Conversion of JNGL NFT to Jungle Labz SPL Token

Governance Proposal: Conversion of JNGL NFT to Jungle Labz SPL Token

Proposal Overview Jungle Labz proposes converting all JNGL NFTs (contract address: 0x54Fec6309b53A31e65593f196b4c58f7A704A361) into a new Solana Program Library (SPL) token to streamline our ecosystem, reduce dilution, and enhance liquidity for our core assets. This proposal outlines the conversion mechanism, token allocation, claiming process, and benefits to the Jungle Labz ecosystem. Voting will be conducted based on Supreme Kong NFT ownership, with each Supreme Kong NFT in a hot wallet representing one vote. A majority vote is required for approval.

Current JNGL NFT Valuation
As of August 4, 2025, each JNGL NFT is valued at 0.007 ETH. This represents a significant decline from the original mint price of 0.08 ETH, highlighting the need for a strategic shift to restore value and strengthen the Jungle Labz ecosystem.

Conversion Mechanism
Jungle Labz will allocate 5% of the total supply of the new SPL token to JNGL NFT holders. Upon the Token Generation Event (TGE) of the new SPL token, each JNGL NFT will be eligible for a proportionate claim of the allocated tokens. The claim process will be structured as follows:

• Claim Period: 180 days starting from the TGE.
• Claim Mechanism: Holders will have access to a daily claim function via their wallets, allowing them to gradually claim their allotted tokens over the 180-day period.
• Purpose: This phased claiming approach mitigates immediate sell pressure, stabilizes the token’s value post-launch, and supports sustainable price scaling.

This structure ensures that holders can benefit from potential value increases in the SPL token while avoiding the market saturation that could result from rapid liquidation.

Ecosystem Benefits
The conversion of JNGL NFTs to the new SPL token offers several strategic advantages:

1. Reduced NFT Dilution: By retiring JNGL NFTs, the total number of NFTs in the Jungle Labz ecosystem will decrease by approximately 70%. This reduction will focus liquidity and attention on our flagship assets: Supreme Kong NFT, Supreme Banana NFT, Supreme Mutant Banana NFT, and the new SPL token.
2. Enhanced Liquidity: Consolidating value into fewer assets and the new SPL token will improve market efficiency and liquidity, benefiting all holders.
3. Faster Value Restoration: The current JNGL NFT market dynamics suggest a 6-12 month timeline to recover the original mint price of 0.08 ETH. The proposed conversion and phased claim mechanism provide a faster path to value appreciation, leveraging the SPL token’s scalability.
4. Ecosystem Stability: The gradual claim process prevents sudden sell-offs, fostering a stable token launch and long-term growth for the Jungle Labz ecosystem.

Voting Process

• Eligibility: Each Supreme Kong NFT held in a hot wallet grants one vote.
• Requirement: A majority vote (50% + 1) is required to pass this proposal.
• Voting Period: [To be determined; suggest 7-14 days for community discussion and voting].
• Execution: Upon approval, Jungle Labz will coordinate the technical implementation, including snapshotting JNGL NFT wallets, allocating the 5% SPL token supply, and deploying the claiming mechanism.

Conclusion
The conversion of JNGL NFTs to Jungle Labz’s new SPL token is a pivotal step toward revitalizing our ecosystem. By reducing NFT dilution, enhancing liquidity, and providing a structured path to value restoration, this proposal aligns the interests of JNGL NFT holders with the long-term vision of Jungle Labz. We urge all Supreme Kong NFT holders to review and vote on this proposal to shape the future of our community.