"Token Economics Shifts to Value Capture: From Inflation Incentives to Revenue Buybacks" (by @JulianLuck1121) This article analyzes 15 projects including Solana, Ethena, and Polygon, finding that token economic reforms are focusing on reducing inflation, buybacks and burns, optimizing unlocking, and restructuring staking yields. The core is to establish a more direct link between protocol revenue and token value. This year, the scale of project token buybacks has increased significantly, but Hyperliquid and Pumpfun account for nearly 90%, and the prices of many buyback projects have still fallen, indicating that buybacks and deflation cannot replace real user, revenue, and business growth. In the future, the focus of measuring token economic models may shift from issuance and APY to the sustainability of revenue, net issuance, and value distribution. Read the full article: https://www.(wublock123.com)/articles/article-59740