"Just a Flash in the Pan" The three major buyback kings in the cryptocurrency world are likely Hype, Pump, and Jup. The first two are relatively clear, and I just followed up on Jup today. If Pump benefits from a rebound in issuance, Jup will benefit from a rebound in meme trading. Currently, revenue is $1 million per day. Jup's buybacks are estimated at $500,000 per day. This translates to approximately $350 million per year. FDV is $3.5 billion, and MC is $1.6 billion. Compared to Jup's PE ratio (FDV/revenue) of 10, Pump's is only $7. However, Jup's position is more solid. Slightly higher than Pump, but JUP's position is solid, with few challengers. The two most core elements of the entire cryptocurrency world are issuance and trading. Public chains provide issuance ledgers and clearing and settlement. Pump handles meme issuance. JUP and Binance handle trading. Hype is the fastest on-chain contract trading. Uni handles AMM trading in low-liquidity environments. Stablecoins provide the value medium for transactions. Awesome things all revolve around issuance and trading, each with its own unique niche and barriers. Only things centered around issuance and trading are enduring. Other specific themes, whether AI or NFTs, are merely short-lived chips. Of course, this doesn't include Bitcoin. Store of value, the realm of the gods. Mere mortals can't enter. Back to the prediction market. What is a market? It's trading around uncertain real-world events. Interesting. It's neither big nor small, but it will never die.