The Core Working Group also known as the CWG has just released a new proposal on the Jupiter DAO platform regarding the plans they would do to initiate the newly given Grants Program.
The proposal states that the CWG proposes a more than $7 Million budget to run the new initiative while also improving the overall LFG and Jupiter Ecosystem.
DAO and community members, which consists of JUP holders, went furious as they are disappointed in the proposal, saying it mainly benefits the CWG personally rather than the whole ecosystem.
Jupiter DAO Members are Furious
The proposal for the $7 Million budget to run the new initiative was published by the CWG team on March 29th, 2024.
After the proposal was published, it became popular over the weekend as more and more people started to find out about it.
The core working group or CWG is a core team that was created to represent the whole community members and JUP holders to work alongside the core team of Jupiter Exchange.
CWG’s importance started to rise after Jupiter Exchange’s core team initiated a new grant that would be used to develop the overall LFG and Jupiter Ecosystem.
This means that the funds will be used to fund new projects that want to launch on the Jupiter Exchange as well as other decentralized applications that want to integrate with Jupiter.
The overall budget given by the core team was 10 Million in USDC and 100 Million in JUP which overall equates to more than $110 Million at JUP’s current price.
CWG proposes a budget of more than $7 Million to accommodate their initiative where one of them is to continue the plan of the Jupiter Grant Program.
Members of the community were furious because of the details in the proposal which makes them think that the CWG only wanted this budget to be approved so that it can benefit themselves.
Voting Has Not Ended Yet
This is because the details of the proposal states that there will be a budget in USDC totaling a little south of $1 Million to cover only 1 year of expenses.
The budget includes $450,000 for a year of operational expenses, $320,000 for the salary for the four members of the CWG, another $30,000 to pay a moderator to maintain the community, and lastly $100,000 other unexpected expenses including hiring and miscellaneous expenses.
Members of the Jupiter DAO seem to not like the overall budget as most think that the budget is too high, especially regarding the salary for the four members of the CWG.
The proposal also detailed the work experience of the four members of the CWG, which also received comments from the members saying that the salary is not worth the experience.
This means that the members do not think that they are really suitable to run the CWG especially with a pay that high.
Members took to Twitter to gather around and discuss the problem, where most of them are influencing each other to reject the proposal and to ask the four members of the CWG to propose another proposal.
Currently there are already 191 Million votes on the DAO where the minimum threshold has been reached, which is at 60 Million votes.
Most of them seem to reject the proposal, meaning that the overall complaints and critics around the community are solid.
However, in the Jupiter DAO, holders of JUP can change their vote. Since the voting period has not ended yet, the CWG team has some time to sway the votes of these holders.
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