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Jupiter DAO members are in an uproar over the project team’s substantial JUP token holding, accusing them of utilizing their tokens to dishonestly sway decisions in favor of the team. The discontented members emphasize that the team’s actions contradict the principles of decentralization.
The Jupiter DAO members brought up their concerns in a governance forum, stating that the core team is responsible for creating and voting on proposals. According to one pseudonymous member, “thisisfun,” the team manipulated the last vote regarding JUP and JUICE token allocations. They claimed that the vote passed despite the majority of members opposing the proposal, indicating the Jupiter core team’s reckless use of their JUP tokens.
Jupiter DAO members argue that it is improper for the core team to assert they should be permitted to participate in voting because they are part of the Jupiter community. The disgruntled members stated that the team’s argument is “dismissive and tone-deaf” towards the real issue, emphasizing that a decentralized autonomous organization (DAO) cannot function if votes can be manipulated.
Some Jupiter DAO members believe that it is reasonable for the core team to vote if they acquired their tokens from the open market. On the other hand, others suggested that the team might decide to sell their tokens if they are not allowed to participate in voting.
This backlash marks the latest instance of discontent within the Jupiter community. In March, a vote was passed, allocating more funds to Jupiter’s founders, which sparked widespread criticism. Additionally, the exchange faced severe backlash for failing to prevent the hacking of its X account, resulting in investors losing funds to scammers.
It remains uncertain whether the team will consider reducing their voting power in order to promote decentralization and alleviate the growing concerns among its members.
Source: fullycrypto.com
