Jupiter Under Fire for Token Performance Despite Strong Revenue

While Jupiter continues to roll out an increasingly expansive product suite, the DeFi Superapp’s biggest supporters seem to be running out of patience.

Despite Jupiter funneling millions in buybacks to support $JUP, token holders aren’t holding back from voicing their frustrations. Catdets across Solana are begging Jupiter to introduce new utility to $JUP, fearing that, without changes, a bullish Q4 might leave holders behind.

Why does $JUP’s disgruntled holder base think the asset is struggling, and what are supporters suggesting could turn things around?

JUP/SOL Pair Hits All-Time Low, Holders Disappointed

Jupiter’s outspoken fan base has once again taken to social media to protest the protocol’s supposed apathy towards token holders. For all the DeFi superapp’s growth and success, $JUP’s price performance against $SOL has continued to trend downwards and currently sits at an all-time low.

$JUP price action has even the most devout Jupiter supporters calling for change. While ultimately remaining optimistic, $JUP holders are lamenting that markets are not reflecting Jupiter’s success and influence in the Solana ecosystem. While claiming to continue supporting $JUP, market participants opined that it’s “getting harder and harder”.

Among the suggested changes, supporters are arguing that Jupiter should burn the ‘litter box’, or the protocol’s Strategic Reserve Trust, which currently hoards all $JUP purchased through buybacks. Jupiter’s litter box currently holds ~$52.6M in $JUP, with protocol buybacks continuing to purchase millions of dollars worth of tokens every week. According to DeFiLlama data, ~$2.67M was allocated to buybacks in the last week alone.

Other floated ideas include changing ASR emissions to $SOL, rather than $JUP, to reduce inflation, or giving $JUP specific utilities in Jupiter’s upcoming multichain aggregator, Jupnet.

While underwhelming token performance will undoubtedly lead to frustrated holders, Jupiter COO/Cat Herder Kash Dhanda is receptive to feedback. While outlining several bonuses outside the scope of $JUP buybacks, Dhanda has welcomed constructive discussion around what exactly Jupiter can do to realign $JUP’s value with the growth of the platform.

Holders Call to End Jupuary?

One of $JUP holders' biggest concerns is ongoing token emission through ASR and consequent Jupuarys, or yearly airdrop events. Just over 53M $JUP tokens, valued at ~$24.6M, are released into circulation every month, with another 10% of the supply earmarked for release in 2026’s Jupuary.

Under current circumstances, Jupiter’s ongoing buybacks ($16.67M in the last 30 days) are insufficient to absorb its unlock schedule. As a result, this imbalance has caused some holders to call for the abolishment of further Jupuary airdrop events in an attempt to reduce inflation.

Noting the relative success of $JLP, the liquidity token of Jupiter’s perps exchange, some supporters have suggested ‘merging’ the two assets. Responding to this line of criticism, Jupiter co-founder Siong Ong reasserted that $JUP and $JLP are fundamentally different products, with 50% of perps revenue still going to $JUP buybacks.

Despite frustrations, Jupiter continues to unveil new verticals to its expanding product suite. Earlier in October, Jupiter Studio, the protocol’s native launchpad, announced DTF (Decentralized Token Formation), its take on ICO launches. Additionally, Jupiter has brought its wallet app to the desktop, which is now available as a browser extension.

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