TL;DR:
- Jupiter DAO is debating whether to proceed with 700M $JUP Airdrop or adopt a net-zero emissions model funded by Treasury buybacks.
- Holder over 1M $JUP Investors allocated 81.7% of their total voting weight to the zero-emissions option, which ranked first with 73.9% overall.
- The 10 largest wallets supporting the zero-emission proposal accounted for more than 22.5% of the total voting weight, sparking a debate over the fairness of governance.
of Jupiter dao is at the most important crossroads in the history of its ecosystem. Released on February 17th and still ongoing vote present Two competing paths to managing future supply $JUP: to carry out a planned airdrop of 700 million tokens known as Jup Alleyor adopt a net-zero emissions model that halts new issuance and begins implementing buybacks funded by the Treasury of the Protocol.
Within 48 hours of starting the process. Over 24,500 votes were recorded. Depending on the number of wallets, your options to continue with Jupuary are: 13,000 individual voters. However, DAO governance is not about the number of wallets; Weight of tokens staked on the back of each vote. Evaluated from these perspectives, the zero-emission proposal is Controlling 73.9% of the total voting weight.
A whale against the tide: The weight of capital
Analyzing on-chain distribution reveals the following: Obvious crack between large and small holder. A wallet with over 1 million Jupiters ($JUP) bet 81.7% of total weight devoted to zero-emission options. As funding increases, support for halting emissions and implementing buybacks becomes more pronounced. At the opposite end, Wallet content is less than 1,000 $JUP This is overwhelmingly popular among airdrop supporters.
Some of the discussions have historical roots within the platform. Jupiter is born from Mercurial Financea stablecoin protocol that received 5% of the total $JUP supply, equivalent to 350 million tokensin transition. As of the end of February 2026, approx. 182 million already vested. Under the zero-emissions model, these tokens would be offset through treasury buybacks. Avoid further selling pressure on the market.
Jupiter: concentration of power and its limits
The distribution of voting rights also creates tension within the community. 10 Biggest Wallets Supporting Zero Emissions Accounts for more than 22.5% of the total weight. One of them holds more than 27.7 million $JUP betis the maximum whale involved in the process. meowco-founder of Jupiter, whose address is It belongs to the co-founders of the project, and voting is done through allocation through structured rights allocation.
The debate has resumed as to whether this is the case. Token-weighted governance system allows centralized capital to define outcomes independent of majority participation. The counterargument to this is that large holders assume greater financial exposure and have a stronger incentive to preserve long-term value. Voting is still taking place, and the results will define not only the protocol’s emissions policy, but also the credibility of its decentralized governance model.
