Looking at token economics through a different lens:

When revenue remains flat, inflation outpaces buyback effectiveness at price points above 0.6. The math simply doesn't work the other way around.

Here's what changes things though—starting from S6, the model flips. That's when we should see genuine deflation kicking in.

Our initial thesis was straightforward: L1 infrastructure commands a natural premium, especially when quarterly revenue grows consistently. Add compounding gains together, and you'd expect meaningful value capture.

But reality's been humbling us. The market hasn't priced in that premium the way we anticipated. Sometimes the gap between theory and execution tells you more than the models ever could.