#代币经济机制 Recently, Jupiter's buyback topic really confused me 🤔

Spending over $70 million on buybacks of JUP, yet the price still hasn't changed much? What's really going on... After reading the community discussions, I gradually understood that the issue isn't that simple.

Solana co-founder Toly's suggestion I find quite interesting — instead of just buybacks, why not turn this money into staking rewards, allowing everyone to lock in for a year to earn token yields? This can encourage long-term holding, and the funds can continue to generate value within the protocol. It seems much more reliable than simply "burning money to buy back."

Another point that caught my attention: buybacks themselves aren't ineffective, but when the team keeps unlocking and selling tokens, buybacks are like plugging holes — a never-ending task 😅. The real issue seems to lie in the tokenomics design itself, not the buyback strategy.

So the current consensus seems to be: instead of debating whether to do buybacks, it's better to design a mechanism that truly distributes value to long-term holders. This is the key I, as a newcomer, need to understand — choosing tokens isn't just about what the project team is doing, but also how they distribute profits and incentivize genuine participants.

This discussion is pretty hardcore, and I feel like I've learned a lot 🧠