¿'Desperdicio de recursos'? – El CTO de Jupiter explica por qué las recompras de JUP podrían terminar

ambcrypto2026-01-04 tarihinde yayınlandı2026-01-04 tarihinde güncellendi

Özet

El equipo de Jupiter, la superapp DeFi basada en Solana, está considerando terminar el programa de recompra de tokens JUP después de invertir 70 millones de dólares en 2025. El cofundador y CTO Siong Ong describió la medida como un "desperdicio de recursos", ya que el precio del token no mostró mejoras significativas y actualmente cotiza un 88% por debajo de su máximo. La comunidad está dividida: algunos proponen destinar esos fondos a recompensas de staking para generar rendimientos atractivos y reducir la presión de venta, mientras que otros destacan que el token no está vinculado al éxito del protocolo. Proyectos como Hyperliquid y Aave han tenido éxito con recompras, pero Jupiter evalúa redirigir los recursos hacia incentivos de crecimiento para usuarios nuevos y existentes.

La superaplicación DeFi basada en Solana, Jupiter, está considerando finalizar la recompra de tokens JUP.

En una publicación en redes sociales el 2 de enero, Siong Ong, Cofundador y CTO de Jupiter, dijo que no han visto mucho impacto del programa y sintió que era un "desperdicio" de recursos.

"Gastamos más de $70 millones en recompras el año pasado, y obviamente el precio no se movió mucho. Podemos usar los $70 millones para dar incentivos de crecimiento a usuarios existentes y nuevos."

Ong seguía los pasos del Fundador de Helium, Amir Haleem, quien dijo que "dejarán de desperdiciar dinero en recompras de HNT", porque al mercado no le preocupa el esfuerzo.

La comunidad de JUP dividida

Jupiter inició el programa de recompra de JUP a mediados de febrero de 2025 y ha gastado aproximadamente $70 millones. Además, Jupiter [JUP] subió alrededor de un 300% en el primer mes después del lanzamiento de la recompra.

Sin embargo, el token ha marcado nuevos mínimos anuales en 2025, a pesar de las agresivas recompras que antes se veían como alcistas. Al cierre de esta edición, cotizaba a $0.2, por debajo de su máximo de $1.8 – una caída de precio del 88%.

Sin embargo, la comunidad estaba dividida sobre si abandonar el programa de recompra. Un usuario propuso compartir los ingresos con los stakers para aumentar el rendimiento del staking e impulsar el precio.

"Con 753 millones de JUP en staking, eso son casi $0.09 por JUP. Para mí personalmente, sería un ingreso pasivo muy bueno. Eso es un rendimiento por dividendo del 43%. Por supuesto, el precio subiría con tal noticia."

Pero Ong se preguntó cómo crecería el producto si todo se asignara a las recompensas de staking.

Por su parte, el analista Fabiano declaró que actualmente no hay razón para mantener el token porque no está vinculado al éxito del protocolo (no es equity).

Según él, una solución a corto plazo sería compartir los ingresos con los stakers para reducir su presión de venta trimestral.

"¿Y si redirigiéramos esos $10M hacia recompensas de staking, en lugar de comprar JUP para el Litterbox? A los precios actuales, ¿esto podría resultar en aproximadamente un 25% APY? -lo cual es increíblemente atractivo."

¿Qué sigue para JUP?

Otros críticos señalaron el rendimiento moderado de Pump.fun [PUMP] a pesar de una recompra masiva, añadiendo que no todos los protocolos deberían subirse a la moda.

Sin embargo, los programas de recompra han tenido éxito para Hyperliquid [HYPE] y Aave [AAVE], particularmente durante períodos de sentimiento positivo del mercado.

Al momento de escribir, no estaba claro en qué propuesta y dirección se inclinaría el equipo tras varios comentarios sobre la propuesta.

Jupiter ha evolucionado de un agregador de DEX a una superapp que abarca lending, mercados de predicción e incluso trading de perpetuales. El desarrollo en curso también le ha permitido escalar sus ingresos acumulados a $369 millones.

Reflexiones finales

El equipo de Jupiter parecía decepcionado con el limitado impacto de su programa de recompra a pesar de comprometer $70 millones.
Pero la comunidad estaba dividida sobre el plan de detener el programa de recompra de tokens.

Trend Kriptolar

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

ZRX（0X）ZRX

İlgili Sorular

Q¿Por qué el CTO de Jupiter, Siong Ong, considera poner fin al programa de recompra de tokens JUP?

