JupiterExchange recently announced a major decision to burn 30% of its $JUP team tokens, following a successful proposal that saw 95% of votes in favor and a record high turnout of 274 million $JUP staked.
đ¨BREAKING: @JupiterExchange‘s proposal to burn 30% of the $JUP team tokens has passed with 95% of votes in favor.
(3 billion $JUP, worth over $2.37 billion, will be burned over a 6 month period) pic.twitter.com/tjOXW8TvT3
â SolanaFloor (@SolanaFloor) August 4, 2024
Over the next six months, 3 billion $JUP tokens, worth more than $2.37 billion, will be burned as part of this significant supply reduction initiative.
The vote has passed, with 95% voting in favor of the Supply Reduction Proposal.
We also saw record high turnout of 274M JUP staked.
Thank you to the entire community for participating in community discussions, and voting on the proposal. https://t.co/gDo9WmOcJc
â Jupiter đŞ (@JupiterExchange) August 4, 2024
The Supply Reduction Proposal aims to provide greater certainty, alignment, and transparency (CAT) for all $JUP holders and the broader community. The proposal, spearheaded by Meow and the Core Team, intends to reduce the total supply of $JUP from 10 billion to 7 billion tokens. This reduction includes the team voluntarily cutting 30% from their assigned allocation.
The move to burn a substantial portion of the tokens is designed to enhance the long-term value of $JUP by reducing supply and increasing scarcity. By aligning the interests of the team with those of the broader community, JupiterExchange aims to build trust and foster a more sustainable ecosystem for its users.
This decision is expected to have a positive impact on the market perception of $JUP, as reducing the token supply can help stabilize prices and potentially increase the value of the remaining tokens. The high voter turnout and overwhelming support for the proposal demonstrate strong community backing and confidence in the leadershipâs vision.
As the burning process unfolds over the next six months, stakeholders can anticipate a more transparent and aligned approach to token management. JupiterExchangeâs commitment to reducing the total supply reflects a proactive stance in addressing market demands and enhancing the overall health of the $JUP ecosystem.
In conclusion, the successful passage of the Supply Reduction Proposal marks a pivotal moment for JupiterExchange and its community. By burning 30% of the team tokens, JupiterExchange is taking a bold step towards ensuring the long-term viability and growth of $JUP, reinforcing its commitment to transparency and alignment with its holders.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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