin swapping in jupiter because I thought I would get anything. Quite the opposite. I used it because right away I saw that the fees were significantly better than swapping in phantom or Coinbase. At a certain point seeing all of these allocation screenshots on the timeline. I made sure to do all my trading / perps and swaps in jup.
The amount of money that I would have made doing this same thing in bonk using my friends referral (a very straight forward thing btw)
Would have amounted to over 10,000 usd in bonk. I can safely say that this will greatly limit my usage of the platform. Not because I am not to receive an airdrop. But more than anything because they allowed for people who did receive jupuary 1 (ambassadors, cadets rather) to paint an all together different picture of what jupuary was going to be.
That is just unacceptable. And it was a choice. A choice that the team made to not disclose any of this until after the Nov 2 snapshot.
I hope my engbrish was good here. It’s early
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I see this so much it has to be addressed.
What possible incentive beyond the much better fees would a person have to drive the JUP narrative this is a trading platform man. I am willing to bet a lot. That the people who bull post on JUP across all social media (driving the narrative) RECEIVED JUPUARY ALLOCATIONS IN JANUARY 2024
The word family is used a lot but from an outsider who just legitimately began using the platform for lower fees, exposure to perps (dca , limit orders, all came after I began using the platform regularly and additionally. After suggestions on Twitter from users LIKE ME) who come from high level trad fi. You guys were swapping like it was the Stone Age imho before the addition of those features. limit orders dca ect
To expect that a newly onboarded person was supposed to take any of these suggestions into the saloon that is the discord is absurd. It is mostly people saying goodmorning / goodnight and asking about a poap, very short terse interactions. For the most part. Or you have people in cadet roles trolling the gen chat with pictures claiming that poaps have been distributed after a rally call. That last one still blows my mind, aren’t those supposed to be the folks that under no circumstances would spread disinformation? Even as a joke?
TLDR it’s hard to expect for someone to bull post using $Jup over the last year, when many of the features that are starting to bulk up the platform simply did not exist for more than half the year.
Some of these accts I have sc of on just this one iPad are actively followed by Jupiter exchange. And again at no point did they think to mention until after the snapshot they had plans to greatly alter the fundamental criteria / consensus mechanism of the airdrop. Just that would have saved us from much strife.
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Same argument can be made for every other jupiter product use.
Every user is already getting something in return for their use,
so none of the others deserves jupuary by your logic
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I don’t think you can equate these two though.
For example, a trader using perps. What exactly are they gaining besides paying fees? You could argue the usage of the platform and a chance to make winning trades but I don’t think any reasonable argument would go that way.
wdym, hold up, breath and think again jupiter is far more than voting booth we dont need to vote for the next president but apart from that we decide and help in decision making, staking is not a primal revenue but part of ecosystem which ASR pops up to reward for the contribution no matter the outcome of votes.
talking of traders jupiter serves variety of product to utilize and through which protocol marks revenue and that indicates lifeblood of ecosystem which help sustain in more reliable terms, in which jupuary help token circulation make easier.
in other words staking on the other hand helps keeping price maintain its value and predominantly ASR provides incentive for active contribution with good sufficient APY.
both works proportionately equal whereas there is incentive for staking but not for products thats how jupuary works where it was clearly stated there would be 4 more jupuary, even meow knows and said this multiple times.
(fret not every information here is not specifically for you but generally under the post)
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This further illustrates my points made here. Team let the entire space operate under the assumption that it would just happen every year
Until the end of the snapshot when they decided to say : “welllllllllll”
Prove me wrong
A lot of talk about Sybil this and that. I wonder how Sybil protection is implemented in protecting the integrity of any vote. Much less the upcoming vote for jupuary.