ASiong Ong, CTO de Jupiter, considera poner fin al programa de recompra de tokens JUP porque no han visto un impacto significativo en el precio del token a pesar de haber gastado más de 70 millones de dólares el año pasado. Él cree que estos recursos podrían ser mejor utilizados en incentivos de crecimiento para usuarios existentes y nuevos.

Q¿Cuál fue el impacto inicial del programa de recompra en el precio de JUP tras su lanzamiento en febrero de 2025?

ATras el lanzamiento del programa de recompra a mediados de febrero de 2025, el token JUP experimentó un rally de aproximadamente un 300% en el primer mes. Sin embargo, posteriormente el token alcanzó nuevos mínimos anuales en 2025, cayendo un 88% desde su pico de 1,8 dólares hasta 0,2 dólares al momento de la publicación.

Q¿Qué propuesta alternativa sugirió un miembro de la comunidad en lugar del programa de recompra?

AUn miembro de la comunidad propuso destinar los fondos del programa de recompra (unos 10 millones de dólares) a recompensas de staking. Esto podría generar un rendimiento anual (APY) de aproximadamente un 25%, lo que sería muy atractivo para los tenedores del token y potencialmente reduciría la presión de venta trimestral.

Q¿Qué otros protocolos se mencionan como ejemplos de programas de recompra exitosos y no exitosos?

AEl artículo menciona que los programas de recompra han sido exitosos para protocolos como Hyperliquid (HYPE) y Aave (AAVE), especialmente durante períodos de sentimiento positivo del mercado. Por el contrario, se señala a Pump.fun (PUMP) como un ejemplo de rendimiento débil a pesar de una recompra masiva.

Q¿En qué se ha convertido Jupiter desde sus inicios como agregador de DEX?

AJupiter ha evolucionado desde ser un simple agregador de intercambios descentralizados (DEX) para convertirse en una 'super-app' que abarca servicios de préstamo, mercados de predicción e incluso trading de perpetuals. Este desarrollo le ha permitido escalar sus ingresos acumulados hasta los 369 millones de dólares.

İlgili Okumalar

Why Is the World Nervous About Japan Raising Interest Rates?

In June 2026, the Bank of Japan raised its policy rate to 1%, marking its first hike to this level since 1995. While this rate remains low compared to global peers like the US and Europe, the move signals a profound shift for a nation that has been a global source of ultra-cheap funding for decades. Japan's long-standing near-zero or negative interest rates had facilitated massive "yen carry trades," where international investors borrowed low-cost yen to invest in higher-yielding assets worldwide, such as US tech stocks and emerging market bonds. This made Japan a critical, often overlooked, source of global liquidity. Japan's ultra-loose policy stemmed from structural challenges post-1990s asset bubble: aging demographics, chronic low inflation/deflation, and high public debt. Recent shifts, including sustained wage growth (exceeding 5% in recent years) and inflation consistently above the 2% target, have created a "wage-price spiral" possibility, prompting the policy normalization. The global market's concern lies not in the absolute rate but in the potential unwinding of the yen carry trade. As Japanese borrowing costs rise, the economics of these leveraged global investments change, potentially triggering deleveraging and capital outflows from risk assets. Market anxiety focuses on the end of a thirty-year consensus that Japan would perpetually provide cheap funding. Ultimately, the global impact will depend on the interplay with US monetary policy. While Japan is tightening, the significant interest rate differential with the US remains. The key future dynamic is whether simultaneous Japanese hikes and eventual US rate cuts will narrow this gap, forcing a major recalibration of global capital flows and asset pricing built on an era of abundant, cheap yen liquidity.

marsbit1 saat önce

Why Is the World Nervous About Japan Raising Interest Rates?

marsbit1 saat önce

Congress Advances CBDC Ban Until 2030 Through Major Housing Reform Bill

Congress has passed the 21st Century Road to Housing Act, a bipartisan bill primarily focused on housing reform to improve affordability and supply. Included within it is a significant provision that bans the Federal Reserve from issuing a central bank digital currency (CBDC) or "digital dollar" before December 31, 2030. The measure defines a CBDC as a dollar-denominated digital asset, a direct liability of the Fed, accessible to all Americans. Proponents argue the ban allows more time to study a digital dollar's impacts and addresses concerns about privacy, financial surveillance, and government overreach in digital payments. The provision specifically targets a retail CBDC but does not restrict permissionless blockchain networks. This crypto-related language, embedded in broader housing legislation, has drawn considerable attention for its potential to shape the future of digital assets and payments in the U.S. The bill's final passage will determine if the ban takes effect for the next decade.

