Recently, key figures in the Solana ecosystem have been discussing the development direction of Jupiter, and the core idea is very interesting: "Staking beats buybacks." The logic behind this statement is worth exploring in detail.

Buybacks can directly boost the token price with immediate effects, but the money comes in quickly and leaves just as fast, making it hard to retain genuine long-term capital. Staking, on the other hand, is different—it’s about building a "long-term capital structure." Those willing to lock their tokens for a year can dilute short-term holders through mechanisms, essentially allowing those who believe in the project to gain more rights. The capital accumulation logic starting from 10 years in traditional finance also applies in the crypto world, just with shorter cycles, but the approach remains consistent: slow but steady.

As Solana’s leading DEX, Jupiter’s choice is significant, as it determines whether the project takes the route of "short-term hype" or "long-term barrier building." Opting for staking means the project’s profits are converted into long-term assets, with users locking their tokens to earn yields. As the protocol scales, the rights of long-term holders naturally increase. This effectively provides the project with a "resilience to volatility."

There are two signals for us to pay attention to. First, if Jupiter truly follows this path, the short-term token price may not be as explosive, but its long-term stability will be stronger, suitable for holders who can hold on. Second, this "long-term capital structure" will become a trend in the sector. When evaluating projects in the future, don’t just look at buyback data; instead, check whether they have mechanisms to attract long-term holders.

However, risks must also be considered: staking and locking tokens carry liquidity risks. If your funds are short-term, don’t force yourself into long-term staking. The truly suitable approach is to use idle funds to participate, and only those who are willing to stay with the project for over a year should play.

How can ordinary users follow suit? First, if you hold relevant tokens, pay attention to community votes, and when a staking mechanism is introduced, try a portion of your holdings. Second, when screening Solana ecosystem projects later, prioritize those with long-term capital mechanisms. Third, don’t be swayed by short-term price fluctuations; long-term staking yields are tied to the project’s growth.

Honestly, the "quick profit" logic in the crypto space is becoming less effective. Projects that can accumulate long-term capital are the ones that can survive bull and bear cycles. This advice is actually paving a more stable development path for leading ecosystem projects.