Jupiter Airdrop Proposal Puts $1.5 Billion to Vote

Jupiter Airdrop Proposal Puts $1.5 Billion to Vote

Solana DeFi exchange Jupiter has put $1.5 billion worth of JUP tokens up for a community vote. The proposal aims to distribute 1.4 billion JUP tokens in two separate airdrops, contingent on receiving 70% approval from voters staking their tokens. The voting period runs until November 29, with eligibility based on volume traded and other factors yet to be finalized.

If the vote passes, the first airdrop of 700 million JUP tokens is planned for January, followed by another in the future. The proposal focuses on rewarding active users and preventing sybil attacks by raising eligibility thresholds. JUP, currently trading at $1.07, would make the proposed airdrops worth approximately $1.48 billion in total.

Jupiter is currently the top DEX Aggregator on Solana, providing high-speed swaps at competitive rates. In addition, the platform has a highly successful perpetual exchange and several features such as dollar-cost averaging (DCA) and trading bots, making it a great product before anything else.

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Court Rules Treasury Overstepped in Tornado Cash Sanctions

The US Fifth Circuit Court ruled that the Treasury overstepped by sanctioning Tornado Cash's immutable smart contracts. The decision held that smart contracts, once deployed and rendered immutable, cannot be classified as "property" and thus should not be subject to sanctions. The ruling overturns a previous lower court decision, a great victory for privacy advocates and blockchain developers.

This outcome may provide a legal precedent for similar protocols, as the court found immutable contracts cannot be owned or controlled by any entity. However, certain elements of Tornado Cash may still face regulatory scrutiny, depending on whether administrative control exists. The case now returns to the lower court for further examination in light of this interpretation.

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Valour Launches World-First Dogecoin ETP in Sweden

Valour has introduced the first exchange-traded product (ETP) for Dogecoin, which will trade on Sweden's Spotlight Stock Market. This launch allows both retail and institutional investors to gain regulated exposure to Dogecoin, driven by increased interest following the US presidential election. The ETP aims to capitalize on recent bullish trends, with influential figures like Elon Musk.

Initially created as a satirical joke, Dogecoin now has a market cap of approximately $55 billion. Valour's move is expected to further legitimize Dogecoin as a financial asset, especially given its history of use in micropayments and tipping. The company's parent, DeFi Technologies, manages around $600 million in crypto assets and has previously launched other ETPs on Spotlight.

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Peanut Pet Owner Launches Token, Threatens Lawsuit

Mark Longo, the owner of euthanized pet squirrel Peanut, has launched a new token called Justice for Pnut and Fred (JUSTICE) in honor of his pets. The launch follows accusations that the crypto community profited from the incident, which saw both Peanut and Fred euthanized after being seized by authorities. Longo claims that his new token will be the only cryptocurrency he will endorse.

JUSTICE has amassed over $53.8 million in market cap, with more than 14,000 holders, as per data from Solscan. The story of Peanut and Fred's euthanization became politically charged, gaining the attention of figures like Vice President-elect JD Vance and Elon Musk. Despite donations of $50,000 made to Longo, community members allege that he quickly sold off the funds.

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Data of the Day

A new report by PiP World reveals that financial literacy within the crypto community is at a concerning level of just 25%, half the average rate found in the broader US population. This lack of foundational financial understanding has led to frequent losses and regrettable decisions among crypto traders.

The study highlights the emotional toll on participants, who often describe their behavior as reactive and impulsive. The report also indicates a disparity in financial literacy rates between different types of investors.

Whales and long-term holders demonstrated significantly higher literacy rates of 96% and 80%, respectively, while day traders and pump-and-dump participants showed some of the lowest rates.

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More Breaking News

• Kraken shuts down its NFT marketplace, transitioning to withdrawal-only mode on Nov. 27 for a three-month withdrawal period before closure.
• Pump.fun transfers another $22 million to Kraken, fueling speculation of token selling, which the founder denies as misinformation.
• Ondo Finance partners with LayerZero to make its USDY stablecoin fungible across multiple blockchains without the need for minting new tokens.
• Justin Sun is appointed as an advisor to Trump-backed World Liberty Financial following his $30 million investment in the project.
• Uniswap Labs announces a $15.5 million core contracts bug bounty ahead of its v4 launch, marking the largest bug bounty program in history.
• Starknet begins the first phase of its staking mechanism, allowing STRK holders to stake tokens and contribute to network security.
• Movement blockchain launches its MOVE token with a total supply of 10 billion, allocating 40% to ecosystem initiatives and planning an airdrop.
• Former Binance executives launch MiCA-compliant euro-backed stablecoin EURØP as Europe nears the enforcement of new crypto regulations.

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