Jupiter co-founder SIONG recently raised an interesting topic—the question of whether to continue investing in JUP buybacks.

His logic is straightforward: last year, the company spent over $70 million on buybacks, but the price hardly increased. Since throwing money at it hasn't yielded results, why not change the approach—use that money to incentivize growth for existing and new users? This way, it can increase user engagement and cultivate new strength. After proposing this idea, he also specifically sought feedback from the community.

Solana co-founder Toly then shared his perspective. His view is a bit different—capital accumulation itself is a challenging and arduous process. In the context of traditional finance, it takes ten years or even longer to build up a comparable scale of capital. What does this mean? It means that short-term buybacks may indeed show little effect, but from the perspective of long-term value storage, this move might not be a bad idea.

The clash of opinions between these two industry heavyweights actually reflects a core issue in the development of the DeFi ecosystem: during bear markets or periods of volatility, how should token economics be played? Should the focus be on short-term price support, or on betting on long-term ecosystem development? There is no standard answer to this question, but it’s certainly worth every participant’s careful consideration.