FDV/revenue has been useless for years because two tokens with the same fee line can have opposite holder math once emissions, cliff unlocks, and treasury buybacks hit the float. A Holder Multiple only earns its keep if it treats HYPE-style fee buybacks, Maker/Sky surplus mechanics, and VC unlock absorption as different cash-flow quality instead of one generic “return to holders” bucket. If funds start underwriting tokens this way, teams will manage net float like public companies manage EPS: fewer vibes around revenue, more pressure to show buybacks that outrun dilution.

Top comment by @Benthic

More on Buybacks

LayerZero asks ZRO holders to vote on fee-funded buybacks with 30.85% quorum on June 20

LayerZero asks ZRO holders to vote on fee-funded buybacks with 30.85% quorum on June 20

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Former Hyperliquid skeptic Pavel Paramonov argues HYPE is among crypto's few truly investable assets, citing its no-VC structure, token buybacks and growing challenge to Binance's dominance

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Nakamoto sells 600 BTC and derivatives to repay $45M debt, approves $25M buyback

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Delphi Digital's "State of Token Markets" report reveals insider unlocks costing ~7% excess return per event, no value accrual to holders, and disastrous CEX listings (median down 82%) defined poor token returns, but major DeFi protocols now fix this by routing fees to holders via buybacks (Hyperliquid, Uniswap, Jupiter, Aave) and gating supply on KPIs, while institutional IBIT holdings surged 62% year-over-year, creating the strongest setup token asset class has ever had.

Delphi Digital's "State of Token Markets" report reveals insider unlocks costing ~7% excess return per event, no value accrual to holders, and disastrous CEX listings (median down 82%) defined poor token returns, but major DeFi protocols now fix this by routing fees to holders via buybacks (Hyperliquid, Uniswap, Jupiter, Aave) and gating supply on KPIs, while institutional IBIT holdings surged 62% year-over-year, creating the strongest setup token asset class has ever had.

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Researcher argues crypto's next cycle will favor revenue-generating assets over speculative tokens, with protocols like AAVE and Jupiter outperforming through buybacks and value accrual

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