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## エグゼクティブサマリー 主要な**SolanaベースのDeFi**コングロマリットである**Jupiter**は、約**4,200万ドル**相当の**1億2,100万JUPトークン**の**大幅な焼却**と、分散型自律組織（DAO）の包括的な再構築を提案しました。この戦略的転換は、プラットフォームが**第3四半期に4,500万ドル**の堅調な収益（年間換算**1億8,000万ドル**）を報告したにもかかわらず、**JUP**トークンの時価総額が**30億ドル**から**11億ドル**に減少したという、**JUP**トークンの継続的なパフォーマンス不振に対処することを目的としています。このイニシアチブは、ガバナンスを合理化し、トークンの有用性を高めることで、**JUP**の価値提案を単純化し、投資家の関心を再燃させることを目指しています。 ## イベント詳細 2025年10月15日、**Jupiter**は**JUP**トークンとガバナンスモデルに関する一連の改革を発表しました。これらの変更には、**Litterbox戦略的準備金**からの**1億2,100万JUP**トークンの焼却提案が含まれ、これは流通供給量の約**3.8%**に相当します。さらに、**JUP**トークンのアンステーク期間は**30日から7日**に短縮され、保有者の柔軟性を高め、参加を促すことを目指します。プラットフォームの**DAO**は大幅な見直しを受け、収益配分や長期的なトークン戦略など、「主要なトークノミクスと財務決定」にのみ焦点を当てるように投票が縮小されます。これは、コミュニティが「マイクロプロポーザルの時代」と呼んでいたものからの転換を示し、「ガバナンス疲れとインフレ」の懸念に対処するものです。 ## 市場への影響 **Jupiter**が提案したトークン焼却とガバナンスの簡素化は、**JUP**トークンおよび広範な**DeFi**エコシステムに多面的な影響を与える可能性があります。短期的には、**1億2,100万JUP**トークンの焼却による流通供給量の削減は、一部の投資家によって一時的な価格上昇のきっかけと新たな取引関心をもたらすと予想されます。長期的には、戦略的調整が**JUP**の価値提案を明確にし、その有用性を高めることに成功すれば、持続的な成長を促進する可能性があります。この動きはまた、特に**Solana**エコシステム内の、成熟しているが過小評価されている他の**DeFi**プロトコルにとって、トークノミクスを管理し、有用性と複雑さに関するコミュニティの懸念に対処する方法について潜在的な先例を設定します。市場の現在の**JUP**の評価は、ピーク時から下落し、約**11億ドル**の時価総額であり、これは**Jupiter**が現在積極的に軽減しようとしている「複雑性税」を反映しています。 ## ビジネス戦略と市場ポジショニング **Jupiter**は、分散型取引所（DEX）アグリゲーターから、「DeFiコングロマリット」または「スーパーアプリ」へと進化しました。これには、永久契約取引、ミームコインローンチパッド、流動性プール、レンディング、リキッドステーキング、ポートフォリオトラッカーなど、多様な製品スイートが備わっています。プラットフォームの**第3四半期収益は4,500万ドル**で、年間換算**1億8,000万ドル**に上り、その堅調な事業パフォーマンスを強調しています。しかし、**JUP**トークンはこの成功を反映しておらず、「有用性の欠如」や投機的資本にとって「安全すぎる」という認識につながっています。COOの**Kash Dhanda**とCTOの**Siong Ong**が主導する戦略的見直しは、**JUP**の「新たなスタート」を創出するために設計されています。**DAO**を影響力の高い決定に集中させ、トークンのメカニズムを簡素化することで、**Jupiter**は「JUPへの価値経路をよりシンプル」にすることを目指しています。この戦略は、**jupUSD**ステーブルコインや**Kalshi**との提携で開発された予測市場など、新たな製品のパイプラインによってさらに裏付けられており、より多くの経済的価値を直接**JUP**トークンに統合することを目的としています。 ## 専門家コメント 業界のオブザーバーは、**Jupiter**の包括的な製品提供は、堅牢であるにもかかわらず、「複雑性税」の一因となっており、**JUP**トークンの物語を投資家がモデル化するのを困難にしていると指摘しています。この状況は**イーサリアム**と比較されており、相互に関連する多数のビジネスが、価値の捕捉が明確になるまで市場に割引を適用させる可能性があります。チームがこれらの問題を認識し、トークン焼却や**DAO**再構築などの対策を実施することは、重要なステップと見なされています。このイニシアチブは、**JUP**を単なるガバナンストークンとしてではなく、拡大するエコシステムの中核的な経済資産として再 posicionar することを目指しています。専門家は、これらの調整が成功すれば、**JUP**に対する認識が「安全で広範なオペレーター」から、よりダイナミックで「刺激的な賭け」へと変化し、より幅広い投資家を引き付ける可能性があると示唆しています。
## Executive Summary The cryptocurrency market has experienced significant shifts driven by converging regulatory, developmental, and speculative forces. The new US administration has signaled a definitive pro-crypto stance through executive actions and key appointments, aiming to establish regulatory clarity and encourage innovation. Concurrently, the **Ethereum** ecosystem is navigating substantial internal divisions and strategic debates, leading to market underperformance relative to its peers. Meanwhile, the **Solana** network witnessed an extraordinary surge in activity, largely fueled by memecoin launches, which tested its infrastructure while demonstrating its capacity for high transaction volumes. ## The Event in Detail: US Regulatory Shift President **Donald J. Trump** signed an executive order titled "Strengthening American Leadership in Digital Financial Technology," which promotes self-custody, mining, and uncensored transactions. This order explicitly revokes the previous administration's crypto executive order and prohibits federal agencies from undertaking actions to establish central bank digital currencies (CBDCs). A **Presidential Working Group on Digital Asset Markets** has been established to develop a federal regulatory framework for digital assets, including stablecoins, and to evaluate a strategic national digital assets stockpile. Key pro-crypto appointments reflect this policy shift. **Caroline Pham** was named Acting Chair of the **CFTC**, **Travis Hill** as Acting Chair of the **FDIC**, and **Mark Uyeda** as Acting Chairman of the **SEC**. Notably, **Hester Peirce** is leading a new **SEC** crypto task force aimed at creating a "sensible regulatory path." Further solidifying this new direction, the **SEC** rescinded Staff Accounting Bulletin (SAB) No. 121. This rule previously required institutions to record client crypto assets as liabilities, creating operational and financial hurdles for banks offering custody services. Its rescission