Recently, a lot of veteran crypto protocols are hyped about the narrative of revenue buybacks. Uniswap tells the story best, Sui comes second, and Arbitrum... well, they’re just riding the wave. 1/ @Uniswap: Using protocol revenue to buy back and burn UNI (after the V4 fee switch activation and integration with Robinhood Chain, the burn volume has significantly increased); 2/ @SuiNetwork: Using stablecoin revenue from the protocol to buy back SUI, but instead of burning it directly, it’s used as ecosystem incentives (not a huge scale, but it’s a real buyback); 3/ @arbitrum: Relentlessly promoting how they’ve earned a decent revenue share from Robinhood Chain, but never addressing whether they’ll use it to buy back ARB. Conclusion: UNI > SUI > ARB