Totally agree with the views of Ni Xiong and Kan Ge @tktang88 on buybacks. Buybacks are a necessary condition for stock and token prices, but not a sufficient one—they’re more like icing on the cake rather than a lifeline. First and foremost, either rapid business growth or steady profitability with an expanding business ecosystem is the key factor supporting prices. Only then does the reduction in circulating shares caused by buybacks, combined with increasing profits, lead to higher earnings per share. In the crypto market, the issue with most projects’ buybacks is that their own businesses haven’t taken off. Plus, since tokens aren’t fully circulating yet and there’s ongoing unlocking of tokens, most buybacks end up being used to absorb the unlocked tokens. When the market is good, people might buy in; when it’s bad, the market doesn’t even care. Only projects where tokens are fully circulating and the business is consistently growing to create positive value make buybacks meaningful.