In Uncommonlab Weekly Alpha, we compile and share newly emerging crypto alpha opportunities each week.

• A major incident occurred at the South Korean cryptocurrency exchange Bithumb, where a system error during a self-hosted “Random Box” promotional event led to the erroneous distribution of a large amount of BTC to users.

• Instead of awarding 2,000 KRW to each of the 249 winners, the system mistakenly credited 2,000 BTC due to a unit selection error. Some recipients immediately sold the BTC at market price, causing BTC on Bithumb to briefly trade at levels up to 17% lower than on other exchanges.

• After recognizing the mistake, Bithumb restricted trading and withdrawals for the affected users. However, some individuals had already sold the BTC and completed withdrawals before the restrictions were implemented.

• On February 8, Bithumb announced its own compensation plan. Nevertheless, Lee Chan-jin, Governor of the Financial Supervisory Service (FSS), stated that all possible measures under current law would be considered. He also mentioned that once the proposed Digital Asset Basic Act is passed, sanctions at the level of licensing authority could be imposed.

During the distribution of rewards for a “Random Box” promotional event, Bithumb mistakenly selected the wrong unit, resulting in the erroneous crediting of 2,000 BTC instead of 2,000 KRW.

Some recipients quickly confirmed the funds and sold the BTC at market price. The impact was significant enough that, albeit briefly, BTC on Bithumb traded at prices approximately 17% lower than on other exchanges.

The incident has drawn widespread attention because it appears that Bitcoin quantities not actually held by the exchange were internally created and even traded within the Bithumb platform. This has raised serious concerns about the exchange’s internal control and asset management systems.

Bithumb later issued a public notice promising measures to prevent recurrence and announced a 110% compensation plan for affected users. However, given the exposure of weaknesses in its internal control system, Lee Chan-jin, Governor of the Financial Supervisory Service (FSS), stated that all measures available under current law would be pursued, suggesting that the exchange may face extremely strict regulatory action.

• MegaETH is an ultra-low latency, high-performance Layer 2 solution that has received backing from investors including Dragonfly and Vitalik Buterin.

• The mainnet is scheduled to launch on February 9. However, unlike most projects that conduct their Token Generation Event (TGE) on the same day as the mainnet launch, MegaETH has introduced a unique condition: the token will only be launched once at least one of its target KPIs is achieved.

• The three KPIs MegaETH aims to meet are:

  1. USDM issuance exceeding $500 million within a 30-day period

  2. Launch of 10 MegaMafia applications along with a minimum level of transaction activity

  3. At least three applications generating over $50,000 in daily fees for 30 consecutive days

• In other words, MegaETH does not intend to become a typical project where the TGE marks the end goal. Instead, the team aims to build a serious and sustainable token business together with MEGA token holders.

• All revenue generated from USDM will be used for MEGA token buybacks.

MegaETH is finally launching its mainnet. However, instead of conducting a TGE on the same day, the team has chosen a unique approach: the token will only be released once at least one of three predefined KPIs is achieved.

This decision is not merely about differentiation. It can be seen as an acknowledgment of the token models that have failed over the past few years and a strategic shift toward growing the ecosystem first. In other words, rather than launching a token and then trying to build utility and an ecosystem around it, MegaETH aims to establish real utility and ecosystem traction first—developing them to a meaningful scale before giving the token a clear reason to exist.

By tying the token launch to measurable KPIs, the team has effectively placed itself under public accountability. This self-imposed commitment clearly sets MegaETH apart from projects that treat token issuance as the final milestone, making its approach particularly compelling to watch.

• Kyle, who recently left Multicoin Capital, published a post criticizing Hyperliquid.

• According to Kyle, Hyperliquid exemplifies many of crypto’s core problems. He argues that the founder left his home country to start the business, that the platform tolerates funding related to criminal and terrorist activities, and that its codebase is closed-source while the system operates in a permissioned manner.

• However, the majority reaction has been that people do not understand or agree with Kyle’s negative view of Hyperliquid.

• Arthur Hayes responded by stating that by July 31, 2026, HYPE will be the best-performing coin among all tokens with a market capitalization above $1 billion, according to CoinGecko. He also proposed a bet to Kyle: each would choose one coin, and whichever coin performs worse by the deadline would require its picker to donate $100,000 to a charity selected by the winner.

Kyle, who recently left Multicoin Capital, has sparked controversy after suddenly criticizing Hyperliquid.

