$638M in buybacks this year already.

$HYPE did $370M. Another protocol hit $200M. That's 90% of all buyback volume.

Protocols are printing revenue and buying back their own tokens aggressively.

This is the new meta – actual cash flow being recycled into supply reduction. Not VC unlocks. Not promises. Real treasury action.

Watch which protocols are doing this. It's the new moat.