The proposal passed with overwhelming support, receiving 95% of votes in favor.
3 billion $JUP tokens, worth over $2.37 billion, will be burned over six months. Let’s discover more about Jupiter Exchange.
3 Billion $JUP Tokens to Be Burned Over Six Months
Burning $JUP team tokens aims to address supply concerns and boost the value of the remaining tokens. Burning tokens remove them from circulation to reduce supply and potentially increase the value of the remaining ones. By reducing the number of $JUP tokens available, Jupiter Exchange aims to bolster the token’s scarcity and, in turn, its value.
The $JUP team tokens, which were initially allocated to the team, will now be systematically burned. This reflects the project’s commitment to aligning its tokenomics with the interests of the broader community. The decision follows feedback from $JUP holders and reflects a broader trend in the cryptocurrency space. This will increase transparency and accountability.
Source: X
The burning process will be conducted over six months, ensuring a controlled and transparent approach.
More about the JUP Token Burning Process
The phased nature of the burn will allow the market to absorb the reduction in supply gradually, minimizing potential disruptions. So, during this period, the Jupiter Exchange team will provide regular updates on this progress.
Source: X
So, the success of the proposal, supported by 95% of the votes, underscores strong community backing for the token burn strategy. It highlights the community’s confidence in Jupiter Exchange’s governance and its commitment to enhancing the value of $JUP.
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