removes a significant barrier, paving the way for greater financial integration of cryptocurrencies by major banking institutions. This policy reversal is expected to accelerate institutional engagement in the digital asset sector, fostering a more robust and regulated market environment. ## The Event in Detail: Ethereum's Internal Divisions The **Ethereum** community is facing an "existential crisis," as highlighted by the "Mirror" report commissioned by the **Ethereum Foundation** from research group WE3. The report, based on over 60 interviews, identified eight distinct factions within the community and a lack of consensus on **Ethereum**'s core identity and long-term vision. This internal strife is seen as a critical challenge to the protocol's future evolution and competitive standing. Governance concerns have emerged, with discussions around potential conflicts of interest among insiders influencing protocol development. The **Ethereum Foundation** itself has undertaken structural changes, including committing **50,000 ETH**, approximately **$165 million**, to DeFi protocols to replenish its treasury, which had reportedly shrunk by **39%** over the past three years. These efforts aim to address internal struggles and policy adjustments. Despite these efforts, **ETH** has consistently underperformed against **BTC** and **SOL** for approximately three years. The report also points to a "layer 2 conundrum," where the proliferation of **Layer 2 (L2)** solutions captures the value of block space, potentially contributing to "negative momentum" in the **ETH** price. Recent leadership changes saw **Hsiao-Wei Wang** and **Tomasz Stańczak** appointed as co-executive directors, with **Aya Miyaguchi** transitioning to president, in an attempt to enhance technical expertise and community engagement. ## The Event in Detail: Solana's Memecoin Surge The **Solana** network experienced unprecedented activity, largely driven by the launch of **$TRUMP** and **$MELANIA** memecoins by the **Trump** family. The **$TRUMP** memecoin surged from under **$10** to a peak of **$74.59**. The subsequent launch of the **$MELANIA** token triggered a sharp reaction, causing **$TRUMP** to plummet by **50%** at its lowest point, shedding **$5 billion** in market capitalization within 40 minutes. This memecoin activity propelled **Solana** to record-breaking decentralized exchange (DEX) volumes, reaching **$28.2 billion** and **$39.2 billion** on January 19th and 20th, respectively. This peak day exceeded the previous all-time daily high across all blockchains combined, with over **10%** of **Solana**'s all-time cumulative volume occurring within the seven days surrounding the **$TRUMP** launch. By September 2025, **Solana**'s DEXs recorded **$1.21 trillion** in cumulative volume, outpacing **Ethereum** (**$400 billion**) and **BNB** (**$761 billion**) combined, achieving over **50%** DEX market share. The surge, while demonstrating **Solana**'s high transaction processing capacity (65,000 TPS) and sub-penny fees, also stressed the network. The **Jito** block engine API experienced degraded performance for over three hours, median priority fees jumped **5000x**, non-vote transaction count fell **66%**, and compute units per block fell **50%**. ## Market Implications The shift in U.S. regulatory policy under the new administration is poised to significantly accelerate institutional capital flow and innovation within the country's digital asset sector. The rescission of **SAB 121** explicitly removes a key financial impediment for traditional banks, fostering clearer pathways for corporate adoption of crypto-related services. This move positions the U.S. to potentially attract substantial investment and development in **Web3** technologies, offering a more predictable operating environment compared to previous enforcement-heavy approaches. Conversely, the internal debates and underperformance within the **Ethereum** ecosystem introduce considerable uncertainty for its future market positioning and investor sentiment. While leadership aims to balance scalability and decentralization, the "layer 2 conundrum" suggests that **Ethereum**'s core asset, **ETH**, may continue to struggle against competitors like **Solana** without a clear resolution to its economic and governance