Jupiter’s DAO voted to reduce the supply which will be symbolized by a physical burning ritual of a cat structure on the second day of Jupiter’s January conference in Istanbul.
An AI-generated image of the burning cat, though the actual ceremony will not use a cat figure as big as that featured in the AI photo. Uplink Working Group lead Kash Dhanda is on the left and Jupiter co-founder Meow is on the right.
(J.U.P. Rally/X)
Posted November 8, 2024 at 1:41 pm EST.
The beginning of Jupiter’s three billion token burn worth over $3 billion at current prices is set to occur on the second day of Jupiter’s conference in Istanbul, Turkey, tentatively scheduled for Jan. 25-26.
On Friday, Jupiter co-founder Meow and Uplink Working Group lead Kash Dhanda announced “Catstanbul 2025,” the first conference for Jupiter, the decentralized exchange aggregator that is the third-largest DeFi protocol on Solana by total value locked of nearly $1.8 billion.
“We’re [going to] have a ceremony to burn 30% of the tokens,” Meow said before breaking out in laughter in a streaming broadcast called “J.U.P. Rally” on X. “We’re [going to] try to get a giant birdie cat, light it on fire as we all dance and chant around it,” Dhanda said. The burning ceremony will occur on the second day of Catstanbul, tentatively set for Jan. 26 as the team is still finalizing venues.
Read More: Jupiter Co-Founder Meow Proposes 30% Cut to JUP Supply, Sparking 7% Gain
Meow and Dhanda’s announcement comes more than three months after Jupiter’s governing body overwhelmingly voted in favor of reducing JUP’s total supply, which currently stands at 10 billion tokens, giving the cryptocurrency a fully-diluted valuation (FDV) of nearly $10.8 billion at presstime.
The decision to burn JUP stems from a number of community concerns, namely having a high FDV and ongoing tokens emissions, while at the same time preserving the integrity of growth potential, according to Meow in Friday’s broadcast.
While a physical burning ceremony will take place, the onchain burning of the three billion tokens will take place overtime, the governance vote from August states.
The price of JUP has increased 3% in the last 24 hours and 47.5% in the past 30 days to trade at $1.08, data from CoinGecko shows.
