Fee auctions and destruction is the most sexy line in the BABY narrative—and also the easiest line to misunderstand. It’s only a proposal now. First, let’s put the facts about @BabylonLabs_io in order: TBV’s fee design is, in the early stage, it rewards DeFi integrations with BABY incentives; in the future, fees can be denominated and collected in BTC; and further on, there’s a proposal to auction the BTC-denominated fees on-chain, convert them into BABY, and then burn them. Three layers—only the first is live, the second is “future possibility,” and the third is “pending governance.” My historical experience tells me that this kind of “future narrative” must be read in parts. The first layer is the present: integration partners receive BABY incentives—this has already happened. The second layer is the direction: fees denominated in BTC means the protocol earns Bitcoin, not its own token. The third layer is the key: auction-and-burn—if implemented, BABY would shift from an “incentive tool” to a “value carrier,” and the deflationary logic would truly take hold. From “sent out” to “brought back,” the token’s role changes completely—this is the most valuable layer in the narrative. The proposal is worth watching precisely because it’s the switch for that role conversion. The “future possibility” in the narrative, and the “already happened” in the ledger, are separated by the entire governance process. But the word “if” in a governance proposal can linger for a long time. The proposal status means it has to pass community discussion, on-chain voting, and an implementation schedule; each step could change the plan. I won’t treat the proposal as a fait accompli, but I also won’t ignore the signal it releases: the team wants to turn BABY from “incentives spent” into “value received.” The @BabylonLabs_io calculation is: earn BTC, spend BABY—use Bitcoin revenue to support the ecosystem, and let BABY carry the protocol’s value. This direction is worth tracking, but what you’re tracking is the proposal’s implementation progress, not the narrative’s hype. When discussing the value of $BABY , first make it clear: is it a mechanism already running, or a proposal lying within governance? #baby