Meow’s 2030 Lock-in

Jupiter DAO
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You are correct. Sorry about that.

Meow’s tokens are currently locked until early 2026. The new team members would likely have a cliff that coincides with when these unlock and become available.

One could argue that with fewer tokens, meow might be even more motivated to make them more valuable sooner. Who wouldn’t want 280M tokens worth $5 each rather than 500M worth $2 each? Only he knows what will fuel his focus and motivation. I believe it’s more than just money so I think he’ll be LT aligned either way.

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63

support the team and I understand the idea but for me, 220M JUP is to much.
I will vote for NO .

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Continuing the discussion from Meow’s 2030 Lock-in:

This please. Instead of a long essay explaining what are the pros of voting the option meow wants us to vote, please list out the pros and cons of both options in a bullets list format, unbiased.

And I think meow should reply and address all the comments and feedback here, or at least some of them. I don’t see he has replied to a single feedback here.

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One way or another, the market is a zero-sum game. Not everyone will be able to make money here. Typically, a minority profits while the majority loses. We are discussing a portion of 220 million tokens from the community treasury as if its monetary equivalent is already ours, sitting in our pockets, and as if it will have a significant global impact in the end. Regardless of how we vote, the team will find another way to achieve its goals, and the big whales will secure their profits regardless of our decision.

For example, just recently, three billion tokens—30% of the total supply—were burned. Logically, the price of the token should have skyrocketed and stabilized, as the company’s value increased due to team expansion and development, unlocking greater potential. This means that the share of existing holders should have grown. But someone was selling aggressively during this rally. And what did we see in the end? A pump-and-dump. And where are our tokens? That’s right—locked from withdrawal and participating in votes. We definitely didn’t dump the price because we couldn’t.

In a highly liquid and transparent market, price depends on supply and demand, moving organically. However, in the crypto market, there is always room for large-scale manipulations.

Previously, I had the choice to claim my rewards directly to my wallet or put them into staking. Now, all rewards are automatically staked. I don’t recall us voting on this decision.

We receive tokens once per quarter based on ASR results, and this will now be less than 10% of the locked supply. With each ASR, the distribution percentage will continue to decrease. This is great if the token price at least stays stable, and even better if it grows.

If in five years you have 280 million or 500 million tokens, a functioning business model that generates real and stable dollar-denominated income—then the token’s momentary price doesn’t really matter, whether it’s $1, $5, or even $0.10. These are just tokens that were backed by nothing at the start. The only thing backing them is our liquidity, which we contribute by buying these tokens. Without buyers—us—these tokens would be dead weight.

Typically, rewards are given for achievements and success. As a buyer and holder of this token, I have yet to see tangible results from the new team’s work. What I do see is that the number of whales in the project will grow in direct proportion to the number of new team members since they will be generously rewarded. I just hope they won’t dump their tokens on the market. Let the team show real results that increase the token’s value and drive demand to exceed supply.

For now, I will vote against this proposal. However, I am open to reconsidering my stance based on the team’s future performance, with more specific evaluation criteria. We have been with this project for over a year now. I hope our support also serves as motivation for you.

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66

Why not just vote no then?

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67

I think meow is doing a great job, and Jupiter can become a Web2/Web3 staple. I’m all for incentivizing a long term lock, and doing whatever it takes, but this one seems pretty steep. As we can see, the community is a little alarmed by the acquisition allocations as is.

The reality is, if meow started liquidating when unlocked, the amount of panic-selling that snowballs as a result tanks the price before he’s liquidated. What would that do to the Treasury and long term growth of Jupiter?

It’s quite possible this kind of proposal is being reflected on the charts as we speak. As most of crypto is finding support, JUP is creeping down. I believe the market has voted no. It’s giving me some pause on buying more…

Wanna know another way for meow to yield the same net gain by 2030?

  1. Don’t sell anything between now and 2030
  2. ‘Lock-in’ and do everything possible to make the value of JUP be 2x what it otherwise might be.
  3. Benefit for meow in the meantime: you’ll be able to enjoy the capital along the way by using it as collateral. Do what bezos, musk, etc do. Don’t sell your stock… borrow against it! Can’t do that if it’s locked/staked, right?

