Let's follow what Rui said and continue. In fact, whether it's JUP @sssionggg or HNT, there's one thing they haven't explicitly stated, and it's indeed hard to say: The real issue is not about the price, but about the trading volume/liquidity of this coin. To make money from a project, growth requires spending, and channels need to share profits. These ratios are constants, so where does the money come from? If it comes from protocol revenue, it's too transparent. The LP's profit-sharing can't be avoided, and the remaining project team will take it all, leading the market to claim under the so-called "community" that the team is greedy (like Pump). If the team buys back or distributes dividends, then who will cover the ratios mentioned earlier? It can only come from the coin itself. Of course, this statement isn't entirely accurate: how much can the coin provide depends on how much market liquidity there is (collateralized lending counts too). High liquidity means lower discounts when selling, and vice versa. The real problem with JUP is that liquidity has severely declined—from tens of millions last year to now 1-2 million daily. What does this mean? Regardless of whether there is a buyback or not, it doesn't benefit you as a holder; the discount price for all JUP holders has already significantly shrunk. In other words, whether you are a large JUP holder or part of the team, if you go to find a liquid fund OTC to sell locked JUP amounts, you might have to take a 70% discount. A viewpoint different from Rui's is that I don't think this has anything to do with project valuation. I have participated in dividend projects valued at over a hundred billion dollars, relying on high internal liquidity to maintain that valuation for a year. Tokens are definitely not equity; tokens are currency. No one calculates the total FDV of a country's currency to say whether it's too expensive or too cheap (at most, the M2 increment is used as a reference for inflation). However, if a country has foreign exchange controls and low liquidity, then the actual interest rate of that currency will definitely be significantly discounted. The real opposition to buybacks is never about the buyback itself, but about predictable buybacks aimed at controlling circulation and price. ...