Jupiter Exchange Proposes 30% Reduction in $JUP Supply Worth $2.3B, Token Surges 10%

Jun 19, 2024, 04:14 PM

Jupiter Exchange has announced a significant proposal to reduce the total supply of its $JUP token by 30%. This reduction, which amounts to 3 billion tokens worth $2.3 billion, will be deducted from the team's allocation and will not impact annual airdrops to the community. The proposal includes the team voluntarily cutting 30% from their assigned allocation and a corresponding 30% reduction in Jupuary emissions. Additionally, the team will stake 100% of their year-1 cliff for two additional years and there will be 2 more seasons of Jupuary and ASR. Following the announcement, $JUP surged over 10%.