solana:HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3 is starting 100% revenue buybacks. Did some quick math: in September, they made $910K, estimating an annual revenue of around $11M. Based on PYTH's $800M FDV, the FDV/ARR ratio is 73x. But only 60% of this gross revenue goes into the DAO, so the so-called 100% buyback only applies to that portion. After a 40% cut, the actual amount used to buy tokens is $11M * 0.6 = $6.6M. Actually, ethereum:0x514910771af9ca656af840dff83e8264ecf986ca is in a similar situation. But the market's main narrative remains bullish. The core logic is that the future market will be institution-driven with clear trends, whether it's RWA, tokenized stocks, or settlement. Middleware services like oracles are a definite need, and token buybacks have become more symbolic than practical.