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the problem is lack of dedication, if team made everything clear its baseless making someone decide the fate, knowing it would skew the DAO or maybe sentiment check is what been consider after all knowing everything is upto team, the word ‘it is upto us to design something that grows the community and not reward mercenaries’ is what still revolving inside.
sybils this seems to be everywhere no matter what happens, heavy deduplication will be initiated and high volume threshold will be implemented is great indeed, even if assuming the total genuine users would be somewhat near 10% and assuming everyone carries hot and cold wallet in this sense majority might be under the radar even if its used for safety purpose.
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@lil_cadet… Some interesting points. Thanks for taking the time to write these posts. Coming from tradfi, it’s important for others to understand your points because many others who are on-boarded onto Jupiter in the future will have similar viewpoints.
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Lil cadet,
I have been wanting to reply to your comments for some time now, big fan 
. I think you perfectly expressed how the community at large feels.
The team hasn’t come out yet to apologize to the community for the very poor PR disaster this has become. The team does seem to be more utopian than grounded in reality at times, in particular, Meow.
On X (Twitter) we do see many “bull posting” guys flexing their last year allocation, many including fabianosolana, jussysol, etc would try to persuade their followers into voting FOR jupuary. This is very dangerous, because I think fabiano is paid by jupiter. Trying to convince people to vote with 0 objectivity, research reminds me of a pre-teen type youth camp. Where are the unbiased paid jupiter twitter guys?
I wrote a post about removing or remodelling Jupuary all in all. Giving out free money, $1b+ USD does not make sense. We are acting as if Jup is a token that has a serious buy pressure, top #1 coin growing x% every other day.
Jup performance has been nothing but bad since Jupuary has been announced.
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A lot of the resistance seen in the price action of JUP mostly comes from the very simple fact that it has nearly 10x the supply that most of us are acclimated to seeing in tokens.
Using of course the somewhat standardized 1 billion float tickers
Jup has a total supply of 9.9 billion
Just this simple fact is something everybody needs to understand because basic mechanics of supply and demand are important and will always be underlying determining factors in a tokens long term success.
The only and singular asset I have ever in over a decade of finance that I have seen break this rule.
Is doge coin.
Honestly this alpha is almost too good for this forum. I am most certainly not paid by Jup and really have 0 incentive in providing anything more than questions relating to the jupaverse in this forum.
Having watched enough rally’s the dynamic between Kash and Meow is interesting to say the least. I probably need to brush up on my literal understanding of utopian, but with context I think I see what you mean. All but save very very few people I have seen post about JUP on atleast Twitter seem to be no more than paid shills. OR again, people that received 6 fig Jupiter airdrops.
Blows my mind how readily everyone in the discord will call anybody a farmer, for simply asking questions as they relate to the last criteria for the airdrop. It probably has a lot to do with the character limit but I’ve found that this is a much better forum for both discussion and hearing genuine thoughts and concerns by people who use their products.
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I’d be lying if I said I did not want jupuary to happen. Again I have never in all of my time in crypto received any meaningful airdrop ever. That makes sense who would ever just give money away ?
But this feeling came from the myriad of people (some that you listed above) relentlessly posting about their previous allocations. I cannot stress enough that my journey with jup did not begin with the idea that I would receive even 1 cent from them. It was probably well after over 200k volume and loosing several 1000’s in perps that I began to understand and explore the platform more throughly.
It still remains one of the best places to swap imho on Solana.
It still remains one of the greatest places to execute slightly more complex orders (limit, dca)
A lot of bugs in the ape program from what I have used in a few wallets but I’m glad they are seeing what is happening with photon and well into a competing product. Clearly they care about market share and revenue. Anybody who does not think this is delusional.
This vote coupled with the unlocks that will happen in solana next year are going to be a leveraged experience not just for us. But surely for them. It’s easy to feel bullet proof with the market at all time highs across the board. Every concern being addressed in this forum will have 100x more leverage in a bear market.
They have undoubtedly exceeded any of their expectations with respect to how profitable the exchange would be in the last year. Interesting to see how this vote goes. IMHO it is an oppertunity for them to double down on what they have been claiming sets them apart from many other projects in crypto.
