[A Letter to the Jupiter Team] Let me introduce myself first. I write everything in Korean, so my words rarely travel outside Korea. Meow, Siong, Kash — you probably have no idea who I am. But if someone in Korea knows Jupiter, there's a good chance they know me. That's how much Jupiter means to me. Since the day Jupiter launched, I've been drawn to the team's capability, the founders' philosophy, and the position Jupiter holds in this market. I've spent the years since sharing every meaningful thing Jupiter does with a Korean audience. So let me be clear about one thing up front. This letter isn't written to attack Jupiter. It's written for Jupiter. 1/ I believe the biggest crisis is that the conversation has stopped Jupiter once cared about talking with its community enough to hold a Planetary Call every single week. That philosophy — that original instinct — isn't visible anymore. After Meow stepped away from the screen, the frequency and the depth of that communication kept shrinking, month after month. Today, Jupiter mostly makes announcements on X. I know Kash has filled much of the space Meow left, and I'm sure there were good reasons for Meow to step back. But it feels like riding in a car whose engine is slowly dying. Jupiter's ability to communicate is fading. And what's left has become one-directional. Promote the product, ask people to try it, ask for feedback, shout Just Use Jupiter. The reason none of that lands is simple: the team only talks about what the team thinks is important. There's no conversation about what the community is actually worried about. That's why people are growing cynical about those calls to action. I think back to when Meow announced the 555 Plan. Jupiter didn't communicate like this then. Meow was curious about what everyone had to say, and genuinely tried to listen. Not all of it made it into the plan, but you could feel the sincerity just by watching the video. That's gone now. What's left feels like communication for business purposes. Marketing, not dialogue. 2/ Net-Zero Emissions was excellent. Which is exactly why it now needs a review Please don't misread me. I rate Net-Zero Emissions highly. Buybacks ran every month, and the price still fell. What's causing this? The hypothesis: buybacks < unlock supply. The solution: Net-Zero Emissions. More than the strategy itself, what I admired was the process — diagnosing the problem, forming a hypothesis, and shipping a solution against it. But now the time has come to evaluate that hypothesis. Unlocks are at zero. Staked supply keeps rising. The buyback hasn't stopped. And the price hasn't moved. This is not me complaining that my bag is down. If the hypothesis had been right, the outcome would look different. The fact that it doesn't means it's fair to consider that supply may never have been the real problem. This is the moment to ask the same questions you asked back then. Why did we do Net-Zero Emissions? What did we learn from it? How do we apply what we learned to where we are now? I don't see those forward-looking questions being asked anywhere. Honestly, Jupiter right now looks to me like a ship without a captain. I still believe the team's capability and dedication are the best in this industry. But I can't see the direction or the strategy. It looks like we're just shipping products. Prediction markets, card trading, the Robinhood chain. A trend appears, and we build a product for it afterward. Always afterward. Couldn't Jupiter have built these first? The wave the Robinhood chain created was exactly the kind of moment GUM should have captured head-on. We keep arriving one beat late. 3/ So here's what I'm asking for Please run the same process that produced Net-Zero Emissions one more time. Examine what the real problem is. Form a new hypothesis. Move toward a new strategy. And in that process, let the market's voice count, not just the team's judgment. I don't mean the version where the answer becomes "we asked for your input and none of you said anything." Listen first to what people are already saying and asking. Explain yourselves properly. Then people will talk, and the feedback will come. Don't ask for opinions first. Answer the questions people are already asking. And in that process, please listen to the people criticizing you too, not only the ones praising you. Talk it through properly, then let the community vote on the direction. That's the process Meow drew up in the first place. Honestly, we once ran ASR votes on matters that didn't seem to carry much weight. Now, when communication and ASR are genuinely needed, it's quiet instead. That's what I find saddest. Enough time has passed to evaluate Net-Zero Emissions. Market sentiment has recovered. And yet Jupiter's revenue keeps falling. I know the responses available here: there isn't enough trading on Solana, other Solana apps are facing the same thing. But I'd argue the opposite. Jupiter is a project, and a team, with the potential to create Solana's era rather than wait for it. This is a real problem, and it's time to feel the urgency. A crisis for one is always an opportunity for another. @weremeow @sssionggg @kashdhanda @JupiterExchange