I believe we should also include the April-June period in the ASR rewards. It is important to reward those who have remained loyal and participated in the DAO despite no reward announcements.
Revised Proposal Details:
Allocation Mechanism: Unclaimed tokens from the airdrop will be divided equally into quarterly ASR pools, including the April-June period, ensuring fair distribution and ongoing incentivization.
Initial Allocation: With an estimated 175-225 million $JUP tokens anticipated to go unclaimed this year when the claim window closes on 31st July 2024, 1/4 of this would be added to the April-June ASR pool, and 1/4 to each of the next three quarters. Subsequent unclaimed community airdrop distributions will follow this pattern annually, until the community airdrops end, and/or unless altered by another DAO vote. Any revisions to the proposal will be subject to community voting. This ensures democratic decision-making and adaptability to evolving community needs.
Conclusion:
In further bolstering the ASR pool, we prioritize active community involvement, strategic decision-making, and the preservation of token value. By embracing this proposal, we lay the foundation for a vibrant, engaged, and forward-thinking community, poised to shape its own destiny. Although the $JUP may go unclaimed in the community airdrops, by utilizing it to further bolster the ASR pool, we will hopefully ensure the $JUP does ultimately go to the J.U.P community, i.e., to the collective DAO and its component members/voters.
This proposal awaits the communityâs deliberation and hopeful endorsement, marking a significant step towards realizing our collective vision.
As much as I would personally love for that to happen (I am still fully staked), I think it is more fair if these unclaimed JUP are added to future quarters in order to allow current and prospective DAO members to make a more informed decision on staking and participating. At its core, the original proposal was intended to encourage more DAO participation, and hopefully at the very least to maintain existing participation. At the time of the proposal, markets were not where they are now, which makes it even more important, in my opinion, that this proposal or something similar is considered and hopefully implemented.
I really like this idea but 250 million $JUP is a lot to fund the ASR rewards. Itâs also not a reliable source of $JUP for sustainable rewards. I think Maybe $100m JUP should go to ASR and that the remaining unused JUP should be taken by the DAO and used for alignment with working groups.
Thank you for the feedback, Tim! I truly appreciate it. I just wanted to clarify two points - 1) the unclaimed JUP is about 220mm now, so a bit less than 250mm, and 2) I agree that sustainability is important, which is why I think breaking up the 220mm over the next four quarters would be preferable to having it all at once. So, that would mean about 55mm additional JUP added to each of the next four quarters of ASR pools.
I also note that it will be important to see what meow proposes for the 30% reduction in supply as it concerns future planned ASR and the size of the remaining two airdrops. I do believe, regardless of the size of the next two airdrops (if there are any), there will be significantly less unclaimed JUP, given the recency of the qualification windows for the next two airdrops (ie trailing one year) compared to the first airdrop (ie trailing several years (2021-Nov 2023)). That is to say, I think this is going to be the most unclaimed JUP we will see of the three airdrops, and I think having thatJUP in the next few ASRs will help get JUP into the hands of the early adopters and believers in the project.
I also think the DAO is well funded from a WG perspective, given the annual top up to 100mm JUP and 10mm USDC, and the limited usage of the budget so far. Iâd prefer this unclaimed JUP go to active DAO participants than potentially accumulate dust in the treasury for WGs that may or may not emerge.
Alas, typing this reply up has made me realize there are several good potential uses for this JUP. Hopefully we find the best use for it, and just generally find out what will happen to it soon. It would be great if the DAO could decide the use, but I understand we might not be able to. Letâs see.
Thanks again for the reply!
This proposal is clear and logical in its reasoning, rewarding active and engaged members of the Jupiter community within each quarterly ASR pooling. I like how it is split between the following quarter, and the next three quarters. One possible suggestion though (as users onboard and people learn that they missed their past claim window of opportunity) if a mechanism to âearn backâ e.g. 10% of what they missed out on is possible, if they start to engage. I am thinking about mitigating against âfrustrationâ against losing out, so perhaps a softened opportunity is made available for âlate/timed-outâ clamants? Or perhaps a quarter of the ASR rewards lost out on go into a vesting schedule instead? Basically, to give some options on this might be an idea?
