DefiLlama (@defillama) Research Analyst @zeroxkyle says buybacks mostly work as a signal that a team is committed to its token. If profit flows to a company's equity instead, as he says it does at Uniswap, buybacks don't do much. "It's signaling." "People want to know the team is aligned with the token in some manner." "You don't have to do Hyperliquid's 90% buybacks to do well." "Pump doesn't do as much in buybacks as Hyperliquid, but they're still doing well." "You just have to show people you're not going to rot."

DeFi TVL fell $1.34B to $122.25B this week, and stablecoin supply fell $1.35B. The near-identical drop suggests capital is leaving onchain markets. Here are the weekly DeFi metrics:

DeFi should work around what you need, not the other way around. Put your assets to work. Access liquidity. Manage Energy. Move stablecoins. Choose what fits the moment. That’s the idea behind #JUST#.

DefiLlama now tracks PARE on Ethereum as well as Robinhood Chain. The sUSDx vaults from Chapter 2 count toward our TVL from today, so the dollar side sits right next to the stocks. Next we're submitting the prices of our split tokens to DefiLlama too. Why it’s good for us: DefiLlama is one of the first places funds, analysts and other teams look. The TVL there is worked out from the chain, not from us, so anyone can watch PARE grow without taking our word for it. Getting our token prices on there means more apps can value them properly. Reward platforms, trackers and other protocols pull prices from DefiLlama, and every app that can price our tokens is another place they can be used.

DeFi lending went through a stress week. TVL fell $5.06B to $123.90B, liquidations rose to $8.35M (+$8.05M), and USDT CDOR jumped 1.40pp to 5.88%, overtaking USDC at 5.10%. Available stables liquidity fell 2.35pp while ETH liquidity rose 2.68pp.