According to Kyle, Hyperliquid represents many of the fundamental problems within crypto. However, most people do not agree with or understand his negative stance toward the project.

It may be a coincidence, but after Kyle’s departure, Multicoin reportedly purchased HYPE. As a result, some speculate that internal issues related to this may have influenced his decision to publish the criticism.

Meanwhile, Arthur Hayes stated on social media that by July 31, HYPE would be the best-performing coin among all tokens with a market capitalization above $1 billion. He also proposed a wager to Kyle: each would choose one coin, and whichever coin underperforms would result in its picker donating $100,000 to a charity selected by the winner.

• Relay, a multi-chain payment protocol, recently secured $17 million in Series B funding from Archetype Ventures and Union Square Ventures.

• Relay enables users to transact their existing assets in their preferred format and across different chains, offering a highly convenient cross-chain experience.

• Compared to traditional bridges, Relay can reduce gas costs by up to 90% and supports 85 different chains. As a result, it is frequently used for OpenSea cross-chain minting.

• According to a recent announcement on its official Twitter account, Relay has no plans for a Token Generation Event (TGE) at this time. Therefore, it does not appear likely that a token will be launched in the short term, as the team plans to focus primarily on expanding its infrastructure.

Over the past two years, Relay has steadily expanded its scale while developing infrastructure designed to meet global transaction and payment demands. Based on this progress, the company recently raised $17 million in Series B funding from Archetype and Union Square Ventures, and plans to build a dedicated chain to efficiently support large-scale cross-chain payments.

Compared to traditional bridges, Relay reduces gas fees by up to 90% and supports more than 85 chains, which has driven significant user adoption.

According to the Relay team, there are currently no immediate plans for a Token Generation Event (TGE), as the primary focus remains on expanding infrastructure. Therefore, it may be worth monitoring the project until a potential points system or other incentive mechanism is introduced in the future.

• Katana is a DeFi-focused Layer 2 built on Polygon’s AggLayer CDK-OP Stack.

• Unlike traditional models where bridged assets remain idle, Katana deploys these assets into lending markets to generate yield, creating a more capital-efficient structure.

• The project has been incubated by Polygon Labs and GSR, and a Token Generation Event (TGE) is expected in the near future.

• Users can currently deposit funds into supported vaults — including USDC, WETH, USDT, WBTC, and AUSD — to earn base yield along with KAT token rewards.

Katana is a project designed to deploy bridged assets—typically left idle on most Layer 2 networks—into Ethereum lending markets to generate yield, which is then recycled back into the Katana ecosystem as rewards.

The project has been incubated by Polygon Labs and GSR. Notably, Sentient, which recently received investment from Polygon, has delivered very strong performance. As a result, it will be worth watching whether Katana can follow a similar trajectory.

A Token Generation Event (TGE) is expected in the near future, and KAT tokens can be earned by participating in quests or by depositing assets into supported vaults.

• LayerZero has unveiled its own Layer 1 blockchain, the Zero Chain, claiming throughput of over 2 million transactions per second (TPS).

• The network is reportedly more than 100,000 times faster than Ethereum. This performance is made possible by separating execution and verification through zero-knowledge (ZK) technology and implementing a multi-core architecture.

• LayerZero is also repositioning itself from a cross-chain protocol to institutional-grade financial infrastructure, supported by strategic investments and partnerships with major institutions including Citadel Securities, ARK Invest, Google Cloud, and Tether.

• Even after the transition to the Zero Chain, the ZRO token will continue to be used as the native token and for governance purposes.

LayerZero is launching the ZERO Chain. By breaking away from the traditional homogeneous replication model of blockchains and leveraging zero-knowledge (ZK) technology to separate execution from verification, the project aims to deliver a Layer 1 capable of processing over 2 million transactions per second (TPS).

LayerZero has secured strategic investments from Citadel Securities, ARK Invest, and Tether. Notably, Cathie Wood has joined the board of a crypto project for the first time in her career, suggesting that this initiative has been in preparation for quite some time.

The Zero Chain mainnet is scheduled for launch in the second half of 2026. LayerZero was already well regarded as a cross-chain protocol, and with this additional expansion into its own L1, expectations are high.

However, the claimed 2 million TPS will require thorough technical validation. Additionally, given that the circulating supply of the ZRO token remains relatively low compared to its fully diluted valuation (FDV), investors should be mindful of potential price pressure from future token unlocks.

• Robinhood, a U.S.-based fintech company that provides trading services for stocks, options, ETFs, and cryptocurrencies, has announced the launch of its own Layer 2 network, the Robinhood Chain.