Thank you for the kind words, Doc! I would not be opposed to something like this - I think it is very interesting! Have I understood correctly - one would essentially look at new users (i.e. wallets that were NOT part of the original airdrop), and see how their trading activity between 3rd Nov 2023 through 31st Jul 2024 (when claim window ends for first Jupuary), and see what they wouldâve qualified for in the first airdrop had they had that level of activity, and allow them to get some of that amount (e.g. 10%)? If so, I would not be opposed to something like this. Although, I doubt 10% of what they wouldâve qualified for would be possible (I think there has been a LOT of volume post airdrop), perhaps a portion of the unclaimed JUP could be set aside, and distributed based on what such folks wouldâve qualified for. I think one challenge would perhaps be the amount of work that would need to go into calculating all of this and creating the merkle tree, whereas, if the JUP were just added to ASR, it would just mean a larger numerator (very easy haha). Anyway, I think I shouldâve maybe waited for the second cup of coffee. Sorry for the stream of conciousness. Thank you sincerely for taking the time to read the proposal, and providing this unique idea - maybe it is something the team can consider (I think we donât have time to actually vote on a proposal, so it seems a decision by the team will need to be made on the unclaimed JUP which is totally fair and understandable (this JUP is NOT technically in scope for the DAO)). Hopefully we learn what will happen to this JUP very soon! I suspect it will be part of the 30% burn proposal (since, if this is (sadly) burned, it will help reduce the impact on future ASR/Jupuary pools).
Good thinking @WTP . I am personally usually against burning (not always, but usually ), as there are most of the time other ways to use the tokens in a more meaningful way which you explain in a good and logical manner here!
As mentioned, the Jupuary event is from the Jupiter team and not governed by the DAO, and I am sure the team have noticed this idea of yours and considering it
Oh wow, I needed to re-read your post a few times with a cup of coffee aswell. An interesting reply! (regarding the claims window date end of 31st July, this being for the first Jupuary event). I think that assessing âlevels of activityâ for that is now done and dusted. However, if they havenât claimed by 31st July (of those that are eligible from the Nov '23 snapshot) then possible partial vesting (so they donât lose it all) might be nice. However, you have pointed out (quite rightly) in Discord that only 10% of airdrop claimants have any Jup left in their wallets, and that only DAO members are Jup holders. So, I suppose, itâs a bit of quandry as to what to do with any unclaimed Jup. I am a fan of vesting. I think this will become more prevalent as the Jupiter ecosystem expands. Their auto-staking of Jup rewards is an excellent strategy in place already. There could be a mini-boon for those that missed claiming (perhaps an auto-stake aswell?), that might be easier to set up, say 10% of what they didnât claim. However, itâs easy to say and probably messy and nightmarish for Jupiter to action. So perhaps your original idea is the cleanest, simplest and most logical one. It will be fascinating to see what Jupiter decides to do with the unclaimed Jup, thatâs for sure! Thanks for the proposal, it was very thoughtfully written and I enjoyed reading it. Thanks also for your super kind reply and thoughts! PPP! NB: I just had a thought (feel free to ignore, but this 10% left âin their walletsâ is this figure for hot wallets? Might it not be because theyâve staked the rest in the DAO? I suppose it can be worked out on some platform, just curious about that! Fascinating topic!
Ah. Sorry for misunderstanding and thanks for clarifying. That would also be nice. Kind of an âextensionâ of the window for 10% of the claimable amount. Also interesting!
RE: the NB: Iâve taken a look at the code of the query on Dune. Although Iâm not a programmer/developer/coder/intelligent, it seems the logic is just looking at the hot wallet that claimed to see if there is still at least 1 JUP left in there. So, indeed, the query/resultant chart does NOT consider those who have perhaps staked the JUP and are in the DAO.
Thank you for forcing me to take a closer look - I appreciate it. I feel a bit happier knowing the number is not as low as I previously thought. Cheers!
Thanks so much for screen grabbing the code. This is all really fascinating and takes me back to the (ancient) days when I was involved with coding. In those days it was C and C++ lmao. TVM ! NB: I like how humble you are WTP (a true CoC) you are super intelligent and thoughtful member of the Jup ecosystem. Humble people are rare. Super stuff.
I hope this is proposal moves forward, and I hope the team supports it. This is literally J4J, reward the stakers/voters who are currently taking part in the growth of the ecosystem.
), as there are most of the time other ways to use the tokens in a more meaningful way which you explain in a good and logical manner here!
