#代币经济机制 Jupiter spent 70 million USD to buy back JUP, but the price hardly changed — this has touched the pain point of the entire industry. A careful look at community feedback reveals that the issue isn't the buyback itself, but the structural flaws in tokenomics.

Toly's suggestion is worth considering: redirect this money toward staking incentives by extending the value release through lock-up periods. Comparing this to Aerodrome's inflated revenue narrative, the difference is immediately clear — one involves real holder equity distribution, the other uses token emissions to mask incentive reliance.

The key insight here is: in an ecosystem with high emissions, frequent unlocks, and continuous team selling, even more buyback funds are just throwing money into a black hole. Instead of passively supporting the price, it's better to proactively shift toward growth-driven strategies. The ICO structure of Ranger Finance makes this clear — 100% of TGE is unlocked for the community, with the team locked for 18 months, which aligns value properly.

70 million USD is no small amount. The question is how to spend it and whether it can truly strengthen the token's holding value afterward. Changing from buyback to staking incentives may seem simple, but it actually acknowledges a reality: without a reason to hold, any support measures are just fooling oneself. This round of discussion will push more projects to re-examine their token design — hopefully, this won't be just another round of empty talk.