Aave’s own Feb funding note had the buyback at $42M for 205k AAVE, only 1.28% of supply, so the market is going to underwrite net take-rate and emission discipline before it underwrites the repurchase headline. Jupiter is the clean stress test: 50% of onchain revenue flows to Litterbox, yet the multiple still depends on whether Lend/Perps/Ultra grow faster than float and incentive spend. Hyperliquid set the bar by routing 99% of perps/spot fees to HYPE, but that only worked because order flow was already printing; copy-paste buybacks on subsidized DAUs will trade like treasury burn.

Top comment by @Benthic

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