The buyback figure is calculated by dividing a revenue amount by the quoted price on that day: protocol net revenue is the numerator, and that day’s price is the denominator.
All four mention buybacks, but they do so in different ways. Origin divides revenue by the quoted price on that day; dYdX uses 75% of net protocol fees to buy back on the open market, repurchasing 8.614 million tokens in the first half of the year at an average price of 0.1263; Injective auctions off 60% of ecosystem fees each week in a batch, permanently burning the tokens obtained, with about 7.19 million burned to date against a 100 million cap; the platform token BNB is burned quarterly according to a formula, with 742.1 collected and a seven-day change of -3.40%. Of the four denominators, only the first changes every day with the quoted price.
On October 8, the daily candle opened at 0.02284 and closed at 0.04584, lifting the denominator 100.7% in a day; trading volume rose from $127,000 to $2.709 million. The plan didn’t change, and revenue didn’t change, but the number of tokens bought back shrinks in proportion to that price increase. Buybacks totaled 2.6 million tokens for September alone, lifting the annualized figure to 60.25 million—that’s today’s revenue divided by today’s price. The October 9 candle closed at 0.038430, down 16.16% for the day and up 88.85% over seven days.
Staking is a separate ledger: about 42.41% of the circulating supply is locked in staking, with the top tier offering an annualized yield of 11.2%, depending on the amount and lock-up period. There was no announcement this week corresponding to this surge; several market-data sites listed “no confirmed catalyst,” attributing it to liquidity and turnover.
I cross-checked these three figures: cumulative buybacks of 114 million tokens, equal to 16.5% of the circulating supply; circulating supply of 750.56 million tokens, with a cap of 1.41 billion. The annualized figure of 60.25 million tokens extrapolates recent monthly revenue at the current quoted price; as soon as the divisor changes, the figure itself shrinks. Revenue, meanwhile, is growing—the multi-asset redemption vault saw a cumulative 93,800 ether pass through in its first full month in September, while the 30-day annualized rate for the stablecoin tier rose from 5.5% to 6.5%.
The number of tokens bought back is determined by that day’s quoted price; revenue is only the numerator. If the denominator changes to the monthly average price, or the materials switch to reporting cumulative figures, this line uses a different calculation and I’ll have to revise it; the numerator keeps rising, so I’ll track the two separately. The four projects describe buybacks differently: as a cumulative token count, as a share of the cap, or as formula-based. Origin expresses its buyback as net revenue divided by the quoted price on that day; the denominator changes daily on Binance, and whether to put any excess tokens into yield-generating products or simply leave them there is up to the holder. This article records opinions and does not constitute investment advice. $OGN
$ZEC
$NEAR
#以太坊升破2500美元
All four mention buybacks, but they do so in different ways. Origin divides revenue by the quoted price on that day; dYdX uses 75% of net protocol fees to buy back on the open market, repurchasing 8.614 million tokens in the first half of the year at an average price of 0.1263; Injective auctions off 60% of ecosystem fees each week in a batch, permanently burning the tokens obtained, with about 7.19 million burned to date against a 100 million cap; the platform token BNB is burned quarterly according to a formula, with 742.1 collected and a seven-day change of -3.40%. Of the four denominators, only the first changes every day with the quoted price.
On October 8, the daily candle opened at 0.02284 and closed at 0.04584, lifting the denominator 100.7% in a day; trading volume rose from $127,000 to $2.709 million. The plan didn’t change, and revenue didn’t change, but the number of tokens bought back shrinks in proportion to that price increase. Buybacks totaled 2.6 million tokens for September alone, lifting the annualized figure to 60.25 million—that’s today’s revenue divided by today’s price. The October 9 candle closed at 0.038430, down 16.16% for the day and up 88.85% over seven days.
Staking is a separate ledger: about 42.41% of the circulating supply is locked in staking, with the top tier offering an annualized yield of 11.2%, depending on the amount and lock-up period. There was no announcement this week corresponding to this surge; several market-data sites listed “no confirmed catalyst,” attributing it to liquidity and turnover.
I cross-checked these three figures: cumulative buybacks of 114 million tokens, equal to 16.5% of the circulating supply; circulating supply of 750.56 million tokens, with a cap of 1.41 billion. The annualized figure of 60.25 million tokens extrapolates recent monthly revenue at the current quoted price; as soon as the divisor changes, the figure itself shrinks. Revenue, meanwhile, is growing—the multi-asset redemption vault saw a cumulative 93,800 ether pass through in its first full month in September, while the 30-day annualized rate for the stablecoin tier rose from 5.5% to 6.5%.
The number of tokens bought back is determined by that day’s quoted price; revenue is only the numerator. If the denominator changes to the monthly average price, or the materials switch to reporting cumulative figures, this line uses a different calculation and I’ll have to revise it; the numerator keeps rising, so I’ll track the two separately. The four projects describe buybacks differently: as a cumulative token count, as a share of the cap, or as formula-based. Origin expresses its buyback as net revenue divided by the quoted price on that day; the denominator changes daily on Binance, and whether to put any excess tokens into yield-generating products or simply leave them there is up to the holder. This article records opinions and does not constitute investment advice. $OGN
$ZEC
$NEAR
#以太坊升破2500美元