Tokens d̶o̶n̶'̶t̶ capture value.
• Hyperliquid: 97%+ of fees go to buybacks ($2B and counting)
• Pump: Burned 36% of supply, locked 50% of revenue into burns
• Uniswap: Burned 107M UNI, fee switch on
• Aave: Automated buybacks
• Aptos: Hard-capped supply, 10x'd fees, burns them
• Solana: Current proposal to 12-14x the fee burn
The market hasn't repriced this yet.