Jupiter co-founder, Meow, proposes 30% JUP supply burn

The co-founder of Jupiter, known as Meow, has proposed to burn 30% of JUP supply.

JUP is a governance token powering Jupiter, the Solana-based decentralized exchange aggregator. Jupiter currently has $400 million TVL.

meow 喵 on X: "No time for an essay, so here’s the quick and dirty draft of the J4J plans: 1. JUP Proposal - Propose 30% reduction in JUP total supply - Team will voluntarily cut 30% from their assigned allocation - Corresponding 30% reduction in Jupuary emissions 

The proposal includes a 30% reduction in the total supply of JUP, which currently stands at 10 billion tokens.

This reduction is expected to increase the scarcity of JUP and potentially encourage price increases.

In addition to the supply cut, the proposal also suggests a voluntary 30% cut from the team’s assigned token allocation and a corresponding 30% reduction in Jupuary emissions.

The governance vote to reduce the supply of JUP will occur in July.

This move by Jupiter’s co-founder reflects a broader trend in the crypto space where projects are adjusting their tokenomics to manage supply and incentivize growth.