TL; DR
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Jupiter co-founder Meow just posted an offer about changing JUP’s tokenomics by reducing the total supply from 10B to 7B JUP tokens.
Full story
Jupiter co-founder Meow just posted an offer about changing JUP’s tokenomics.
👆 If you thought that line meant something about an interplanetary cat with money, we’ve got you (although it doesn’t That far from the truth).
This is what it means:
JUP is the token that powers the Solana-based decentralized exchange aggregator, Jupiter.
Meow, the co-founder of Jupiter, just suggested that: instead of having a total supply of 10 billion JUP tokens, the total supply should be reduced by 30%, to 7 billion JUP tokens.
(There were a few other ideas in there the proposal too, but let’s dig deeper into this).
Why would anyone want to reduce the total supply of tokens?
You know how the Fed keeps printing money? Making the value of every American dollar just a little bit less valuable with every dollar printed?
This is just the opposite of that.
JUP already has a fixed supply (which is a step ahead of any fiat currency in existence today), but the idea here is to reduce the total fixed supply by 30%, ultimately making each JUP token worth a little more.
But can you just do that? Can you just change the ’10’ to a ‘7’?
Well, the proposal still needs to be put to a vote – and that vote will take place in July – but if it is approved by the community (the JUP token holders who vote), then Yes, with approval, the Jupiter team can change the total offering from 10B to 7B.
Just another cool concept, only in crypto.
