$70 Million Buybacks Failed to Save Jupiter: Solana Co-Founder Explains Why The Token Strategy Broke

Jupiter Exchange's $70 million buyback campaign in 2025 proved ineffective against the downward pressure on its JUP token, which faces $1.2 billion in upcoming unlocks. Jupiter founder Siong proposed halting buybacks to redirect funds toward growth incentives for users, noting the buybacks only covered about 6% of unlocked tokens. Solana co-founder Anatoly Yakovenko suggested an alternative strategy: protocols should store cash for future buybacks and offer one-year staking rewards to long-term holders, aligning token prices with expected post-buyback value. This debate mirrors Helium's decision to suspend its HNT buyback for growth allocation, highlighting that conventional buybacks often fail against heavy structural selling pressure and high emissions in utility-focused token ecosystems.

(Source：BeInCrypto)