Let's continue following the words of Rui God Actually, whether it's JUP @ sensionggg or HNT, there's one thing they haven't explicitly stated, and it's really hard to say: The real problem lies not in the price, but in the trading volume/liquidity of this coin Making money for projects, spending money for growth, and sharing money for channels Where does the money come from since these numbers are fixed? If it comes from protocol revenue, it's too transparent. LP's revenue sharing cannot be avoided, and the remaining project parties will eat everything. The market will continue to accuse the team of greed under the banner of the so-called "community" (such as Pump) If the team repurchases or distributes dividends, who will be responsible for the allocation mentioned earlier? It can only be withdrawn from the currency Of course, this statement is also inaccurate: how much money a coin can produce depends on the amount of market liquidity (including mortgage loans). High liquidity leads to low shipping discounts, and vice versa The real problem with JUP is that its liquidity has declined too severely - from a few tens of meters last year to 1-2 meters per day now What does this mean? Regardless of whether to repurchase or not, whether it is beneficial or not for your holders, the discount prices of all JUP holdings have significantly decreased. That is to say, whether you are a major JUP investor or a team, if you go to liquid fund OTC to sell JUP quotas with locks, you may have to get a 30% discount A different perspective from Rui Shen is that I don't think this has anything to do with project valuation. I have participated in profit sharing projects worth billions of dollars on the front line, and maintained this valuation for a year due to high internal liquidity Token is not equity, Token is currency. No one would calculate the total FDV of a country's currency and say that it is too expensive or cheap (at most, M2 increment is used as an inflation reference). But if a country has foreign exchange controls and low liquidity, then the real interest rate of this currency must be significantly discounted The true opposition to repurchase has never been the repurchase itself, but rather predictable repurchases aimed at circulation and price control. This approach wastes real money and ignores the real problem: monetary liquidity