Been digging into token economics across DeFi. Looked at 16 economically comparable protocols in the top-20 by market cap, checked what's changed in the last 12 months. 11 of 16 (69%) have made major supply, issuance, or value-accrual reforms, revenue-funded buybacks, burns, tighter emissions, or better holder accrual. solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN, ethereum:0x5a98fcbea516cf06857215779fd812ca3bef1b32, $UNI, $AAVE and others are in that group. Buybacks alone don't create value, and most of these mechanisms are still blunt. But the direction is unmistakable: token economics is moving from afterthought to core design decision. Combined with clearer regulation and better disclosure, it's another marker of this asset class maturing. Report "When Demand Meets Supply Discipline" drops today for Alpha tier @RealVision