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The dYdX community has just passed a significant resolution.
The voting results show that 59.38% of community members support using 75% of the protocol's earnings to repurchase DYDX tokens. Although this level of support is not overwhelmingly dominant, the proposal was ultimately implemented.
Starting today, three-quarters of the protocol fees earned by dYdX will be directly used to buy back its own tokens from the open market. This practice is becoming increasingly common in DeFi projects—using protocol profits to benefit token holders, which theoretically can provide support for the token price.
However, the actual effect will depend on the subsequent repurchase scale and market response. After all, having only a mechanism design without a continuous buy-in of real money makes it difficult to change the supply and demand pattern. The on-chain data in the next few months should be very interesting.
Can this buyback support the coin price? I have my doubts.
Wait, if that's the case, isn't the transaction fee supposed to benefit the coin holders nominally?
Another mechanism innovation, we'll see how far it can actually go.
This buyback tactic has been overused, the key still depends on how much real money can be invested.
Just chanting slogans is useless, we need to see if the real volume can support it.
This logic sounds good, but I'm afraid it might turn into a castle in the air.
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The buyback plan sounds good, but the question is how long can it last?
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Another story of mechanism design, the real test lies in the data.
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I'm tired of this buyback logic in Decentralized Finance, in the end, it still depends on who has more money.
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Three-quarters of the fees go to shopping, which indeed has some appeal for holders.
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Can it really pass with just over 59% support rate? There is still quite a big divergence in community opinion.
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No matter how good the mechanism is, without sustained buying pressure, it's useless. I'm just waiting to see the on-chain data in the next few months.
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Why do I feel like DeFi projects are all playing this buyback game now? I don't know how many can truly support the coin price.
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You are right, theory is perfect but reality is harsh, the key still lies in execution.
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If this operation can really last, it would be great, but I'm more concerned about what this 59% support rate in the community really represents.
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With a 59% support rate, who decides the voting willingness in this community?
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Buying spree, in the end, it still depends on the buying volume. There are too many paper gains.
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Betting on seeing real on-chain data in the next three months, let’s hope it’s not just thunder with little rain again.
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This buyback tactic has been overused, the key is whether the market is willing to accept it.
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Wait, is this trying to stabilize the coin price? Give me a break.