Jupuary is about "growing the cake," not "dividing the cake."
Written by: Meow, Founder of Jupiter
Translated by: Luffy, Foresight News
An open and diverse mindset has taught me one thing: figuring out what you want is the hardest thing and possibly the most important thing. Without this clarity, I can easily fall into endless pain and uncertainty with those I care about the most.
Similarly, I believe the lack of clarity around Jupuary (Note: Jupiter's airdrop event) and Jupiter's broader goals may lead to many conflicts among the stakeholders I care about the most (i.e., the community, users, and of course, the team).
Jupuary is an unprecedented event that requires voters to work together to "grow the cake." Without good communication on this, we will encounter significant problems.
This article aims to clearly explain the goals we hope to achieve with Jupiter, Jupuary, and JUP, and to propose a clear process for us to understand what everyone wants.
But first, let’s briefly introduce Jupiter.
The Fundamentals of Jupiter
Let’s start with a simple statement that may have been overshadowed by the recent debates and confusion surrounding Jupiter: Jupiter is in very good shape.
Over the past three years, we have invested heavily to ensure that our foundations are solid in all key areas (team, capital, tokens, community, creativity).
In terms of the team, we have demonstrated the ability to continuously deliver a world-class platform: building the top aggregator in the cryptocurrency space, one of the largest decentralized exchanges (with a trading volume of $140 billion in less than 12 months), and pioneering a token launch platform based on a new liquidity model. We are also constantly experimenting with new products, such as Jup Mobile and ApePro, which have gained widespread recognition just a month after their launch.
In addition to our ability to launch quality products, I firmly believe we have one of the most united and honest teams in the crypto space. Here’s a brief story:
When I realized the community was concerned about our high FDV, I suggested to the team that we burn 30% of the total supply of JUP. I was deeply moved to see them unanimously agree to burn a significant portion of their own shares (600 million tokens) while also agreeing to lock their initial cliff and not sell most of their vested tokens.
You might find many teams in the crypto space willing to do this, but our team agreed without hesitation because they genuinely wanted to assure the community and each other that we would always be here to build.
Secondly, Jupiter's financial fundamentals are very strong. Currently, we have about $150 million in assets in our treasury, derived from our initial launch fund and a positive cash flow business composed of various revenue sources.
We strictly control costs, which means we do not need to sell any JUP to fund operations. A strong financial foundation allows us to think, act, and build for the future proactively. This mindset is akin to that of a rapidly growing startup, rather than a typical crypto project, which focuses on laying the best possible foundation for a long journey ahead instead of exhausting potential early on.
Thirdly, the JUP token is one of the most interesting experiments in governance. We empower it with real authority to determine the direction of the Jupiverse, not just symbolic power. The upcoming Jupuary vote is a prime example. We want to establish long-term market trust in the token, and we must earn it, which is why we conduct transparency audits and C.A.T contracts. The entire process is organic, unlike the 99.9999% of nonsense seen elsewhere; it is truly what you see is what you get.
Fourthly, we have one of the most active communities in the cryptocurrency space. We are the largest DAO in the world, with over 260,000 independent voters. More importantly, we are the most engaged DAO globally, with every vote sparking community discussions that bring our community closer together. We have also pioneered an innovative distributed strategic execution model in decentralized working groups. Each working group operates openly, benefiting the community and holding full accountability to the DAO. They play a crucial role in expanding and enriching the Jupiverse alongside the team.
Last but not least, our community is united in supporting key ideas and spirits about how to make the crypto ecosystem and even the world better: PPP (player pump player) has been adopted by dozens of communities worldwide as a battle cry for improving the crypto experience. CAT (certainty, alignment, transparency) focuses the entire industry on building openly rather than privately. And J4J (Jup for Jup) has become a rallying cry that brings community members together to contribute their time and talents in exchange for ownership of the protocol.
These five fundamentals: a talented and responsible team, strong financial health, widely distributed governance tokens, a vibrant and thriving community, and the best ideas, put us in a unique position to build the world we want to see.
What’s Next?
We do not want to be another DeFi protocol, nor do we want to follow the conventional script of how crypto projects should evolve. We are also not interested in various arguments about fat wallets, fat protocols, and fat layers, as well as traditional views on token economics.
