Jupiter DEX co-founder questions $JUP buybacks, sparking division at Solana.

• Jupiter co-founder questions JUP's buyback.
• The protocol's revenue can focus on user growth.
• The Solana community is divided over the token's value.

Jupiter Exchange co-founder Siong Ong brought to the Solana community a discussion about the actual effectiveness of the JUP token buyback program. The initiative came from the executive, and not from the platform itself. It is publicly stated whether this strategy remains the best way to utilize the protocol's revenue.

The provocation occurred after the disclosure that more than US$70 million had been allocated to the repurchase of JUP over the past year. According to Ong, despite the significant volume of resources allocated, the token's price did not show a proportional reaction, raising doubts about the practical return of this policy for the ecosystem.

“We spent over $70 million on share buybacks last year, and obviously the price hasn’t changed much. We could use that $70 million to offer growth incentives to new and existing users. Should we do that?” the co-founder wrote, opening the debate with the community.

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Since February of last year, Jupiter had been directing half of the protocol's revenue towards JUP buybacks, locking the tokens for a period of three years. The measure was initially seen as a sign of alignment between the platform's success and the token's performance, but it has been reevaluated in light of current market conditions.

To reinforce his point, Ong cited statements from Amir Haleem, CEO and co-founder of Helium and Nova Labs. Haleem stated that his team decided to abandon buyback programs, assessing that the markets showed little sensitivity to this type of initiative in the current scenario.

“We will direct all our resources to these efforts until morale improves, and data credits will continue to be used for all data offloading operations, as always. Thank you for your attention to this matter!” the executive stated.

Ong's statement divided opinions within the Solana community. Some users defended maintaining the buybacks, arguing that, combined with consistent revenue growth, they tend to reduce the supply of tokens in circulation over time. Others criticized the proposal, claiming that abandoning the policy could weaken the perceived value of JUP.

“People bought JUP because the buybacks were aligned with the protocol’s success. Jupiter is doing well, the token is doing well. Without buybacks, it becomes a memecoin with the JUP logo that can cost 0 even if Jupiter raises billions, and that’s utter nonsense,” wrote one community member.

Ong rejected the idea that the discussion represents a weakening of the project and highlighted that JUP accounts for the majority of its assets. He also positioned himself against models based on passive rewards, arguing that this type of incentive contributes little to the adoption of the platform.