TheNewsCrypto1 saat önce

Congress Advances CBDC Ban Until 2030 Through Major Housing Reform Bill

TheNewsCrypto1 saat önce

Research Report Analysis: MRVL's Optical AI Booming, Why High Valuation Keeps Morgan Stanley's Star Analyst Sidelined?

Report Recap: MRVL Optical AI Boom - Why High Valuation Led Morgan Stanley's Star Analyst to Stay Neutral? Morgan Stanley analyst Joseph Moore maintained an "Equal-weight" (Neutral) rating on Marvell Technology (MRVL) on May 28, raising the price target from $172 to $195, below the trading price. This stance comes despite Marvell reporting a record quarter and significantly raising its full-year outlook (FY27 revenue ~$11.5B, up ~40%). Moore's neutral view is based on valuation. The $195 target implies ~40x CY2027 P/E. He contrasts MRVL with NVDA: both trade near ~$200, but Nvidia's forward EPS is more than double Marvell's. For MRVL's valuation to hold, it needs consistent earnings upgrades, proof of networking market share gains, or certainty on large-scale custom AI chip shipments—none of which are confirmed yet. Growth is driven by two pillars: **1) Optical Interconnect** (the faster runner): Moore raised FY27 growth expectations to >70%, with the optical module product line nearing a $1B annualized run rate. **2) Custom AI Chips** (the climber): Confidence in FY28 is growing, but a major new customer project only ramps in FY28, with no current revenue visibility. Key risks are the underperforming Storage, Enterprise, and legacy Networking segments. Moore acknowledges the real AI opportunity but believes the current price already reflects it. For the stock to work from here, investors need to see the optical business hit its targets, custom chips ramp as planned, and a recovery in the weaker business units.

marsbit2 saat önce

Research Report Analysis: MRVL's Optical AI Booming, Why High Valuation Keeps Morgan Stanley's Star Analyst Sidelined?

marsbit2 saat önce

qinbaFrank: Review and Outlook of the AI Computing Power Wave — From the Three Debates on NVIDIA to Optical Interconnect and SpaceX IPO, How is Capital Rotating?

**Summary: Retrospective and Outlook on the AI Computing Wave - A Framework for Capital Rotation** Based on a presentation by investor qinbaFrank, this analysis reviews the AI computing market trajectory since 2023 and outlines a forward-looking framework. **Key Phases and Market Debates:** The AI bull market progressed through three major debates: 1) The necessity of massive capital expenditure (late 2023). 2) The sustainability of tech giants' spending (early 2024-early 2025). 3) Potential overestimation of compute needs (early 2025). Consensus solidified in late 2025 as model capabilities and utility demonstrably improved. **Core Thesis: Penetration Rate Drives Commercialization.** Unlike the 2000 dot-com bubble, the current AI wave benefits from mature digital infrastructure, enabling faster adoption. The critical threshold is 10% penetration; surpassing it (with recent enterprise intent surveys showing ~18%) indicates entry into a rapid growth "golden period" where user scale and willingness to pay increase simultaneously. **AI vs. Internet: A Fundamental Difference.** While the internet enhanced connection efficiency, AI directly substitutes human cognition and labor. Once AI performance exceeds the "societal average" human level, its commercial value scales exponentially as payment shifts from human labor costs to AI service fees. **Investment Logic Evolution in the Compute Chain.** The focus has expanded from GPUs to a systemic re-rating of the entire hardware stack: storage/HBM, CPUs, interconnects, power, and advanced packaging. The framework is: **short-term "scarcity pricing," mid-term "upgrade pricing" (e.g., optical interconnects, power networks), and long-term "Physical AI" pricing** (edge computing, robotics). **Market Focus Shift and Adjustment Framework.** The market is transitioning from "hardware scarcity" to "commercialization validation." The ultimate anchor for the narrative is sustained high growth in model providers' Annual Recurring Revenue (ARR) and cloud business revenue, which justifies continued capital expenditure. Adjustments are categorized into three levels: * **L1 (Minor):** Driven by valuation compression or macro noise (e.g., single CPI print). Fundamentals intact. * **L2 (Moderate):** Triggered by significant macro events requiring risk repricing. Requires new data for confidence restoration. * **L3 (Major):** Involves a reset of the core industrial narrative or macro regime (e.g., AI commercialization growth stalling). The **crucial dividing line** is whether AI commercialization growth slows. Without a slowdown, pullbacks are likely L1/L2 "repricing" events. A genuine growth deceleration would signal an L2/L3 narrative reset. **Conclusion: A Foundational Civilizational Leap.** AI represents a foundational upgrade to "intelligence" itself—akin to humanity mastering fire—rather than a single-point industrial revolution. This底层能力跃迁 (underlying capability leap) will spawn successive waves of innovation (Agent, robotics, industry workflow重构). The journey will be波浪式的 (wavelike), driven by cycles of scarcity, technological upgrades, and远期兑现 (long-term realization).