Going to have to say no on this one, in its current binary form.

Community may be open to an alternate proposal, though.

  • meow and other team members are incentivized to increase their lock durations
  • potential for earn-out incentives - bonuses are gated by both time and KPIs such as total revenue, JUP value, etc
  • The source of the incentives comes from:
    • A portion of revenue used for JUP buy-backs
    • Strategic/team reserve
    • Community matches at a rate of 5-10%. e.g. for every 100 JUP accumulated into bonus pool through other sources, community adds 5 or 10

If it’s primarily the current form, and you want to give acquired team members tokens that unlock next year, they’d have to take a 70% haircut, meow keeps 70%, and community offers a 10% bonus to lock everything until 2030.

With the current allocations, you have a clear path to $1bil net worth if JUP token value matches the growth of other major DeFi projects - Uni, Aave, etc. You only need JUP to 2x its ATH to be on Forbes list. That’s off the table if you dump next year. Think about that one…

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68

I vote no. Let’s stick to the plan and use the 280m jup from the team side to honestly fund the teams as need see fit. The 220M is for community. And I do not agree with the 7% allocation.

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69

Before Jupuary you told the community that you need two more years to get Jupiter where you want. Now you ask the community for 5 more years. What’s next?
What happened with the $5/JUP or nothing? Doesn’t appear anywhere in the proposal.
Ohh… I almost forgot. Being a such an important vote, in order to align the community, don’t forget to throw in that 70% threshold that you’ve been using to manipulate the outcome of the votes.
One more question… Do you still love the whales?
This forum used to be full of “yes man”. I wonder where all disappeared. Hilarious :face_with_tears_of_joy:

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70

I only have 50 jup :face_holding_back_tears: can I participate in the vote?

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I can’t vote. There is some error pops up all the time :frowning:

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Do you have sol in wallet to cover gas fee?

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Crazy, Vernon, we used to never see eye to eye on many subjects, interestingly i liked your comment, and couldn’t agree more, and i even wrote almost the same thing some days ago !

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75

Yes you can participate!

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I’m all for Meow getting a bonus after putting in his own allocation. However, I’m a big confused on how “doing well” is going to be measured. Price of JUP? 10x Revenue? In 5 years we need a way to agree on what success looks like to receive the bonus . I think this proposal needs some a bit more information

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I dont think its a fair proposal, too much JUP for new members…

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Exactly. I’m exactly the same. I want him to win. I want him to get a bonus…

But unfortunately, we have yes men dao That will tell me how he’s done an amazing job, even if he’s done a mediocre job

Why? Because we love him. He’s a lovable guy who wouldn’t like him? Who wouldn’t want to see him win??

Morally , I feel bad voting for him not getting a bonus if he waited the whole time until 2030

So this “ If I don’t perform, I don’t get the bonus” is a little bit of nonsense in my opinion - meow I love you and you’re getting your bonus regardless.

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79

I think its f*cked up that you set JUP token as compensation for your future work and commitment to Jupiter, and 1 year later you say: “Give me 80% more tokens and I will get even more commited!”. So of course, voting No.

If you are really bullish and commited, just stake your 280M when you release them like everybody else who is bullish in Jupiter is already doing, and work heads down as you should to make that staked JUP be worthy.

I think your intentions are good, but you are a founder. You got a huge payday lined up in the future. Your reputation and future is going to be tied to Jupiter in a gigantic way, no matter what. Just work hard for your 280M, stake them and help Jupiter win. I feel like this measure just has no respect for the people that have bought in Jupiter and comes from the entitlement of being the founder and feeling you are more important than others. Like, somehow, people that are contributing capital to sustain the price of JUP at the valuation that is today, are not as valuable. Everybody who is already getting a salary is not special at all.

Also, I have seen a lot of criticism for the 280M spent in expanding the team. We actually have no idea what that expansion acquired, perhaps some transparency on the hires and projects absorbed, paid amounts… would be good. Impossible to criticize that measure until then.