• Built using Arbitrum Orbit technology, the Robinhood Chain aims to transition its financial platform on-chain and provide 24/7 trading infrastructure through the tokenization of traditional financial assets.

• Designed with extremely low gas fees, the network will offer faster transaction speeds for Robinhood Wallet users.

• By leveraging its existing financial licenses and regulatory framework, Robinhood plans to launch the mainnet as the real-world asset (RWA) tokenization market begins to scale in earnest.

Robinhood is a U.S.-based fintech company that enables users to trade a wide range of financial products—including stocks, ETFs, private equity, and crypto assets—on a single platform.

The company recently announced its own Layer 2 network, the Robinhood Chain. Through this infrastructure, Robinhood plans to tokenize financial assets and enable seamless on-chain trading.

By allowing RWA assets to be traded 24/7 from anywhere, the platform aims to significantly improve accessibility. In addition, users will be less dependent on intermediaries or specific platforms, making the overall experience more flexible and convenient.

• Zama raised $130 million from venture capital investors and later completed its public token sale at a $550 million FDV through an auction platform.

• Aztec secured $119 million in VC funding and conducted its AZTEC token sale via its own token sale platform at an FDV ranging between $350–400 million.

• Espresso raised $60 million from VCs and completed its ESP token sale at a $400 million FDV through KAITO.

• All three projects share a common pattern: they raised funds at high valuations and proceeded with public token sales at elevated FDVs. However, their post-TGE performance has been notably weak.

• Currently, ZAMA is trading at an FDV of approximately $200 million, AZTEC at around $216 million, and ESP at roughly $265 million—each down about 50% from their respective public sale valuations.

ZAMA, AZTEC, and ESP all raised funds from venture capital investors at very high valuations and proceeded with public token sales. However, all three tokens are now trading at prices more than 50% below their respective public sale FDVs following their TGEs.

Part of the reason may be broader market conditions, including Bitcoin’s significant decline from its peak and the overall market sentiment. However, a more fundamental issue appears to be that most teams do not actively prioritize token price performance, and holding the token does not provide meaningful benefits such as dividends or tangible value accrual similar to equity.

In other words, the token and the underlying project often lack a direct economic connection, and even if the token price declines, it may not materially impact the team. In the past, fewer people recognized this dynamic, and with a smaller number of tokens in the market, capital could concentrate into specific assets relative to available liquidity. Now, with dozens or even hundreds of new tokens launching every day, there is little incentive to buy unless there is a compelling reason—leading to a structural tendency for prices to trend downward over time.

• Jupiter’s airdrop event, known as “Jupuary,” was originally scheduled for January. While the snapshot has been completed, no official claim date has been announced.

• Because no clear explanation or substantive reasoning has been provided, many long-term JUP holders and stakers—some of whom have held and staked the token for years—feel that a basic level of respect and transparency has been lacking.

• Adding to the tension, SIONG, who has been communicating this information, has previously stated publicly that he sees limited tangible value in JUP stakers. His remarks have been perceived by some as dismissive of long-term holders, further worsening community sentiment.

• In particular, with the JUP team’s token unlock and Mercurial’s unlock both scheduled around late February, concerns about potential downward pressure on the token price have intensified, leading to growing dissatisfaction within the community.

The Jupuary airdrop, which is scheduled to distribute a total of 200 million JUP tokens, has become controversial after only the snapshot was taken on January 30, with no claim date announced.

Since the event was branded as “Jupuary” and originally scheduled for January, JUP holders naturally expected to receive their tokens within that timeframe. However, even though more than half of February has already passed, the team has yet to disclose an official claim schedule.

This delay is particularly concerning because if the JUP team’s token unlock and Mercurial’s unlock—both expected in late February—occur before the Jupuary distribution, participants may end up receiving their tokens after potential price declines, reducing the value of their airdrop.

In JUP’s case, there is a steady stream of token unlocks continuing through June, which may make it difficult for the token price to recover quickly. The key question is how the Jupiter team will address this situation and create sufficient incentives for users to buy and hold JUP.

For those who believe in the long-term future of Jupiter and Solana, accumulating during periods of heavy unlock-driven selling pressure may not necessarily be a bad strategy.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Cryptocurrency and digital asset investments involve significant risk, so please conduct your own research and make decisions carefully.

• All research comments reflect the views of an Uncommonlab research intern and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any particular asset.

