#流动性激励与收益 Jupiter shifts from a $70 million buyback to staking rewards, and this change is worth pondering. Honestly, I've seen many cases where simply throwing money into buybacks can't sustain the price—tokens without real utility or revenue support, no matter how many burn mechanisms are in place, only address the surface issue.

The key point is that Anatoly's proposed staking model hits the pain point: providing holders with a tangible cash flow expectation. According to Fabiano's calculations, using the same $10 million for staking rewards can generate a 25% APY, which is far more effective in retaining long-term players than invisible "liquidity incentives."

From a copy-trading perspective, this kind of protocol-level adjustment can directly influence ecosystem traders' willingness to hold positions and their risk appetite. If staking yields are attractive enough, more stable traders will deposit funds on this chain rather than chasing short-term volatility. Conversely, this also changes our considerations when selecting copy-trading targets—improved fundamentals and more stable holding periods and strategies from top traders.

Ultimately, execution is key. A programmatic, transparent incentive mechanism sounds perfect, but the real test lies in whether it can be sustained and whether the market accepts it. If JUP can hold steady or even rebound after this adjustment, other projects might have to follow suit and iterate their own incentive models.