Community
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Anybody concerned about diluted share price needs to study the bit about the 9.9 billion supply. Again this is almost 10x the size of assets we are for the most part accustomed to trading daily.
This, much more than any selling that any whale or group of whales can do. Will affect the price of Jup chiefly.
I’m not sure what percent of the supply is circulating vs not. Probably will look into that at a later date. If the product is good. The token will do well regardless of supply. It is that simple. If the team is transparent about what the long term vision is. The product will do well regardless of supply. LOOK AT DOGE COIN. 0 team. 0 road map.
Doge coin is up something like 20,000% in 5 years right now
WITH AN UNLIMITED SUPPLY
I am not saying that is what Jup will do or anything close to it. But it is an interesting barometer to use here. Given that they have a team. Have a roadmap, and a community.
The amount of people that were given 100k + JUP / any amount of previous allocation seem overwhelmingly against another jupuary. Could it be because most have them have also received a 60% roi via asr?
My biggest gripe with the team aside from the clearly outlined PR fumble. Is that despite appearing to be altruistic, they basically have set this vote up for failure. Time will tell. But I’m already sensing that the 75% needed for the vote to pass will simply be a bar that can not be achieved. In which case (and correct me if I’m wrong) we just won’t have jupuary because of a lack of overwhelming consensus
We’ll see though. I am all for the democratic process comrades.
We shall see.
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Apparently, the argument doesnt have to be reasonable, just logical.
ASR is a promised reward for staking.
A successful swap is the promised reward for using swap features.
11% yield is the promised reward for LST holders.
Every jupiter user immediately gets something back,
Why should some users have jupuary as extra reward, and others excluded ?
I’m not sure I follow… Are you saying that as long as it’s logical and argument is good? By that logic you can arrive at any conclusion really and everything you’re discussing is irrelevant (e.g the team can make all the decisions so why bother with the DAO).
Cause not all users are the same and not all actions are equal? By this point do you think we should just equally divide all the airdrop in an equal split against all users?
You want the split to promote the vision and ideals that the community is striving towards.
There is enough JUP to go round all substantial users, to make for a sizeable drop for each qualified entity.
All the talk of excluding some users is simply greed and callous gluttony.
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no one said stakers are excluded, just staking wont be the criteria to not encourage governance botted, this got majority pissed off
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There’s too much jup to go around. Rewards would be more valuable if there were less circulating supply. I vote to continue asr and jupuary but far less rewards
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I don’t blame the team at all for any of this and think they’ve done a great job.
Telegraphing airdrops and points systems have overwhelmingly led to disappointment. I also don’t think you can lament the focus on stakers when the criteria and drop hasn’t even happened yet. This isn’t up for debate, I do this full time and having used hundreds of projects over the past few years overwhelmingly telegraphing airdrops beforehand ends up in horrible token performance and community sentiment.
If more than 25% of the drop goes to stakers yes I probably have no interest in doing anything but trash talking the project and selling my JUP when I believe the stake ponzi has peaked. Which is clearly what a lot of stakers want, they’ll literally tell you as much!
I see people saying they question whether or not Jupuary should even happen, well currently projects that airdrop are the meta and that shows no sign of stopping any time soon. I personally am much more likely to use a project that has upcoming airdrops, and simultaneously I’ll even stop using projects that I believe milk users or handle unethical/bad airdrops.
Etherfi I would put in the category of a project that I think did great airdrops, but even when the drops stop I’ll still be using the protocol. Same with Jupiter assuming they do a good airdrop. Uniswap another, great airdrop, led the way in gifting to users and generating positive community sentiment.
If the DAO basically decided they wouldn’t do anything other than ASR 2.0 or cancel Jupuary entirely, well that’s great for them but I will never use the protocol again even if the alternatives are worse. People need to understand that USERS are what defines a project, this is the industry of networks and we’ve all had enough time here in crypto land to see that already.
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