In Uncommonlab Weekly Alpha, we compile and share newly emerging crypto alpha opportunities each week.

• A major incident occurred at the South Korean cryptocurrency exchange Bithumb, where a system error during a self-hosted “Random Box” promotional event led to the erroneous distribution of a large amount of BTC to users.

• Instead of awarding 2,000 KRW to each of the 249 winners, the system mistakenly credited 2,000 BTC due to a unit selection error. Some recipients immediately sold the BTC at market price, causing BTC on Bithumb to briefly trade at levels up to 17% lower than on other exchanges.

• After recognizing the mistake, Bithumb restricted trading and withdrawals for the affected users. However, some individuals had already sold the BTC and completed withdrawals before the restrictions were implemented.

• On February 8, Bithumb announced its own compensation plan. Nevertheless, Lee Chan-jin, Governor of the Financial Supervisory Service (FSS), stated that all possible measures under current law would be considered. He also mentioned that once the proposed Digital Asset Basic Act is passed, sanctions at the level of licensing authority could be imposed.

During the distribution of rewards for a “Random Box” promotional event, Bithumb mistakenly selected the wrong unit, resulting in the erroneous crediting of 2,000 BTC instead of 2,000 KRW.

Some recipients quickly confirmed the funds and sold the BTC at market price. The impact was significant enough that, albeit briefly, BTC on Bithumb traded at prices approximately 17% lower than on other exchanges.

The incident has drawn widespread attention because it appears that Bitcoin quantities not actually held by the exchange were internally created and even traded within the Bithumb platform. This has raised serious concerns about the exchange’s internal control and asset management systems.

Bithumb later issued a public notice promising measures to prevent recurrence and announced a 110% compensation plan for affected users. However, given the exposure of weaknesses in its internal control system, Lee Chan-jin, Governor of the Financial Supervisory Service (FSS), stated that all measures available under current law would be pursued, suggesting that the exchange may face extremely strict regulatory action.

• MegaETH is an ultra-low latency, high-performance Layer 2 solution that has received backing from investors including Dragonfly and Vitalik Buterin.

• The mainnet is scheduled to launch on February 9. However, unlike most projects that conduct their Token Generation Event (TGE) on the same day as the mainnet launch, MegaETH has introduced a unique condition: the token will only be launched once at least one of its target KPIs is achieved.

• The three KPIs MegaETH aims to meet are:

  1. USDM issuance exceeding $500 million within a 30-day period

  2. Launch of 10 MegaMafia applications along with a minimum level of transaction activity

  3. At least three applications generating over $50,000 in daily fees for 30 consecutive days

• In other words, MegaETH does not intend to become a typical project where the TGE marks the end goal. Instead, the team aims to build a serious and sustainable token business together with MEGA token holders.

• All revenue generated from USDM will be used for MEGA token buybacks.

MegaETH is finally launching its mainnet. However, instead of conducting a TGE on the same day, the team has chosen a unique approach: the token will only be released once at least one of three predefined KPIs is achieved.

This decision is not merely about differentiation. It can be seen as an acknowledgment of the token models that have failed over the past few years and a strategic shift toward growing the ecosystem first. In other words, rather than launching a token and then trying to build utility and an ecosystem around it, MegaETH aims to establish real utility and ecosystem traction first—developing them to a meaningful scale before giving the token a clear reason to exist.

By tying the token launch to measurable KPIs, the team has effectively placed itself under public accountability. This self-imposed commitment clearly sets MegaETH apart from projects that treat token issuance as the final milestone, making its approach particularly compelling to watch.

• Kyle, who recently left Multicoin Capital, published a post criticizing Hyperliquid.

• According to Kyle, Hyperliquid exemplifies many of crypto’s core problems. He argues that the founder left his home country to start the business, that the platform tolerates funding related to criminal and terrorist activities, and that its codebase is closed-source while the system operates in a permissioned manner.

• However, the majority reaction has been that people do not understand or agree with Kyle’s negative view of Hyperliquid.

• Arthur Hayes responded by stating that by July 31, 2026, HYPE will be the best-performing coin among all tokens with a market capitalization above $1 billion, according to CoinGecko. He also proposed a bet to Kyle: each would choose one coin, and whichever coin performs worse by the deadline would require its picker to donate $100,000 to a charity selected by the winner.

Kyle, who recently left Multicoin Capital, has sparked controversy after suddenly criticizing Hyperliquid.

