Yeah it's the first step as a protocol buying its token creates identifiable demand, but that alone does not prove it is the dominant marginal buyer, that purchases exceed selling pressure or that the token is attractively valued. Basically👇 Customer payments → protocol rev → actual token purchases → identifiable token destination There's a reason recently why we're seeing serious interest around businesses that turn customer spending into demand for their own token. $HYPE $PUMP $LIT $NEAR $STONK and $VVV are some good examples of it. Also $UNI $PONS $RAY $SYRUP also have rev funded purchase mechanisms worth tracking (but doesn't make it to the main list) Buybacks will be a norm soon which is why we need to find businesses where recurring rev can grow the buying budget before the market prices that improvement. Yes treasury purchase still creates demand, even without a burn but where those tokens go determines whether that demand is durable or temporary.