The 2026 Bull Case for JUP
Jupiter generated $184M of 2025 revenue, but JUP was suppressed by 159% supply growth (1.35B → 3.5B) from airdrops + 641M/yr team vesting. February's 'Net-Zero Emission' DAO vote postponed Jupuary indefinitely, removing 33.8% 2026 dilution. Donovan's SOTP (aggregator + perps + JupLend) values JUP at 28% base / 59% bull upside — before crediting JupNet optionality or zero-CAC neobank distribution into 43M onchain wallets. Risks: superapp execution complexity, crypto cyclicality, and the DAO's ability to vote emissions back.