Retroactive Airdrop & $JET Staking
Jet Protocol's native Solana-based SPL token, $JET, is a utility token that grants governance rights to holders, in addition to incentivizing early users of the protocol and collaborators. The utility properties of the token will expand as the protocol continues to grow.
The JetGovern app enables holders of $JET, including governance and ecosystem participants, to partake in the governance of the protocol and promote a more inclusive and democratized consensus on Jet Protocol’s features and growth.
JET staking is the entry point to the economic and governance life of the protocol. We envision $JET staking as the ultimate place for long term believers in the protocol. For that reason, we combined governance and staking into a single module - to vote on DAO proposals, users must be staked in the JetGovern application.
Only users from permitted jurisdictions may stake and vote; to verify their geographic location, an SMS verification process (built into the app itself) is required before gaining access to JetGovern features. Under no circumstances will the phone numbers be recorded by Jet or by the SMS verification provider. The SMS is used only to verify user’s location.
Non-supported countries are: Afghanistan, Crimea (Ukraine/Russia), Cuba, Democratic Republic of the Congo, Iran, Iraq, Libya, North Korea, Sudan, Syria, Tajikistan, USA, Venezuela (“Non-Supported Countries”).
Should a $JET staker wish to unstake their tokens, they must initiate the unbonding period by choosing to unstake. The unbonding period duration is 29.5 days. During the unbonding period, staked JET will remain held in the insurance fund (described below) and will not accrue additional airdropped tokens, nor be available for voting on proposals. Additionally, all votes on active proposals will be rescinded if any $JET are unstaked. If a user unstakes a portion of their $JET after having voted on a currently-active proposal, they must re-vote with their remaining staked $JET on those active proposals.
Tokens in the process of unbonding will be displayed as so in the JetGovern dashboard. Additionally, a countdown until the end of the unbonding period for each unstaked lot of $JET will be displayed on the "Flight Logs" page. Flight Logs will show the countdown in days left until the final day. At that point, the exact time that unbonding completes is displayed on Flight Logs.
When the unbonding period for any lot of unstaked tokens ends, a "withdraw" button will appear on the dashboard near the "stake/unstake" buttons for that particular lot of tokens that have completed the unbonding period. The user may then withdraw $JET back to their wallet whenever they choose to do so.
If the user changes their mind and would like to restake before their $JET is unbound and available for withdrawal, they may do so in the "Flight Logs" page at any time during the unbonding period. Re-staking will re-enable rewards instantly, and users may again vote on proposals with that lot of $JET.
In the future it is possible that, pending governance approval, stakers might earn a chunk of protocol revenue.
Staked JET makes up the junior tranche of the Jet Insurance Fund, which backstops the protocol, protecting depositors against losses in the event of an incident. Subject to governance processes, the protocol treasury may also provide relief in these instances.
These funds could be mobilized via governance on issues such as code exploits, which target total value locked or individual users’ funds, or Oracle or liquidation failures, which cause bad debt that stops system’s functionality.
We envision that in the future, and subject to governance, only a portion of staked $JET will enter the insurance fund, with the rest being actively managed by Jet DAO governance.