Talking about Jup randomly On the first day of the Lunar New Year, you can't be lazy either. Today, silly brother took a rough look at JUP. Jup's destruction and repurchase is one of the few projects in the market that is still causing trouble. It is worth mentioning: 1. Silly brother thinks it's difficult to match the previous round Uni, which had two buffs and no jup. 2. One is the pioneering AMM, which has a very high premium; What is Jup Wood's innovation from 0 to 1. Back then, Uni's products were very niche, sharp, and hit the nail with just one strike. Today, JUP is a hodgepodge, and DEX is not just a layer, but also fed by AMM below. 3. Secondly, the era of Uni was the era of copycat bull markets, with better timing than Jup. Uni can enter the top 10 of crypto, Jup couldn't have this fate. Returning to the valuation issue: 1. Currently, it is the peak period of Sol's ecosystem (based on Melania's testing, it is difficult to continue to soar and the chain is starting to get stuck). Based on the current repurchase rate, the annual repurchase can reach 400 million yuan. 2. 400 million repurchase, supporting FDV of 8 billion and PE of 20 times, is actually not underestimated. 3. I think the most likely outcome is that as the Sol ecosystem recovers and repairs, Jup's market value will decline Regarding recent trends: 1. Destroying 30% of the chips did not elicit much response from the market; But as soon as the 50% repurchase news came out, the market rose by 20%. Falling and then rising again. 2. Overall weaker than expected. It may be due to the unlocking of market share for the Danyu team in February. The good news these days is for the opening of the market in a few days, so the market response is lukewarm. The myth of token economy: 1. The proportion of teams is 50%, and those that can be controlled are 60%, which is quite tragic. A team may not necessarily commit wrongdoing, but there is a lot of room for wrongdoing. 2. Silly brother couldn't find the unlocking status of each part, and there are also some complaints in the community that the unlocking table is not disclosed. If the project party deliberately does it, it would not be very generous. If you know the investing schedule for each section, please let me know. imagination: 1 Jupiter + Moonshot + Meteora， Basically delineates the fluidity of the Sol ecosystem. To summarize: Jup is a project that is at a short-term high point, has good fundamentals, and has great team operational space. Silly brother will continue to observe.