According to Kyle, Hyperliquid represents many of the fundamental problems within crypto. However, most people do not agree with or understand his negative stance toward the project.

It may be a coincidence, but after Kyle’s departure, Multicoin reportedly purchased HYPE. As a result, some speculate that internal issues related to this may have influenced his decision to publish the criticism.

Meanwhile, Arthur Hayes stated on social media that by July 31, HYPE would be the best-performing coin among all tokens with a market capitalization above $1 billion. He also proposed a wager to Kyle: each would choose one coin, and whichever coin underperforms would result in its picker donating $100,000 to a charity selected by the winner.

• Relay, a multi-chain payment protocol, recently secured $17 million in Series B funding from Archetype Ventures and Union Square Ventures.

• Relay enables users to transact their existing assets in their preferred format and across different chains, offering a highly convenient cross-chain experience.

• Compared to traditional bridges, Relay can reduce gas costs by up to 90% and supports 85 different chains. As a result, it is frequently used for OpenSea cross-chain minting.

• According to a recent announcement on its official Twitter account, Relay has no plans for a Token Generation Event (TGE) at this time. Therefore, it does not appear likely that a token will be launched in the short term, as the team plans to focus primarily on expanding its infrastructure.

Over the past two years, Relay has steadily expanded its scale while developing infrastructure designed to meet global transaction and payment demands. Based on this progress, the company recently raised $17 million in Series B funding from Archetype and Union Square Ventures, and plans to build a dedicated chain to efficiently support large-scale cross-chain payments.

Compared to traditional bridges, Relay reduces gas fees by up to 90% and supports more than 85 chains, which has driven significant user adoption.

According to the Relay team, there are currently no immediate plans for a Token Generation Event (TGE), as the primary focus remains on expanding infrastructure. Therefore, it may be worth monitoring the project until a potential points system or other incentive mechanism is introduced in the future.

• Katana is a DeFi-focused Layer 2 built on Polygon’s AggLayer CDK-OP Stack.

• Unlike traditional models where bridged assets remain idle, Katana deploys these assets into lending markets to generate yield, creating a more capital-efficient structure.

• The project has been incubated by Polygon Labs and GSR, and a Token Generation Event (TGE) is expected in the near future.

• Users can currently deposit funds into supported vaults — including USDC, WETH, USDT, WBTC, and AUSD — to earn base yield along with KAT token rewards.

Katana is a project designed to deploy bridged assets—typically left idle on most Layer 2 networks—into Ethereum lending markets to generate yield, which is then recycled back into the Katana ecosystem as rewards.

The project has been incubated by Polygon Labs and GSR. Notably, Sentient, which recently received investment from Polygon, has delivered very strong performance. As a result, it will be worth watching whether Katana can follow a similar trajectory.

A Token Generation Event (TGE) is expected in the near future, and KAT tokens can be earned by participating in quests or by depositing assets into supported vaults.

• LayerZero has unveiled its own Layer 1 blockchain, the Zero Chain, claiming throughput of over 2 million transactions per second (TPS).

• The network is reportedly more than 100,000 times faster than Ethereum. This performance is made possible by separating execution and verification through zero-knowledge (ZK) technology and implementing a multi-core architecture.

• LayerZero is also repositioning itself from a cross-chain protocol to institutional-grade financial infrastructure, supported by strategic investments and partnerships with major institutions including Citadel Securities, ARK Invest, Google Cloud, and Tether.

• Even after the transition to the Zero Chain, the ZRO token will continue to be used as the native token and for governance purposes.

LayerZero is launching the ZERO Chain. By breaking away from the traditional homogeneous replication model of blockchains and leveraging zero-knowledge (ZK) technology to separate execution from verification, the project aims to deliver a Layer 1 capable of processing over 2 million transactions per second (TPS).

LayerZero has secured strategic investments from Citadel Securities, ARK Invest, and Tether. Notably, Cathie Wood has joined the board of a crypto project for the first time in her career, suggesting that this initiative has been in preparation for quite some time.

The Zero Chain mainnet is scheduled for launch in the second half of 2026. LayerZero was already well regarded as a cross-chain protocol, and with this additional expansion into its own L1, expectations are high.

However, the claimed 2 million TPS will require thorough technical validation. Additionally, given that the circulating supply of the ZRO token remains relatively low compared to its fully diluted valuation (FDV), investors should be mindful of potential price pressure from future token unlocks.

• Robinhood, a U.S.-based fintech company that provides trading services for stocks, options, ETFs, and cryptocurrencies, has announced the launch of its own Layer 2 network, the Robinhood Chain.