We will certainly read, learn, absorb, and adapt, but fundamentally, we want to carve our own path, find what currently suits us, and do our utmost to achieve it.
We firmly believe that in the coming decades, cryptocurrency will support the world’s advancement, including backend infrastructure, value creation, and all user-facing financial tools.
We hope Jupiter can become one of the key players in building critical infrastructure, establishing ideals and spirits in the field, and driving the development of decentralized systems.
To achieve this, we need the best teams, the best platforms, the best spirits, the best culture, the best ideas; of course, we need the strongest community to realize these goals.
This is where Jupuary comes into play.
The Role of Jupuary: Acceleration, Decentralization, Unification
Looking back at the first Jupuary, we consider it one of the most outstanding and far-reaching airdrop events in the cryptocurrency space. Crucially, it ignited the minds and spirits of our community and gathered a large group of passionate and talented individuals.
By implementing it strategically, Jupuary has tremendous potential to attract the right talent into the ecosystem and accelerate community development.
If done well, Jupuary will play three key roles in the advancement of the Jupiverse: acceleration, decentralization, and unification.
Jupuary Accelerates Community Formation
Traditionally, communities are seen as marketing for products. We see it quite differently; we believe that products are marketing for the community.
We do not like the idea of giving away tokens for using a product. We believe people should use a product because it is useful, not because of the tokens.
The goal of Jupuary is to invite those who are already familiar with Jupiter to become active participants in the community and DAO.
We invite those who understand and value the ideals of Jupiter to join Jupuary, significantly accelerating the formation of an active group that can see and understand our spirit and the efforts we are making for the ecosystem, partners, and users.
Jupuary is a Large-Scale Decentralization Event
Many major protocols release information to insiders, often quietly through various channels. Jupuary aims to break this phenomenon and take the completely opposite approach.
We choose to release information to the community in the most open manner possible, even though it may provoke more controversy, allowing us to expand the community and unite the core members who support the spirit of Jupiter.
Jupuary is an Event that Unifies the Community
Getting the entire community (especially a large community like Jupiter) to understand and continuously develop the project under a shared vision is often extremely challenging.
Jupuary will become an important milestone for community and broader ecosystem discussions, challenges, and alignment of the Jupiter vision, deepening their understanding of what we care about.
This is why voting is essential. Jupuary will bring significant attention to the Jupiverse. It will bring energy from various fields within Solana. It will help gain more community members, more suggestions (catdets), and more goodwill for the Jupiverse.
But this is contingent on us all agreeing on the best practices. This decision is crucial for Jupiter's future and cannot be made by just a few people. Instead, we must find a way for the community to reach a consensus on how to grow the cake.
We build Jupiter together, and at this critical moment, we must unite and work together.
Jupuary Voting Process
The goal of Jupuary is simple: to establish a large-scale, united community by 2025 to collectively address the next phase of Jupiter.
This vote will have a special threshold of 70% approval. The high threshold is because we need to unite the community, and we will iterate on proposals until we reach a result we all agree on.
If we do not reach the threshold in the first vote, that’s okay. We will take feedback and work with the team to propose updated proposals and continue until 70% of community members agree.
This vote aims to find a way forward. Therefore, it is crucial that you vote with your true decision: do not choose "yes" just because you want to support, and do not choose "no" because of criticism on Twitter.
We are determined to find a result that truly satisfies the community, which will take time.
Outline for the First Round of Voting
For the first round of voting, we will start with a very simple question: is the community willing to accept another 2 rounds of 700 million JUP for the Jupuary event?
Based on feedback from the past few weeks, we have also identified the top-level design goals for the first Jupuary:
- Our goal is to ensure that every key link feels included, making the entire process as inclusive as possible.
- Our goal is to attract real people and active users who are likely to understand our ideals and participate in our growth journey. While quantity is certainly a consideration, it will not be the focus of this Jupuary.
- There will be no locking or vesting. We need to end each Jupuary with a highly cohesive and united community; we cannot tolerate those who fundamentally do not want to be a part of it.
We will also invest heavily in witch attack detection, enforce higher minimum thresholds, require human verification before claiming, and so on.
Additionally, we hope for 2 more Jupuary events because we believe that certainty for the community and team is very important in the coming years.
