jupiter processes $1.2b daily volume, hit $2t lifetime, captures 96.7% USDC market share on solana, ships lending/perps/stablecoin/equities, and the token is down 82% from highs at $0.178. the product is becoming solana's financial operating system. the tokenomics are fighting it every step of the way. 96.69% of emissions went to insiders in february. 674m airdrop tokens still unclaimed. DAO postponed jupuary indefinitely. team redirected their own comp away from JUP to credits. when the builders don't want to be paid in their own token, the cap table is telling you something the roadmap won't. 285x revenue multiple on $25m annualized with that emission schedule needs a structural fix before price can reflect the tech underneath