challenges. Continued underperformance could lead to a further erosion of market share, particularly as other Layer 1s demonstrate superior transaction efficiency and lower costs. **Solana**'s experience with memecoin-driven activity underscores the dual nature of virality in the crypto market. While such events can generate immense network activity and revenue, as evidenced by its record **DEX** volumes and growing institutional interest—public companies now hold **5.9 million SOL** in corporate treasuries—they also expose infrastructure vulnerabilities. The technical strain experienced during the **Trump** memecoin launches highlights the need for robust scaling solutions, even for high-throughput chains. Despite challenges like validator centralization and high user churn, **Solana**'s ability to handle massive speculative volume positions it as a significant competitor in the Layer 1 landscape, appealing to users and institutions prioritizing speed and cost-efficiency. ## Broader Context The divergence in performance and sentiment across these major crypto narratives signals an evolving market structure. Regulatory tailwinds in the U.S. may foster a more mature and integrated financial ecosystem for digital assets, potentially drawing traditional finance deeper into crypto. Simultaneously, the internal struggles of a foundational blockchain like **Ethereum** and the spectacular, yet volatile, rise of memecoin activity on platforms like **Solana** illustrate the complex interplay of technological development, community governance, and speculative retail interest that continues to define the broader **Web3** landscape.
## Executive Summary 21Shares has launched the 21Shares Jupiter ETP (AJUP) on the SIX Swiss Exchange, providing European institutional investors with regulated exposure to Jupiter (JUP), the primary liquidity engine on the Solana blockchain. This development expands 21Shares' crypto ETP offerings and integrates a key decentralized finance (DeFi) protocol into traditional financial markets. ## The Event in Detail On September 30, 2025, 21Shares AG, an issuer of cryptocurrency exchange-traded products, announced the launch of the 21Shares Jupiter ETP, trading under the ticker **AJUP**, on the SIX Swiss Exchange. The ETP offers investors transparent and institutional-grade access to **Jupiter (JUP)**. Key financial specifications for the ETP include a 2.5% fee and availability in USD and EUR currencies. The product's ISIN is CH1480821383. Jupiter is noted for powering over 90% of Solana's trade aggregation, routing transactions across more than 20 decentralized exchanges. The platform has recorded over $1 trillion in lifetime trading volume and consistently maintains approximately $8 billion in weekly volumes over the past two years. ## Market Implications The introduction of the AJUP ETP signifies a further integration of crypto assets into traditional financial frameworks, providing regulated pathways for institutional capital into the Solana DeFi ecosystem. Jupiter's comprehensive platform extends beyond trade aggregation to include perpetual futures, limit orders, dollar-cost averaging, and a token launchpad. Its liquid staking derivative, **JupSOL**, is the fourth-largest staking derivative on Solana, and its lending marketplace, **JupLend**, launched in August 2025, has accumulated over $750 million in total value locked (TVL). These innovations collectively generate multiple revenue streams for the protocol, supporting the long-term growth potential of JUP. ## Expert Commentary Mandy Chiu, Head of Financial Product Development at 21Shares, stated that "Jupiter has cemented itself as the backbone of liquidity on Solana and is evolving into one of the most comprehensive DeFi hubs in the industry." She further emphasized that by listing AJUP, 21Shares is "giving investors institutional-grade access to a key pillar of Solana's growth story, and a project that is pushing the boundaries of what decentralized finance can achieve." This perspective highlights the strategic importance of Jupiter within the burgeoning Solana ecosystem and its role in broadening institutional engagement with DeFi protocols. ## Broader Context Jupiter's strategic roadmap includes the development of **JupNet**, an ambitious multi-chain liquidity