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$70 million buyback accused of wasting resources? Jupiter may terminate the JUP buyback plan
Based on Solana's DeFi super app Jupiter, considering terminating its JUP token buyback program, this news quickly sparked widespread discussion in the crypto community. On January 2, Jupiter co-founder and CTO Siong Ong directly stated on social media that the buyback plan has not had a substantial impact on JUP's price and may instead be a waste of resources.
Ong said that Jupiter has spent over $70 million in the past year on buying back JUP, but the token price trend has not shown significant improvement. He believes that rather than continuing the buyback, the funds should be used to incentivize existing users and attract new user growth to promote the long-term development of the protocol. This view is in line with Helium founder Amir Haleem, who previously publicly stated that he would stop HNT buybacks due to tepid market response.
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