Jupiter (JUP)

early this year, i posted a question on whether we should continue the buyback and early this week i posted an update on how the Jupuary timeline would look like. both tweets got a lot of attention. reading the comments and feedback from users has been eye-opening. now, for this proposal and option 2 (if it passes), here’s what it addresses in my mind: first, team emissions. there’s been a persistent narrative about team selling. with this vote, there’s a real path to stopping all team on-chain emissions entirely. if there is any selling, it comes from the treasury fully visible, fully on-chain. transparency over speculation. second, Mercurial stakeholder vesting. the buyout structure is designed to create a counter buy pressure against any selling, ideally creating a net neutral effect on JUP. it’s a clean solution to a structural issue. third, ASR will continue to reward stakers for staking. this will be something that will reward long-term stakers. also, with January letterbox buyback standing at almost 28m JUP (annualised 336m JUP), the buyback maybe more than the emitting staking reward, obviously, price may fluctuate and market will move. fourth, JUP token utility within products. there are things already happening across our products and there are plans to push more forward. i don’t want to guarantee a timeline but it’s actively being worked on. lastly, something personal. running a public protocol with a token creates real pressure to balance product building with token health. building great products is necessary but not sufficient, the token itself needs to be managed thoughtfully. this proposal is about resetting the fundamentals: products that users love and token economics that are clean and simple. anyway good thing about this proposal is it really resets the energy. for me, that means great products and a token structure that’s easy for anyone to understand and believe in.

Some thoughts on the latest Jupiter proposal, Jupiter's tokenomics and emissions in general. Starting in reverse order, let's break down as a matter of first principles what emissions are. I think of emissions as a tax on the existing tokenholder base via inflation. When a token is emitted to a user as rewards, a project is essentially asking all existing tokenholders to subsidize the reward to the user. Similarly, when a token is emitted to a team member or an investor, you are socializing the cost of that team member or investor on the general tokenholder base. Now it is not always unreasonable for tokenholders to bear these inflationary costs. Tokenholders economic interests are served when the demand for the token outstrips the supply and there are scenarios where introducing more tokens into the market via inflation may create net demand (e.g. team is building a better product, more people use the product, more people want the token etc). The question is who should have the right to decide whether

A new DAO proposal is now LIVE! This is a crucial vote that impacts all token holders. High leverage decisions about $JUP are exactly what the DAO is built for, and so this must be decided collectively. The vote comes down to 2 options regarding the emissions schedule for 2026: Option 1: Proceed with Jupuary Jupuary will continue as planned, with the airdrop checker released ~1 week after the conclusion of the vote. In the event that option 1 passes, Jupuary emissions, Team emissions, and Mercurial emissions will proceed as per their regular vesting schedules. Option 2: Pause Emissions - Jupuary will be postponed, with tokens returned to the Community Cold Multisig - Tokens will not be emitted from the team reserve for the foreseeable future, and Jupiter will absorb any team token sales - Mercurial stakeholders will be airdropped their remaining tokens and an equivalent number will be purchased by Jupiter The vote begins on Tuesday the 17th @ 11am UTC and will run to Saturday to give people enough t

A new DAO proposal is now LIVE! This is a crucial vote that impacts all token holders. High leverage decisions about $JUP are exactly what the DAO is built for, and so this must be decided collectively. The vote comes down to 2 options regarding the emissions schedule for 2026: Option 1: Proceed with Jupuary Jupuary will continue as planned, with the airdrop checker released ~1 week after the conclusion of the vote. In the event that option 1 passes, Jupuary emissions, Team emissions, and Mercurial emissions will proceed as per their regular vesting schedules. Option 2: Pause Emissions - Jupuary will be postponed, with tokens returned to the Community Cold Multisig - Tokens will not be emitted from the team reserve for the foreseeable future, and Jupiter will absorb any team token sales - Mercurial stakeholders will be airdropped their remaining tokens and an equivalent number will be purchased by Jupiter The vote begins on Tuesday the 17th @ 11am UTC and will run to Saturday to give people enough t

appreciate the thoughtful feedback! but will have to disagree here - doing all at once is the only way to go. It’s all or nothing. Team has already shown conviction many times (3b burn, locking tokens, 50% of revenue to token, etc) This time, it’s about setting a powerful narrative. It’s not net zero emissions if there’s 700M tokens being emitted lol. If this vote passes, it creates an unignorable story in a market filled with tokens that have massive supply unlocks. It changes fundamentally the way the market will view JUP. But the only way to get to net zero is across the board put everything down. reasonable minds can differ though, excited to see the convo continue and the vote happen next week