• Built using Arbitrum Orbit technology, the Robinhood Chain aims to transition its financial platform on-chain and provide 24/7 trading infrastructure through the tokenization of traditional financial assets.

• Designed with extremely low gas fees, the network will offer faster transaction speeds for Robinhood Wallet users.

• By leveraging its existing financial licenses and regulatory framework, Robinhood plans to launch the mainnet as the real-world asset (RWA) tokenization market begins to scale in earnest.

Robinhood is a U.S.-based fintech company that enables users to trade a wide range of financial products—including stocks, ETFs, private equity, and crypto assets—on a single platform.

The company recently announced its own Layer 2 network, the Robinhood Chain. Through this infrastructure, Robinhood plans to tokenize financial assets and enable seamless on-chain trading.

By allowing RWA assets to be traded 24/7 from anywhere, the platform aims to significantly improve accessibility. In addition, users will be less dependent on intermediaries or specific platforms, making the overall experience more flexible and convenient.

• Zama raised $130 million from venture capital investors and later completed its public token sale at a $550 million FDV through an auction platform.

• Aztec secured $119 million in VC funding and conducted its AZTEC token sale via its own token sale platform at an FDV ranging between $350–400 million.

• Espresso raised $60 million from VCs and completed its ESP token sale at a $400 million FDV through KAITO.

• All three projects share a common pattern: they raised funds at high valuations and proceeded with public token sales at elevated FDVs. However, their post-TGE performance has been notably weak.

• Currently, ZAMA is trading at an FDV of approximately $200 million, AZTEC at around $216 million, and ESP at roughly $265 million—each down about 50% from their respective public sale valuations.

ZAMA, AZTEC, and ESP all raised funds from venture capital investors at very high valuations and proceeded with public token sales. However, all three tokens are now trading at prices more than 50% below their respective public sale FDVs following their TGEs.

Part of the reason may be broader market conditions, including Bitcoin’s significant decline from its peak and the overall market sentiment. However, a more fundamental issue appears to be that most teams do not actively prioritize token price performance, and holding the token does not provide meaningful benefits such as dividends or tangible value accrual similar to equity.

In other words, the token and the underlying project often lack a direct economic connection, and even if the token price declines, it may not materially impact the team. In the past, fewer people recognized this dynamic, and with a smaller number of tokens in the market, capital could concentrate into specific assets relative to available liquidity. Now, with dozens or even hundreds of new tokens launching every day, there is little incentive to buy unless there is a compelling reason—leading to a structural tendency for prices to trend downward over time.

• Jupiter’s airdrop event, known as “Jupuary,” was originally scheduled for January. While the snapshot has been completed, no official claim date has been announced.

• Because no clear explanation or substantive reasoning has been provided, many long-term JUP holders and stakers—some of whom have held and staked the token for years—feel that a basic level of respect and transparency has been lacking.

• Adding to the tension, SIONG, who has been communicating this information, has previously stated publicly that he sees limited tangible value in JUP stakers. His remarks have been perceived by some as dismissive of long-term holders, further worsening community sentiment.

• In particular, with the JUP team’s token unlock and Mercurial’s unlock both scheduled around late February, concerns about potential downward pressure on the token price have intensified, leading to growing dissatisfaction within the community.

The Jupuary airdrop, which is scheduled to distribute a total of 200 million JUP tokens, has become controversial after only the snapshot was taken on January 30, with no claim date announced.

Since the event was branded as “Jupuary” and originally scheduled for January, JUP holders naturally expected to receive their tokens within that timeframe. However, even though more than half of February has already passed, the team has yet to disclose an official claim schedule.

This delay is particularly concerning because if the JUP team’s token unlock and Mercurial’s unlock—both expected in late February—occur before the Jupuary distribution, participants may end up receiving their tokens after potential price declines, reducing the value of their airdrop.

In JUP’s case, there is a steady stream of token unlocks continuing through June, which may make it difficult for the token price to recover quickly. The key question is how the Jupiter team will address this situation and create sufficient incentives for users to buy and hold JUP.

For those who believe in the long-term future of Jupiter and Solana, accumulating during periods of heavy unlock-driven selling pressure may not necessarily be a bad strategy.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Cryptocurrency and digital asset investments involve significant risk, so please conduct your own research and make decisions carefully.

• All research comments reflect the views of an Uncommonlab research intern and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any particular asset.