64.4B tokens yesterday ( Priced at OpenRouter floor rates for Qwen 3.6 35B, that is ~$15,400/day. ~$5.6M/year. 100% routed to POD buybacks. Against a $15M cap, that is ~37% of the entire cap bought back annually, at the floor. And it is single-model math. The network runs a basket (Gemma 31B, 26B, cheaper and faster), so the real demand pool is wider. Buyback-to-emissions: 7.6x. Net supply shrinks as it scales. For scale: Venice runs ~100B tokens/day at a $616M cap. Dolphin is already at 64% of that throughput for under 3% of the valuation, and it builds the uncensored models that power the Venice ecosystem. Same category, real partnership. $156M FDV is not an overhang when the protocol buys back faster than it emits. And the API is not even live yet. The buybacks have not started. This is the floor. Pre revenue, pre OpenRouter listing, pre agent demand. base:0xed664536023d8e4b1640c394777d34abaff1df8f