Jupuary is about "growing the cake," not "dividing the cake"
Some people believe they cannot vote because they do not know the exact criteria for voting. But I cannot let voting turn into an activity of dividing the cake, where people only vote for what they can get.
Jupuary is fundamentally a process of "growing the cake," and voting must be based on fundamental principles. Each voter casts their vote based on high-level direction, mutual trust, and trust in the team to achieve long-term collective benefits. The exact distribution will ultimately be decided by the team.
What Happens After the Vote?
If the vote passes, it means the community is satisfied with the proposal, and the cryptocurrency space will witness for the first time a community coming together to decide on a significant expansion event. The team will now need to be capable of planning and executing the next two Jupuary events in advance. This will greatly reduce the uncertainty faced by the community and allow Jupiter to execute its expansion plans.
If it does not pass, we will listen to your feedback, iterate on the proposal, and re-initiate the vote. I will spare no effort to achieve a result that satisfies the community. It may be exhausting, but I truly believe it is a force for good.
If we cannot reach a clear agreement by the end of the year, the tokens will remain in the community's multi-signature wallet, and we will propose a completely different plan.
Remember, there is no right or wrong here; just vote for what you believe is beneficial in the long run.
3 Key Time Points
When proposing these suggestions and plans, I considered three key time points: Castanbul 2025, Checkpoint 2027, and EOTD (End Of The Day).
1. Castanbul 2025
Castanbul 2025 will take place at the end of January, and it will be an important milestone for us, where we will gather the most important members of the Jupiverse to celebrate progress, discuss future plans, and of course, hold the burning cat ceremony.
I am determined to build a larger community by the end of Castanbul 2025, a community that is united and confident, ready to face the new year together, regardless of price trends. This is the main reason I decided not to lock the JUP allocated in this Jupuary. But the key risk is that we force people to "bet" and vote, which is the worst outcome.
2. Checkpoint 2027
Over the past three years, we have built a very solid foundation, and I would like to ask the community to support us for another two years to lay a perfect foundation for our vision of the Jupiverse.
In the coming years, I will work tirelessly with the team to create the best platform, business, and distribution to realize our vision of aggregating everything and bringing our ideals and spirit to the forefront of world culture.
Additionally, by then, the two rounds of Jupuary (if approved) will have concluded, the current ASR will have been completed, and the core of the community will have formed smoothly.
During this time, we will also strive to fully unleash the potential of JUP as both a meme and platform token. Of course, by then, our goal is to have JUP widely disseminated and trusted by millions of people.
This will be the best time for the Jupiverse to assess our position and plan for the next stage.
Finally, we fully support this strategy, and we mean what we say. The founding team will not sell any JUP before this Checkpoint to ensure we are fully committed to meeting any demands from the community.
3. End Of The Day
Returning to the initial question: what kind of person do I ultimately want to become? Why am I doing all this?
Doing these things openly, constantly delaying my results, and then painfully building all the key parts one by one and gluing them together is indeed a daunting task.
It took me a long, long time to gain clarity, but now I am quite clear, and I want to make it clear so that everyone knows my position exactly, and then they can make their own decisions.
It’s simple: I hope we can be in the best position to co-create the world we want to see. I have many grievances about the current state of the cryptocurrency industry.
We have been saying that cryptocurrency is better, but are we really more transparent than banks, more accountable than governments, or more friendly to society than big monopolies?
We have been talking about acceleration, but what exactly is the direction of our acceleration?
Accelerating towards a world where it doesn’t matter what you do as long as you can make money, whether playing PVP games or enriching insiders, is not the world I want to accelerate towards.
But even if I disagree, I am very pragmatic. To have a voice, Jupiter must become one of the key winners, the Jupiverse must become a cultural force, and JUP must become a major token in the cryptocurrency world.
To achieve this goal for JUP, we need to do the following: become a symbol of transparency, with every JUP token issued from the genesis being recorded, supported by the most united community in the world, and become one of the most important platform tokens.
Will we get there immediately? Of course not. Will the journey be simple and clear? Of course not. Will it be foolproof? Of course not.
But will we work hard together? Absolutely. Am I working towards this goal alongside everyone? Definitely. Do I want to someday share a big yacht with all my JUP partners? Absolutely.
I will strive to achieve this goal, and regardless of success or failure, I will work hard to realize it in front of the public. Perhaps this is the journey I ultimately want.
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