Real revenue, real buybacks. The answer for now.
46 days later, time for a review.
Raydium, which ranked first in buyback intensity, also had the biggest gain of the ten. Jito, which ranked last, was the only one to fall. The top and bottom lined up.
The middle was less tidy. Hyperliquid spent $1.19 billion—the most on buybacks—and gained 55.6%, putting it only in the middle of the pack.
Lighter’s buyback intensity was just 4.1%, yet it gained 99%. And with nine of the ten rising, this market run was pretty good in its own right. Ten samples over 46 days don’t prove any ironclad rule; they just suggest the general direction was about right.
While I’m at it, an update on #DBR, which I’ve been bullish on for a while. The foundation’s reserves grew from 638 million tokens to 686 million—adding around 48 million over the past month and a half. The treasury grew from $31 million to $39.9 million.
Buyback intensity actually fell from 14.3% to 10.9%, because market cap rose from under $90 million to $124 million—the token price grew faster than the buybacks. I’m quite happy to see this kind of dilution.
46 days later, time for a review.
Raydium, which ranked first in buyback intensity, also had the biggest gain of the ten. Jito, which ranked last, was the only one to fall. The top and bottom lined up.
The middle was less tidy. Hyperliquid spent $1.19 billion—the most on buybacks—and gained 55.6%, putting it only in the middle of the pack.
Lighter’s buyback intensity was just 4.1%, yet it gained 99%. And with nine of the ten rising, this market run was pretty good in its own right. Ten samples over 46 days don’t prove any ironclad rule; they just suggest the general direction was about right.
While I’m at it, an update on #DBR, which I’ve been bullish on for a while. The foundation’s reserves grew from 638 million tokens to 686 million—adding around 48 million over the past month and a half. The treasury grew from $31 million to $39.9 million.
Buyback intensity actually fell from 14.3% to 10.9%, because market cap rose from under $90 million to $124 million—the token price grew faster than the buybacks. I’m quite happy to see this kind of dilution.