Command P

[Command P @commandplusp]

F*cking legend leading a much needed culture shift.

[Armani Ferrante @armaniferrante]

I didn't come into crypto 9 years ago to launch a shit coin.

I didn't come into crypto to get rich quick.

I came into crypto because I believe it's going to change the world, and that the industry was something worth dedicating my life to.

But somewhere along the way, amidst the booms, the busts, the moonshots, the decentralization theater, and the straight up scams, we lost our way.

I don't know about you, but I'm just tired of false promises. And that's what most things are today, simply promises. We live in the most centralized era crypto has ever experienced, and the more centralized something is, the less meaningful a token is.

While it's tempting to want to commit to these same promises, what happens if the team gets acquired? What happens if we want to re-invest into growth? What happens if we divert our time, energy, and resources out of band and circumvent the token altogether? What happens when the team and investors unlock? For many projects, the honest answer to these questions is not pleasant, and you see it in the price chart over and over again.

Unless something is completely decentralized to the point where an immutable protocol can function with the team having retired in the Bahamas sipping pina coladas all day, then utility is just a promise. Often that promise is admirable and well intentioned--but ultimately an unenforceable promise nonetheless. Outside of BTC, ETH, SOL, and a few others, nothing really passes this test. Noble new token models have emerged to solve this problem (shout out to MetaDAO), and today, we introduce our own.

Users that stake the Backpack token for at least a year will have the opportunity to exchange those tokens for equity at a fixed ratio--20% of the company today.

It's such a simple idea, but as far as I'm aware, this is the first time a user has been able to earn the equity of a company by just using the product. So obvious in hindsight, and something I hope others start to adopt as they march on their path to progressive decentralization--both in crypto and outside of the industry.

We have a lot more utility coming, things we'll share over the coming weeks, months, and year. As the Backpack community grows, we will decentralize the token, offering new things over time, some centralized like our equity offering, some decentralized as our product evolves. In the limit, I expect the token to represent more than anything a single company has to offer, but in the short run, it's the best we can do to show our long term commitment to our users.

I've said it before and I'll say it again. I can't promise anything. The only thing I can promise is commitment.

We go big or we go home--together, actually together.

[ESPN @espn]

OH MAMA DON'T YOU CRY 🦅

USA HOCKEY IS GOLDEN FOR THE FIRST TIME SINCE 1980 🥇🇺🇸

[Command P @commandplusp]

🇺🇸🇺🇸🇺🇸

[Command P @commandplusp]

@MrFib011235813 $HYPE is dominating.

[Command P @commandplusp]

@NotStewii @DefiLlama @carbium I'll have to check @carbium out.

@Raydium and @orca_so are OG.

I've been pretty impressed @Titan_Exchange. They don't have a token yet though.

[Command P @commandplusp]

How expensive will $JUP's decision to retroactively cancel Jupuary be?

It's early but both Jupiter aggregator and Jupiter Perps volume has fallen significantly @DefiLlama.

$JUP daily Perps volume fell to $100M yesterday. Down 80% from a month ago. $HYPE did $6B yesterday.

[Command P @commandplusp]

@CryptoSyke @Titan_Exchange @nadoHQ @krakenfx No worries. 🫡

[Command P @commandplusp]

@Skyler_Tea Hopefully it’s applied retroactively, too.

There has been an increasing amount of suspicious activity over the past 6 months.

For instance, large accounts justifying unethical actions from crypto protocols. Activities that would be illegal in the real world.

[Command P @commandplusp]

$JUP aggregator daily volume was $300M. Down around 80% from a month ago.

Burning users rarely works out well. A lot of them won't come back.

I imagine there will be a new market leader on @solana within 6-12 months.

@JupiterExchange left the door open.

[Command P @commandplusp]

@10xtradingapp I agree. https://t.co/F77pqtR88t had higher fees as well.

Hyperliquid is obviously awesome. I’m excited about Nado as well.

[Command P @commandplusp]

I’m raising concerns about the @JupiterExchange “Jupuary” promotion and what happened after users relied on it.

Users were told they’d receive $JUP tokens based on swap volume inside the mobile app.

[Command P @commandplusp]

@gmarua0 @FabianoSolana It's been over a year since the last Jupuary. The price has tanked by 80% since then.

Only the $MER holders and the $JUP team had access to additional unlocked supply during that period of time.

If anyone is ruining it for $JUP bagholders....it's $MER holders and the team.

[Command P @commandplusp]

@anglio @0x_abu The attitude of the Jupiter team is shocking. I've never seen anything like it. It costs a ton of money to acquire customers.

The smugness of their responses is burning everything they built over the course of 5 years to the ground.

[Command P @commandplusp]

@bcs_bbt There is one company that ran a promotion for a year while charging exorbitant fees to increase their revenue. While operating a predatory liquidation engine.

Then retroactively canceled the the incentive after the fact.

Leaving their user base hanging.

[Command P @commandplusp]

@0x_abu @anglio The opposite side of that argument would be:

LMAO, $JUP must really need need the money if they can't follow through on their commitments?

[Command P @commandplusp]

@FabianoSolana @legolas__sol It's amazing people have used Jup products for years. Driving revenue for $JUP. And the entire ecosystem has labeled them as farmers.

I can't imagine AMEX failing to honor it's point system. It's nuts.

It's almost like the Jup doesn't want people to use their products anymore.

[Command P @commandplusp]

@DeFiKev @JupiterExchange Share your thoughts with @AppStore & @GooglePlay.

Here are some steps you can take:

https://t.co/1nXnLWtje9

[Command P @commandplusp]

I’m raising concerns about the @JupiterExchange “Jupuary” promotion and what happened after users relied on it.

Users were told they’d receive $JUP tokens based on swap volume inside the mobile app.

[Command P @commandplusp]

@notLugo Share your thoughts with @AppStore & @GooglePlay.

Here are some steps you can take:

https://t.co/1nXnLWtje9

[Command P @commandplusp]

I’m raising concerns about the @JupiterExchange “Jupuary” promotion and what happened after users relied on it.

Users were told they’d receive $JUP tokens based on swap volume inside the mobile app.

[Command P @commandplusp]

@TommyEgan357 Share your thoughts with @AppStore & @GooglePlay.

I wrote a thread on the steps you can take:

https://t.co/1nXnLWtje9

[Command P @commandplusp]

I’m raising concerns about the @JupiterExchange “Jupuary” promotion and what happened after users relied on it.

Users were told they’d receive $JUP tokens based on swap volume inside the mobile app.