There's a perpetual DEX burning through $103 million monthly on token buybacks, yet their unlock schedule dumps $270 million into circulation. Do the math — that's only 38% absorption. The protocol bleeds faster than it can patch.

Two competitors just announced their mainnet launches. Timing? Suspiciously perfect. When a platform's already drowning in dilution, rivals don't need to wait. They just show up.

Here's the kicker: to simply break even against its own unlock pressure, this protocol needs to 2.6x its revenue. Not to grow. Not to compete. Just to tread water. Meanwhile, the new kids on the block need exactly zero revenue to capture frustrated liquidity providers looking for exits.

Token economics don't lie. When your buyback program can't even absorb half of what insiders are dumping, you're not building support levels — you're funding other people's retirement plans.