DAO x VOTE
Tomorrow, users can lock their JUP to vote in the DAO!
- We will begin with the genesis test vote for users to get familiar
- First LFG vote will then be held Thursday for the first 2 projects
- All votes will receive JUP and launchpad tokens as rewards
Read on for more details!
Scope of DAO
The primary mandate of the DAO is to grow Jupiter, its ecosystem, and the decentralized meta. For the first year, the DAO will approve candidates for the LFG Launchpad, fund working group budgets, and distribute grants.
The DAO will gradually expand in scope, responsibilities, and mandate as it matures over time, and the supporting structures around the DAO (workgroups, community, tech platform) solidifies.
First DAO Vote
The DAO rollout begins with the launch of (vote).jup.ag and the first run test vote at 10 AM EST on Tuesday!
This test vote will help users familiarize themselves with the voting process and determine the quorum for future proposals. The Genesis LFG vote will follow at 10 AM EST this Thursday, which will determine the first two launches on the Launchpad.
Voting Process
Holders will lock JUP to receive voting power but can start unlocking their locked JUP at any time. Unlocking takes 30 days to complete.
During the LFG vote, each wallet can only vote for 1 project. Holders should split wallets if they wish to vote for multiple choices.
Voting Rewards
To encourage governance participation, 100 million $JUP will be allocated towards governance incentives tentatively for the first six months, with the exact amount of time to be determined based on how many holders are voting.
Additionally, 75% of launchpad fees will be distributed to voters as well. All rewards are expected to be distributed quarterly.
Proposal creation
Initially, proposals will be made by the CWG or the Team. Over time, this responsibility will expand to the DAO as it matures.
DAO funding
The DAO needs capital to achieve its objectives, such as funding working groups and grants. The DAO will be allocated $10 million and 100 million JUP, earmarked for operational needs for the first two years.
This strong amount of capital will allow the DAO to be creative and strategic about initiatives and ideas it wishes to fund. Working groups will be responsible for facilitating the grant process and following up with teams after disbursement.
BIG WEEK AHEAD!
This is going to be a big week ahead, and in fact a big year.
There is gonna be a ton of stuff to figure out together, whether it is the LFG process, funding disbursement mechanisms, rewards distribution etc
Thank you to all the LFG candidates for being patient with this process, and our wonderful Catdets for participating in the discussions over the past few weeks.
If you have any questions, come to Discord!
discord.gg/JUP
