Jupiter JUP

Commentary versus actual token vesting

Two governance-approved amendments have materially changed the published schedule. The August 2024 supply reduction (executed 26 January 2025) destroyed 3,000,000,000 JUP, eliminated two buckets outright and cut six others; the February 2026 Net-Zero vote postponed and cut Jupuary 2026, paused team emissions indefinitely and accelerated Mercurial vesting. Neither was in the original tokenomics. The team's stated vesting term conflicts with observed behaviour. Jupiter's docs say "1-year cliff followed by 3 years of linear vesting"; trackers record 12 monthly drips after the cliff, and observed releases of 972,220,000 (69.44% of bucket) by month 25 are far ahead of a 3-year linear curve. The project's stated term and the observed schedule cannot both be right. Voluntary relock, no end date. The 466,666,666.67 JUP team cliff tranche was voluntarily relocked for two years — no expiry date published, so the relock cannot be verified as still in force. Team compensation was converted from tokens to balance-sheet credits on 22 February 2026 — team members now sell to Jupiter directly rather than to the market. Off-chain and unverifiable, unlike Jupiter Lock. Mercurial vesting was accelerated rather than delayed — the only bucket that moved faster than schedule, offset by Jupiter buying matching quantities as ~300 tracked wallets sell. Accelerated and unexpected unlocks were priced. Tokenomics.com records historical JUP unlock events averaging −25.3% over the following 9 days, with September 2025 the steepest at −56.1%. Enforcement, where it exists, is real. Team vesting runs on-chain through Jupiter Lock (audited by OtterSec and Sec3) and is publicly inspectable. Locked tokens cannot earn ASR — "team members are only eligible for Active Staking Rewards on tokens that have fully vested."