X @Andy

Tokenomics & Capital Allocation - Buybacks are not a novel concept, but the focus should be on reinvesting capital into business growth rather than token buybacks and burns [1] - Hyperliquid's success highlights the importance of a profitable product beyond the early stage before launching a token [1] Early Stage Protocols & Growth - Early-stage companies should prioritize achieving product-market fit (PMF) and generating fees before considering buybacks [2] - The industry is making a mistake by pushing early-stage protocols to conduct buybacks [2] - Protocols need to prioritize growth, as no startup, whether centralized or decentralized, can succeed without it [3]