Jupiter DAO Launches with Voting Power, Rewards, and $10M in Funding

Jupiter DAO Launches with Voting Power, Rewards, and $10M in Funding

Jupiter DAO, a decentralized autonomous organization focused on growing the Jupiter ecosystem and the decentralized meta, has officially launched. The launch brings a host of features and mechanics for JUP token holders to participate in the governance of the project.

Users can now lock their JUP tokens to gain voting power within the DAO. The ratio is simple: locking 10,000 JUP grants 10,000 units of voting power. Unlocking JUP is possible but takes 30 days, during which voting power decreases proportionally.

The DAO's rollout begins with a genesis test vote on Tuesday at 10 AM EST, allowing users to familiarize themselves with the voting process. The first official vote, the Genesis LFG vote, will follow on Thursday, determining the first two projects to be launched on the Jupiter Launchpad.

In the LFG vote, each wallet can only vote for one project. Users wishing to vote for multiple projects should split their JUP across multiple wallets. Voters can change their vote at any time before the voting period ends.

To incentivize participation, 100 million JUP will be allocated for governance rewards over the first six months, with the exact duration to be determined based on voter turnout. Moreover, 75% of launchpad fees will be distributed to voters, with rewards expected to be distributed quarterly.

Initially, proposals will be put forth by the CWG (Community Working Group) or the Jupiter team. As the DAO matures, this responsibility will expand to the wider community. The DAO has been allocated $10 million and 100 million JUP to fund its operations, working groups, and grants for the first two years.

The Jupiter team acknowledges that there will be many aspects to figure out together in the coming weeks and months, including the LFG process, funding disbursement mechanisms, and rewards distribution. The launch of the Jupiter DAO marks the beginning of an exciting era of decentralized governance and growth for the Jupiter ecosystem.

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