I've been revisiting the thesis behind PUMP. I've said this before: I don't like memecoins, but I know they're not going anywhere. So owning the infrastructure makes sense to me. @Pumpfun has also been generating very consistent revenue, which is what got me looking deeper into its buybacks. Their website used to suggest 100% of revenue went into buybacks, but @DefiLlama 's data showed something closer to 60–90%. Now that figure is down to 50%, with the other half reserved for "growth". Apparently, that split is locked until April 2027. What interests me is what happens after that. Could they go back to using 100% for buybacks? I'd love to see it, although some reports suggest the team might actually reduce the percentage. Another thing worth watching is how many tokens they're actually buying. In April, buybacks absorbed 15.4B PUMP. Based on October's pace, we're now at less than 5B per month. I like the business, but as solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn appreciates and buybacks absorb fewer tokens, I'm paying more attention to how much of that revenue flows back to holders.