network aimed at unifying liquidity across various blockchains. Currently in testnet, JupNet is slated for a public beta launch in late July or early August 2025, with a mainnet launch expected by year-end. JupNet is designed as an omnichain Layer 1 blockchain, featuring innovations such as DOVE (Decentralized Oracles that Validate and Execute) nodes, an optimized Jupiter SVM (Solana Virtual Machine), and an Omnichain Ledger Network for interchain verification. This expansion beyond Solana aims to position Jupiter as a cross-chain brokerage layer, tapping into the broader crypto ecosystem. Jupiter's market position is characterized by its first-mover liquidity, evidenced by $61.2 billion in Q2 trading volume and a 42% DEX aggregator dominance. The broader DeFi landscape on Solana has demonstrated significant growth, with its TVL reaching $20 billion as of May 2025. While the ETP launch provides a bullish outlook, potential risks include market competition from new entrants like Bullet L2 and dilution risks associated with token unlocks. For instance, a 53.47 million JUP unlock in late September 2025, valued at approximately $0.426 per token, historically led to 5-10% price drops, similar to a 9% dip observed after a July 2025 unlock. 21Shares currently manages over $11 billion in assets under management (AUM) and offers over 50 physically backed crypto ETPs, reinforcing its leadership in regulated crypto product offerings globally.
## Executive Summary The cryptocurrency market faces a pivotal week marked by the distribution of $1.6 billion to FTX creditors, the mainnet launch of Bitcoin (BTC) staking on Starknet, and critical regulatory discussions in the United States. Concurrently, several major token unlocks, including **SUI** and **EigenLayer**, are poised to introduce significant supply to the market. These developments collectively contribute to an environment of anticipated market volatility and strategic re-evaluation within the Web3 ecosystem. ## The Event in Detail ### FTX Creditor Distributions The FTX bankruptcy estate is initiating its third major payout, distributing approximately $1.6 billion to creditors beginning September 30. This disbursement is part of an ongoing Chapter 11 reorganization process. Payout percentages range from 78% to 120% of original FTX account balances as of November 2022. Convenience class creditors, representing 99% of the creditor base, are slated to receive approximately 120% of their original balances. Other classes, including Dotcom customer entitlement claims (Class 5A), U.S. customer entitlement claims (Class 5B), general unsecured claims (Class 6A), and digital asset loan claims (Class 6B), will see cumulative distributions of 78%, 95%, and 85% respectively. The estate has recovered over $15 billion, with total repayments exceeding $7.8 billion to date, leveraging cash reserves, clawbacks, and asset sales such as Sam Bankman-Fried's stakes and significant token holdings like **Solana** and **SUI**. Eligible creditors will receive funds through selected providers including **BitGo**, **Kraken**, or **Payoneer**. ### Starknet's BTC Staking Integration Starknet is rolling out a significant upgrade to launch Bitcoin (BTC) staking on its mainnet on September 30. This initiative allows Bitcoin holders to participate in Starknet's consensus mechanism, with BTC staking weight set at 0.25, accounting for 25% of the total consensus power. **STRK** will cover the remaining 75%. Initially, the system supports wrapped **BTC** derivatives such as **WBTC**, **LBTC**, **tBTC**, and **SolvBTC**, with future plans to expand through governance. The staking release period has been reduced from 21 days to 7 days for both BTC and **STRK** stakers. This move aims to convert Bitcoin's status as a passive store-of-value into an active, yield-generating asset, potentially boosting Starknet's Total Value Locked (TVL) and enhancing **STRK** utility. ### Key Regulatory Developments The week includes key regulatory events in the United States. The **SEC** and **CFTC** are scheduled to host a joint roundtable on shared priorities at 1:00 PM EST. Additionally, the U.S. Senate Finance Committee will hold a hearing on digital asset taxation at 10:00 AM EST on October 1. This hearing is expected to address how existing tax