buybacks are simply just a capital allocation decision even if hyperliquid allocates 99% of its revenue to buybacks, you shouldnt expect projects to blindly copy that every dollar of revenue has two obvious destinations: return it to holders or reinvest it into making the business more valuable imo the right split should constantly change depending on valuation + available reinvestment opportunities if your token trades at 10x earnings but you can consistently reinvest capital into the product at 30%+ returns, spending everything on buybacks destroys long term value on the other hand, if the business is already generating huge amounts of cash, the token is cheap and there arent many high return investments left internally, then buying it back aggressively makes perfect sense "highest buyback percentage wins" is pretty dumb thinking and endgoal should be allocating every dollar wherever it compounds holder value the most