The market demanding that protocols use the majority of revenues for buybacks is a structural disadvantage. Imagine you have two identical projects. One of them is encouraged to reinvest all of their earnings back into the product and compound their advantage. The other is encouraged to divert the majority of those earnings into buybacks. Long term company success is a compounding game, even basis points make a difference over decades. Token projects essentially have a tax that private projects don't need to pay. If you are a token project, I would recommend you ignore the pressure to do these today. There is another way: demonstrate the credibility of your future cash flows to the market. Tell your story with data, disclose critical information for investors before they ask, and deliver results. This is the way.