Jupiter co-founder SIONG recently raised an interesting topic—the question of whether to continue investing in JUP buybacks. His logic is straightforward: last year, the company spent over $70 million on buybacks, but the price hardly increased. Since throwing money at it hasn't yielded results, why not change the approach—use that money to incentivize growth for existing and new users? This way, it can increase user engagement and cultivate new strength. After proposing this idea, he also specifically sought feedback from the community. Solana co-founder Toly then shared his perspective. His view is a bit different—capital accumulation itself is a challenging and arduous process. In the context of traditional finance, it takes ten years or even longer to build up a comparable scale of capital. What does this mean? It means that short-term buybacks may indeed show little effect, but from the perspective of long-term value storage, this move might not be a bad idea. The clash of opinions between these two industry heavyweights actually reflects a core issue in the development of the DeFi ecosystem: during bear markets or periods of volatility, how should token economics be played? Should the focus be on short-term price support, or on betting on long-term ecosystem development? There is no standard answer to this question, but it’s certainly worth every participant’s careful consideration.

As a leading Solana DEX aggregation platform, Jupiter Exchange is reconsidering its buyback strategy after spending over $70 million to repurchase JUP tokens. Since the JUP price remains nearly 89% below its all-time high, the buyback has had minimal effect. A core team member proposed using future funds for user incentives and platform development. Meanwhile, the platform has reduced its original JUP airdrop scale from 700 million to 200 million tokens to alleviate potential selling pressure during distribution.

Wu reported that Jupiter co-founder SIONG proposed to stop the JUP buyback, stating that the company spent over $70 million on buybacks last year, but the price did not increase significantly. He suggested using this funds to provide growth incentives for existing and new users and to seek community feedback. Solana co-founder Toly commented that capital accumulation is very difficult, as traditional finance requires an investment cycle of over 10 years, and he believes that mimicking this setup rather than buybacks might be more effective. He recommended encouraging holders to lock their tokens for the long term through staking mechanisms to generate profits for future protocol assets.