Jupuary 2026 never landed: 75% of JUP votes shelved a 700 million JUP airdrop

Jupiter's yearly airdrop was due to start with 200 million JUP in early 2026. Stakers voted on February 22 to park all 700 million tokens in a locked community wallet instead. No new vote has been called since, and JUP now trades about 41% above its close that day.

LC Insight Editorial Team6 min read

Illustration: LC Insight

Key points

On February 22, 2026, 361,296,102 votes (75%) backed Jupiter's Net-Zero Emissions proposal, against 118,730,351 (25%) to run Jupuary as planned.
The 700 million JUP set aside for Jupuary 2026 went to the Community Cold Multisig and can move only after a future DAO (token-holder governance) vote. At CoinGecko's February 22 close of $0.1721, that was about $120.5 million.
No Jupuary 2026 tokens have been distributed. Jupiter's vote site lists no newer proposal, while stakers still get 50 million JUP a quarter in staking rewards.

What DeepSea's data shows

DeepSea's Jupiter page ranked JUP 83rd by market cap, at $0.2425 with a market cap of $804.79 million and a fully diluted value of $1.66 billion. It showed 3.319 billion JUP circulating out of 6.861 billion total and a 10 billion maximum, and flagged that 48% of supply is circulating, with more unlocks ahead. JUP was down 12.1% over seven days and 26.3% over 30 days on DeepSea's figures.

The traders DeepSea tracks are leaning one way. Its perpetual futures panel showed 98% of their JUP positioning long: $2.35 million of longs across 11 wallets against $50,400 of shorts across four wallets, at an average leverage of 8.8 times. DeepSea does not yet have on-chain holder data for JUP, so it cannot show who holds the supply that the shelved airdrop would have added.

Data: DeepSea (desea.io), checked November 2, 2026, 8:23 p.m. ET.

What was supposed to happen

Jupiter is a swap aggregator on Solana: it routes each trade across many exchanges to find the best price. It has run a January airdrop for users called Jupuary, paid from the community share of its JUP token.

The 2026 round was approved in principle more than a year earlier. In December 2024, stakers backed a revised Jupuary plan with 313,175,684 votes to 47,042,054 (87%). That plan promised an explicit share for stakers with a bonus for long-term consistency, unclaimed tokens recycled into staking rewards, and no allocations for bots.

For 2026, the option to proceed on Jupiter's vote page described the schedule: an eligibility checker about a week after the vote, then a first distribution of 200 million JUP, with a bonus pool and incentives for Jupnet, Jupiter's planned network, to follow. A forum post by Kash, who wrote the proposal, sized those at 200 million and 300 million JUP, for 700 million in all.

The vote that stopped it

Kash posted a different idea on February 13, 2026: cut net new JUP supply to effectively zero. On the vote page, Option 2, "Zero Net-New Emissions," bundled four changes. Jupuary would be postponed and its 700 million tokens returned to the Community Cold Multisig, a multi-signature community wallet, with the eligibility snapshot kept. Team token emissions would pause, with Jupiter's balance sheet covering team members' liquidity needs. Vesting for a legacy Mercurial allocation would speed up, and Jupiter would buy an equal amount of JUP to offset any selling.

The team's FAQ said the package would cut net new emissions from about 1.2 billion JUP to effectively zero for 2026. It added that the parked tokens cannot move without a future DAO vote, in which JUP stakers decide, and that more than 99% of the Mercurial tokens sit in fewer than 300 wallets.

Voting ran from February 17 to February 22. Option 2 won 361,296,102 votes to 118,730,351, or 75% to 25%, out of 480,035,391 votes cast, and the proposal is marked as succeeded.

Cartoon: three robots with a check bubble outvote one robot with a cross bubble, and a padlocked vault keeps the tokens, explained by the LC Insight mascot. — Illustration: LC Insight

The numbers

Nothing was distributed under Jupuary 2026, so there is no claim count, no wallet count and no claim-day price. What can be measured is what was held back. At CoinGecko's February 22 close of $0.1721, the 700 million parked JUP were worth about $120.5 million, and the planned 200 million first drop about $34.4 million (our arithmetic).

