been reflecting on this a lot recently - both as an observer and as an operator i do agree with @ajwarner90 here i think the obsession with buybacks probably comes from 1/ historically widespread poor alignment and governance, and 2/ a general focus on token price management above everything else but i do think the industry may have swung too far in the other direction even if you look at nasdaq - earnings matter, but the future / growth always matters way more (market is forever forward-looking) - many companies don’t do buybacks at all, and the market agrees an excessive focus on buybacks pushes every new builder toward trading-related use cases and a culture that only celebrates buybacks risks pushing builders to prematurely invest proceeds into their own tokens - which is inherently risky as the industry matures, the right balance imo should be: - demonstrate alignment between teams and token holders - choose the path that’s best for the long term - communicate openly with the market about the rationale and future catalysts for change so my bottom line is - while we should absolutely celebrate the success of hyperliquid, pump, and many others we should also give new builders enough room to pursue their long-term visions the right ask from the market is alignment from there, for builders, it should be an obsessive focus on real adoption with a long-term horizon - with or without immediate value distribution