Realtalk. I still think $JUP can go back to $1 But there's one huge problem: Jupiter's cash cow (Perps) is dying. They completely slept on this market A year ago, Perps generated around $8M/month. Today, a good month is closer to $3M. That's roughly $60M in annual revenue gone, representing more than 50% of the protocol's revenue. Which brings us to the next issue: Buybacks have become too small to have much economic or psychological impact Jupiter allocates 50% of revenue to buybacks (and burns?), which currently annualizes to around $24M Meanwhile, Hyperliquid uses 99% of protocol fees for buybacks, currently running at roughly $730M annualized It's pretty clear Jupiter lost significant Perps market share, especially after the cancelled airdrop. What they need now is another spotlight product Hyperliquid has a product that prints millions every month and has a clear vision: becoming the future of finance and trading Jupiter has some of the best products in crypto, but it feels like they have a bit of everything without that one true unicorn that defines the ecosystem You could argue Jupiter doesn't need one because it's becoming the onchain super app. That's a fair point But then basically competing with centralized exchanges is incredibly difficult. They have deeper pockets, stronger incentives, better staking programs, and more resources I really hope Jupiter surprises us with a banger, because at their current size I don't think the buybacks do anything P.S. I like GUM, but I don't think it'll be that unicorn product. In my opinion, it's launching 2–3 years too late into a market that's already crowded with similar products P.S. II. I'm a large $JUP holder and the #1# JUP bull poster, so this shouldn't be FUD. It's simply my honest assessment of where Jupiter stands today and the feedback I'd give the team

RealGo #RealTalk# AMA is coming hot to the community! 🎙️ We are thrilled to invite our CGO & CMO, as special guests to address EVERYTHING the community cares about. What burning questions do you have for them? Drop your thoughts in the comments below!👇

REAL TALK God came down from heaven and walked among us and we fucking killed him and then he rose again!!! Anyway I’m attending mass this evening and you should join me. We’ll get drinks afterwards and you can tell me about your startup or whatever. DM for details

real talk, if you've ever wanted to build something (the app, the store etc) and make a bigger life than the one you were handed, now's the time it honestly fires me up so much we're living through the cheapest, most open moment in history to make something big from nothing

Real talk If you’re on the wrong side during a big move like this, most of your immediate impulses are gonna suck Greatest hits: 1. Revenge short - Can’t believe I missed this piece of shit scam pumping; it’s up so much it HAS to come down 2. Oversized buy - I will use leverage as a time travel machine to make up for being late 3. TA cope - It has to retest the exact level it broke out from immediately because I watched two whole Babypips videos on 1.5x speed 4. All-or-nothing - My only options are 0%. exposure or 100%, nothing in between exists 5. Deer in headlights - oh geez I guess I should wait for a pullback but no what if the consolidation is the pullback hmm maybe I’ll wait for a range to form but what if that range breaks down do I buy the retest of the breakout or the range reclaim oh man fuck shit what’s Ansem saying 6. Overtrader - I will cement my bloodline on the 5 minute chart; if this next candle is the wrong colour I will either be rich or poor Just chill out, delete your levels, pretend you haven’t looked at the chart in weeks - fresh eyes Then it’s the usual list of simple questions: 1. What signals are firing / what do I think is gonna happen 2. What kind of bet am I making (mean reversion/volatility expansion/new trend/momentum/Blackrock scam etc.) and on what time horizon 3. Where am I wrong 4. Does my position size match the current volatility and align with the shape of my trade idea i.e. points 1-3 FWIW I’m washed but gonna try to jam some spot sub 70k. If it gets accepted below 66-67k (retraces the breakout) then I’ll lose money “Wow it’s up so much what you buy the top?” Then I’ll lose money and look silly on social media. That’s the cost of doing business (at least the first one). Just start LARPing like everyone else and instead of saying “I bought the top” say “I aggressively rebalanced when an ensemble of carefully weighed momentum factor signals fired contemporaneously.”

Real talk. If your employer offered you a 401k match and called it a benefit just know they calculated exactly how little they needed to offer to keep you from leaving. It wasn’t generosity. It was retention math. Know the difference.

Real talk: among the top 5 crypto exchanges, our biggest weakness right now is probably institutional business and API trading volume. Time to level up. I’m kicking off an intensive tour to visit our institutional clients, listen to exactly what they need, and build out the best account systems, performing APIs, and better financial products for them. (Here's me hard working at a client's office today 😅)