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I am glad many people are finally waking up to the fact that this community has too many Yes men @meow that will suck up to you for whatever you put forth.

Glad to see so many more voices screaming injustice, inequality, misunderstanding, etc…

This is what I’ve been fighting for since the Jup vote, been calling you out, more people are waking up to the fact that this DAO is slowly becoming a front for you and your team to get rich.

Your team is paid in USDC, will also be receiving JUP, people who come around to work hard for money won’t stick around when there’s no more money.

What pisses me off the most is that you use money to attract your “talents”. People who believe in the mission will work hard to make it happen.

Don’t give me the example of All of NviDIA are millionaires”!

These guys worked their asses off before nvidia becomes a household name, money wasn’t even what they were after.

Very dangerous path we are on. Btw when are we going to start to discuss the very and urgent topic of: ASR returns are diminishing, what to Do???

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81

I think the team has focused heavily on integrity of the token every since the token genesis → There was very clearly outlined token allocations (50-50 team and community), and a signal that team related emissions would begin from 2025. There were 2x community transparency audits (1, 2) that highlight the usage of tokens and bring attention to the token allocation and distributions. These are things that no other team in the ecosystem has done. Every large project has emissions, but in Jupiter case most of it actually of go towards the community via Jupuary, ASR and a lot of other DAO and WG initiatives.

  1. Team has really done a lot to try to improve tokenomics, much of it listening to the community feedback:

  1. Actually a lot of these details around emissions and the team compensation, since it’s for usage of team tokens, actually the team does not have to tell these things to the community, but because the team wants to be transparent, now it’s in a situation where everyone is basically fudding our own bags. This is not purely my observation, it’s echoed by several others on CT.

  2. The team’s focus cannot be on playing tokens games and shifting benefits around different stakeholders, and we all know that the way forward is to create net-winning outcomes and grow the pie. For this reason, the team wants to focus on the key product, ecosystem and community initiatives. There are many upcoming projects that will bring renewed vitality to the Jupiverse on both a product level and community level.

Also addressing some of the questions here

  • Q: Why must JUP tokens be distributed to new team hires? Why not just pay them in USDC?
    • It’s for alignment purposes and bearing in mind that 50% of the token supply is owned by the team and 50% is by the community, the token supply is there to be allocated and used and emitted over time. This allocation philosophy and purpose have been made clear from day 1 of TGE and transparently referred to throughout.
    • These tokens are not immediately made available, they are LOCKED. Cliffed and vested over 3 or 4 years, and will be rescinded in the event they do not perform up to expectations.
    • To ensure that the team members do not have to dump any tokens to pay for expenses, team members are also properly compensated in USDC. Hence ensuring that JUP is purely for alignment purposes long-term.
    • While 280M sounds like a large number, it’s 4% of the token supply and 8% of the team’s total allocation (4% out of 50% = 8%). The team expanded from 15 → 80 members. Earmarking 8% of a team’s total tokens to grow the team by a factor of 5x size, and with top founder-level and engineering talent, seems very reasonable.
  • Q: Why is meow asking for 220M more tokens from the community, isn’t it greedy? Why wouldn’t he be motivated with just his current allocation of 280M tokens?
    • 220M would bring his total to 500M, which is around 7% of total supply.
    • 7% for dedicating a decade to a company, without any option to exit in between is not unreasonable.
    • It’s not that he will be unmotivated, he has said so himself that he believes systems and actions matter most. Humans are notoriously bad at predicting how we will feel from day to day. So instead of leaving it up to that, he wants to put in place systems that will ensure his motivation is maximised and distractions are minimised to ensure the maximum chances that Jupiter succeeds. He will explain more about this.
    • The 220M tokens are not a given, he has to work for it, and having this vote and this mandate from the community will give him something powerful to work towards.
    • If you think it’s an unreasonable ask from the community, there’s an option to vote NO. This is why it’s a vote.
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really comprehensive, great history lesson here for the new comers seeing these issues for the first time, but also a wonderful recap for OGs, and some good perspective over all

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