JUP has risen since. CoinGecko showed $0.2425 at 8:40 p.m. ET on November 2, 2026, about 41% above the vote-day close, with a market cap of $805.3 million. At that price the parked tokens would be worth about $169.8 million (our arithmetic). JUP remains about 88% below its $2.00 all-time high.

Jupiter Net-Zero Emissions vote, February 2026

million votes

Net-Zero Emissions (postpone Jupuary)361

Proceed with Jupuary as planned119

Source: Jupiter DAO vote page

What stakers still get

Jupuary is paused, but staking rewards are not. Jupiter's vote site says 50 million JUP goes to eligible stakers every quarter as Active Staking Rewards (ASR), claimable at jup.ag/rewards. The FAQ says these come from earlier unclaimed Jupuary tokens, so they add no new supply. Unclaimed ASR goes back to the community treasury, and unstaking takes seven days.

The 2026 snapshot still exists. The vote page says Option 2 keeps the initial airdrop snapshot, and the FAQ tells users "Your snapshot is preserved." A forum post by a user on March 3 asked for a new vote to bring Jupuary back. As of November 2, the newest proposal listed on vote.jup.ag is still the February vote.

Cartoon: coins rain from a calendar onto a staker robot, beside a sealed document and a still-locked sack, as the LC Insight mascot gives a thumbs-up. — Illustration: LC Insight

Timeline

December 7, 2024
Revised Jupuary plan passes with 87% of votes (vote closed 11 p.m. ET)
February 13, 2026
Jupiter team posts the Net-Zero Emissions proposal
February 17, 2026
Voting opens
February 22, 2026
Proposal succeeds, 75% to 25%; 700 million JUP go to the Community Cold Multisig
March 3, 2026
Community forum post asks for a new Jupuary vote
November 2, 2026
No new Jupuary vote listed; JUP at $0.2425 on CoinGecko

Risks

Parked, not burned. The 700 million JUP still exist. A future DAO vote could release them, adding about 21% to today's 3.319 billion circulating supply.
Low float. CoinGecko lists 3.319 billion JUP circulating out of 6.861 billion total and 10 billion maximum.
Fake checkers. No Jupuary 2026 claim or checker is live. Use only jup.ag and vote.jup.ag, and never connect a wallet from a link in a DM or a reply.

LC Insight analysis

This section is our reading of the facts above, not a statement of fact.

We think this is the clearest case yet of a community voting against its own airdrop. Holders judged that 700 million new tokens would cost them more in dilution than they would gain in free JUP, and three in four votes agreed.
The bundle mattered. Option 2 also paused team emissions and promised buybacks against Mercurial selling, so voters were not asked to give up their airdrop alone. That is a lesson for other projects: cuts land better when insiders share them.
The open question is trust in future rounds. Jupuary was a marketing engine built on a yearly promise, and parking it with no date weakens the case for farming Jupiter's products for a drop. The quarterly 50 million JUP staking reward is now the main incentive left.

What's next

Any new DAO proposal to release the 700 million JUP
The next quarterly ASR distribution to stakers
Movement of tokens out of the Community Cold Multisig
Jupnet launch plans and any incentives tied to it

Frequently asked questions

Did Jupuary 2026 happen?

No. On February 22, 2026, JUP stakers voted 75% to 25% to postpone it and return its 700 million tokens to a community multisig.

Is my Jupuary eligibility lost?

Jupiter said the usage and stake snapshot is preserved. Tokens can only be released by a future DAO vote, and none has been called.

Do JUP stakers still earn anything?

Yes. Jupiter pays 50 million JUP per quarter in Active Staking Rewards to eligible stakers, claimable at jup.ag/rewards.

Is there a Jupuary checker now?

No. Any site offering a Jupuary 2026 claim or checker is not from Jupiter.

Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.