laws apply to cryptocurrencies and evaluate the need for new legislation, potentially building on recommendations for digital assets to be recognized as a separate asset class. These discussions occur amidst a looming September 30 deadline for government funding, which could lead to a shutdown and potentially postpone the Senate hearing. ### Lido DAO V3 Upgrade **Lido DAO** is advancing its **V3 Protocol** upgrade, which introduces **stVaults**. This new primitive enables staking through user-defined validator setups, offering optional **stETH** liquidity. **stVaults** are non-custodial smart contracts that delegate **ETH** to chosen node operators while maintaining withdrawal credential control. Stakers can define parameters such as fees, Maximal Extractable Value (MEV), and custody options. The upgrade aims to increase flexibility and decentralization in Ethereum staking, complementing the existing **Core Pool** model that continues to offer a 1:1 **ETH** to **stETH** ratio. A Snapshot vote related to the **stVaults Committee** is ongoing until September 29, 2025. ### Upcoming Token Unlocks Significant token unlocks are scheduled for October 1, potentially increasing market supply and volatility. **SUI** is set to release 44 million tokens, representing 1.23% of its circulating supply, valued at approximately $138 million. Concurrently, **EigenLayer** will unlock 38.82 million **EIGEN** tokens, which constitutes 13.77% of its circulating supply, valued at approximately $62.59 million. Other tokens, including **Ena** and **Immutable**, are also slated for unlocks. ## Market Implications The convergence of these events suggests an environment of heightened market sensitivity. The substantial **FTX** creditor payout, while resolving historical liabilities, introduces a considerable sum of newly liquid capital into the market, which could result in selling pressure if recipients opt to convert their reimbursements into fiat or alternative assets. Starknet's **BTC** staking initiative represents a strategic move to integrate Bitcoin's liquidity into the Layer-2 ecosystem, potentially enhancing its TVL and network utility, thus positioning it more competitively against rivals like Babylon. However, its capped consensus weight at 25% ensures **STRK** maintains primary network security. Regulatory discussions by the **SEC**, **CFTC**, and the Senate Finance Committee could provide much-needed clarity on digital asset classification and taxation, or conversely, introduce further uncertainty depending on their outcomes. The potential for a government shutdown adds an unpredictable variable to the regulatory timeline. Finally, the significant unlocks of **SUI** and **EigenLayer** tokens are expected to dilute existing supply, placing downward pressure on prices for these specific assets, as has been observed with similar large-scale distributions in the past. ## Broader Context These developments reflect a maturing, albeit still volatile, cryptocurrency landscape. The **FTX** payouts underscore the arduous process of recovering from major exchange failures, while also demonstrating the increasing capacity of bankruptcy estates to navigate complex digital asset recoveries. Starknet's foray into **BTC** staking highlights a broader trend within the Web3 ecosystem to leverage Bitcoin's substantial market capitalization for enhanced network security and DeFi utility across various Layer-2 solutions. This innovation also signals a strategic competitive differentiator, with Starknet aiming to integrate Bitcoin into a composable ZK-rollup environment, unlike some competitors focused on non-custodial native **BTC** staking. Regulatory dialogues are critical for fostering institutional adoption and providing a stable operating environment for crypto businesses in the U.S., with the outcomes of taxation hearings potentially influencing future investment and development. The ongoing **Lido V3** upgrade exemplifies the continuous innovation in decentralized finance, particularly in liquid staking, aiming to offer greater flexibility and user control over staked assets while maintaining protocol robustness. The pattern of large token unlocks remains a recurring feature of the market, necessitating continuous monitoring by investors to assess supply-side dynamics.