I'm going to keep pointing out the shocking state of affairs we're at in token land. Based on this metric of "holder revenue," if a protocol doesn't buyback tokens, it doesn't count as revenue. That would be like saying a company's revenue doesn't count unless it's directed towards share buybacks. A part of me wants to write this off as insane, but I do understand where it's coming from. This is the market saying "I have SO little trust in any protocol that unless you put the dollar back IN MY HAND I don't trust that I'll ever get it." It's the best solid indicator I've ever seen in a market that there is absolutely zero trust. It's also an incredibly steep price that no company could ever pay long term. If all revenues are diverted to buybacks, there's nothing to reinvest. Something simply has to give here, the state of affairs is not sustainable and makes no sense.