marsbit2 saat önce

qinbaFrank: Review and Outlook of the AI Computing Power Wave — From the Three Debates on NVIDIA to Optical Interconnect and SpaceX IPO, How is Capital Rotating?

marsbit2 saat önce

A Country That Mined Bitcoin for 8 Years Has Built Its Own Dedicated Crypto Bank

A country that has been mining Bitcoin for eight years has established its own dedicated crypto bank. DK Bank, located in Bhutan's newly developed GMC special administrative zone, aims to fill the significant banking service gap for the cryptocurrency industry. Its CEO, Zheng YD, explained that most banks avoid crypto businesses due to a lack of risk management frameworks for decentralized and anonymous protocols. Operating under a unique "one country, two systems" governance model separate from mainland Bhutan, GMC aspires to become a financial hub for South Asia. DK Bank differentiates itself by offering integrated multi-currency accounts where users can manage both fiat currencies and stablecoins like USDT and USDC in one place, alongside services like Bitcoin-backed loans. The bank faces technical challenges in merging traditional banking systems with 24/7 crypto markets and implements rigorous on-chain and off-chain transaction monitoring for risk control. GMC's regulatory framework draws from Singaporean common law and Abu Dhabi's ADGM rules, offering a fast-track licensing process for already licensed firms while maintaining high standards. The initiative is part of Bhutan's longer-term crypto strategy, which includes Bitcoin mining since 2018. The focus, however, is on building a diversified institutional-grade crypto ecosystem—including custody and asset management—rather than retail speculative tokens. Proponents argue such sovereign crypto infrastructure is necessary, and Bhutan's early, measured approach exemplifies the thoughtful integration needed in global finance.

Foresight News2 saat önce

A Country That Mined Bitcoin for 8 Years Has Built Its Own Dedicated Crypto Bank

Foresight News2 saat önce

İşlemler

Spot

Futures

Popüler Makaleler

JUP Nasıl Satın Alınır

HTX.com’a hoş geldiniz! Jupiter (JUP) satın alma işlemlerini basit ve kullanışlı bir hâle getirdik. Adım adım açıkladığımız rehberimizi takip ederek kripto yolculuğunuza başlayın. 1. Adım: HTX Hesabınızı OluşturunHTX'te ücretsiz bir hesap açmak için e-posta adresinizi veya telefon numaranızı kullanın. Sorunsuzca kaydolun ve tüm özelliklerin kilidini açın. Hesabımı Aç2. Adım: Kripto Satın Al Bölümüne Gidin ve Ödeme Yönteminizi SeçinKredi/Banka Kartı: Visa veya Mastercard'ınızı kullanarak anında Jupiter (JUP) satın alın.Bakiye: Sorunsuz bir şekilde işlem yapmak için HTX hesap bakiyenizdeki fonları kullanın.Üçüncü Taraflar: Kullanımı kolaylaştırmak için Google Pay ve Apple Pay gibi popüler ödeme yöntemlerini ekledik.P2P: HTX'teki diğer kullanıcılarla doğrudan işlem yapın.Borsa Dışı (OTC): Yatırımcılar için kişiye özel hizmetler ve rekabetçi döviz kurları sunuyoruz.3. Adım: Jupiter (JUP) Varlıklarınızı SaklayınJupiter (JUP) satın aldıktan sonra HTX hesabınızda saklayın. Alternatif olarak, blok zinciri transferi yoluyla başka bir yere gönderebilir veya diğer kripto para birimlerini takas etmek için kullanabilirsiniz.4. Adım: Jupiter (JUP) Varlıklarınızla İşlem YapınHTX'in spot piyasasında Jupiter (JUP) ile kolayca işlemler yapın.Hesabınıza erişin, işlem çiftinizi seçin, işlemlerinizi gerçekleştirin ve gerçek zamanlı olarak izleyin. Hem yeni başlayanlar hem de deneyimli yatırımcılar için kullanıcı dostu bir deneyim sunuyoruz.

125 Toplam GörüntülenmeYayınlanma 2024.12.12Güncellenme 2026.06.02

Tartışmalar

HTX Topluluğuna hoş geldiniz. Burada, en son platform gelişmeleri hakkında bilgi sahibi olabilir ve profesyonel piyasa görüşlerine erişebilirsiniz. Kullanıcıların JUP (JUP) fiyatı hakkındaki görüşleri aşağıda sunulmaktadır.