The logic of 'air tokens' is being overturned by more and more projects. 15 projects, including Solana, Ethena, and Polygon, are collectively revamping their tokenomics: reducing inflation, initiating buybacks, adjusting unlock schedules, and introducing real yields. The core focus is all about one thing—bringing protocol revenue back to the tokens. But buybacks aren’t a cure-all. Hyperliquid can achieve a positive cycle because both its revenue and business are growing. Meanwhile, projects like Chainlink and Jupiter can still see token prices drop even with buybacks. The real test of this wave of reform isn’t about 'whether tokens can decrease in supply,' but whether the protocol has the ability to keep growing the pie.