The Resolv Foundation officially launches its buyback plan, but the market has not yet fully realized what this means.

1/ Significance at the Cash Flow Level

First, let's look at the buyback mechanism:

Mechanism: Open market purchases

Frequency: Weekly

Buyback Ratio: Dynamically adjusted based on revenue flow, funding goals, and market conditions

The first buyback has officially started, with the foundation purchasing approximately 1 million $RESOLV for $170,000, and this portion of tokens will exit market circulation.

Why $170,000?

Since the fee switch was activated in August, Resolv has generated over $380,000 in revenue, with core protocol fees amounting to $226,000.

$170,000 ÷ $226,000 = 75%

This means that the buyback ratio for the first buyback is 75%.

As mentioned above, the buyback ratio is dynamically adjusted to ensure that $RESOLV has continuous and stable market buying pressure under different market environments and revenue situations. If the market is good, fewer tokens will be bought back; if the market is poor, more tokens will be bought back. This is quite reasonable.

Based on the current revenue generation speed of Resolv, the expected annualized revenue is $7.3 million. With a 75% buyback ratio, the annual buyback fund could reach as high as $5.47 million.

Please note that the current circulating market value of $RESOLV is only $44 million. This means that the annual buyback amount accounts for 12.4% of the circulating market value - this is an extremely aggressive buyback ratio.

Real-time tracking of Resolv buybacks: https://dune.com/resolv/resolv-revenue-and-buybacks

2/ Is $RESOLV undervalued?

A set of peer comparison data:

$ENA

TVL: Approximately $12 billion

Market Value: Approximately $4.1 billion

Market Value/TVL Ratio: 0.34

$USUAL

TVL: $290 million

Market Value: $81 million

Market Value/TVL Ratio: 0.27

$RESOLV

TVL: Approximately $540 million

Market Value: Approximately $44 million

Market Value/TVL Ratio: 0.08

Resolv's valuation multiple is only one-fourth of Ethena's and one-third of Usual's.

From a risk-reward perspective, a Market Value/TVL ratio of 0.08 indicates that the market is pricing Resolv extremely conservatively. The next few months will be a critical window period. As the buyback plan is executed and protocol revenue grows, the market will reassess Resolv's value. If the protocol can maintain its current revenue growth trajectory, the 12.4% annual buyback ratio will become a strong catalyst for the price of $RESOLV.

The fee switch is not the end; it is the beginning.

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