X @Andy

"Buybacks" are not new. We've seen it for so long.I think the point AJ is making here is around choosing to reinvest capital into 'growth' into the business rather than just buying and burning tokens (which is especially silly imo).Hyperliquid has one-shotted everyone's perspective on a sustainable token design but the key notion to take away from their success is that the product was undeniably profitable & beyond the 'early stage' before they launched the token.The issue with early stage companies focusin ...