I was looking at this buyback execution by @maplefinance and it feels under appreciated right now but this is how the public tiered formula turns monthly revenue into a live commitment device that the market will observe with time. ➥ Over the next 6-12M the public visibility of the formula is going to force a tighter day to day alignment btw the underwriting team’s deal selection and the actual cash returns $SYRUP receives ➥ Any improvement in margins or mix now shows up immediately as a larger buyback instead of disappearing into discretionary reserves ➥ The already elevated utilisation sitting next to the new Robinhood + syrupUSDG distribution channels creates a natural path for revenue to climb into the higher tiers That kind of continuous feedback loop btw credit decisions and token value is rare even in traditional private credit and I think the quiet pressure it creates will start to raise the floor on how the market prices the token more than the absolute size of any single print.