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The Jupiter Exchange’s $70 million purchase campaign in 2025 has failed to curb the ongoing pressure on the JUP token, which is still making $1.2 billion in upcoming openings.
The token is down 89% from its peak, highlighting the limits of traditional buying strategies in a market characterized by significant releases, constant unlocks and selling pressure.
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Jupiter reacts after 70 million dollars in bankruptcy purchasesvs unlock codes With a value of $1.2 billion
Founder Seong sparked community controversy when he suggested stopping Buy from JUP To redirect funds towards growth incentives.
“We spent over $70 million in buybacks last year, and of course the price hasn’t changed much,” he said. books On X. “We can use $70 million to distribute growth incentives to existing and new users. Should we do this?”
It was His suggestion It aims to fund rewards for active users and support for new entrants, shifting the focus from defensive market support to ecosystem expansion.
Community reaction was divided. Some have argued that buybacks are ineffective under… Extreme opening pressureWhile others warned that the shutdown could further lower prices.
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The limited impact of Jupiter’s buybacks, covering only about 6% of open tokens, highlights the challenge. With a monthly opening of 53 million JUP scheduled until June 2026, the token’s circulating inventory has increased by nearly 150% since launch. This is despite a three-year reserve of 100 million tokens.
Solana co-founder Anatoly Yakovenko offered a possible way forward. He proposed to store the profits as future salable assets and offer a one-year mortgage bonus to long-term performers.
According to the Solana executive, this approach will align the token prices during the unlocking with the expected value after the purchase.
“Let people stay and bet for a year to get a nominal return. Then, as the budget grows, whoever participates has a greater right.” He added.
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Its model focuses on capital formation rather than short-term buybacks, with the aim of extending the benefit cycle of the funds and promoting the stabilization of the token’s value.
Helium and Jupiter highlight the limits of traditional buybacks
The debate on buybacks extends further At Jupiter DEX. Helium recently suspended its HNT purchase program after the market showed little response. Instead, the network chose to devote resources to user growth, including the expansion of Helium Mobile subscribers and network hotspots.
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Critics of buybacks argue that in systems where tokens are seen as interest coupons rather than equity, buybacks create only short-term visual effects and fail when structural selling pressure prevails.
Solana’s internal ecosystem also complicates matters. Frequent team openings, internal priority and high issues constantly offset purchasing efforts.
Community members have pointed out that these structural problems, rather than the repo mechanism itself, are the primary reason why defensive strategies often fail. Others argue that dynamic approaches, including staker-based bonuses or rating-driven buybacks, may offer a more effective solution.
The challenge remains for the buyer to balance short-term price support with long-term ecosystem growth. While $70 million in buybacks was not enough to stabilize the token, Yakovenko’s proposals point to a future in which long-term incentives and token incentives could align user incentives with the sustainable value of the token.
