Jupiter DAO Members Unhappy With Team’s JUP Stash

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• Jupiter DAO members are unhappy with the project team’s JUP token holding
• The members claim that the team’s large JUP holding can be used to influence a DAO vote
• They observed that the project’s core team is undermining the DAO’s decision-making process by hindering decentralization

Jupiter DAO members have raised concerns about the amount of JUP, Jupiter Exchange’s official token, held by the project’s core team. They claim that the team is using their holdings to dishonestly sway the DAO’s decisions in their favor, arguing that their actions are contrary to decentralization principles. The DAO members, however, clarified that they aren’t against the team holding the coins, but their use to influence decisions, signaling that the team has been creating proposals and passing them against the community’s will.

Crypto coins Team Using JUP Tokens “Irresponsibly”

The members raised their concerns in a governance forum with one pseudonymous member, thisisfun, noting that the protocol’s “team members are the vote creators.” According to thisisfun, the team influenced the last vote about JUP and JUICE token allocations. The pseudonymous member noted that the vote passed despite most members voting against the proposal, an indication that Jupiter’s core team is using its JUP tokens “irresponsibly.” 

Disgruntled DAO members said it’s wrong for the core team to argue that they should be allowed to vote because they’re part of the Jupiter community, too. The members noted that the team’s argument is “dismissive and tone-deaf to the real issue,” adding that Jupiter DAO is not a DAO “if votes can be manipulated.” 

Crypto coins To Vote or Sell?

Some Jupiter DAO members, however, observed that it’s fair for the team members to vote if they bought their tokens from the open market, while others said that the team may choose to sell their tokens if they aren’t allowed to vote. 

This isn’t the first backlash to befall Jupiter’s core team. In March, for example, the community lamented the passing of a vote seeking to allocate more funds to Jupiter founders. In February, the exchange was also criticized for failing to prevent the hacking of its X account, an incident that reportedly caused investors to lose funds to scammers.

With Jupiter members unhappy with how the core team uses its JUP allocation, it’s to be seen whether the team will consider reducing its voting power to promote decentralization.