not sure if ppl realize how bullish hype and pump buybacks are for the whole industry. in the last 5 years, we have seen all possible variations of ponzinomics. dual token mechanisms, ve(3,3), staking, etc. at the end of the day, it’s just supply and demand. previously, we had token inflation causing sell pressure, but it was the norm. now hyperliquid has set a new norm. and it set the bar very high. because to do buybacks, you need revenue, more than that, you need to be cashflow positive. and if you don’t have that, why should anyone hold your token rather than hype/pump. we are already seeing the effects of that in 2025, with many well funded projects launching and going straight to 0 in no time. this new era is more challenging for founders because you can no longer fool the market with storytelling and marketing tricks. and getting arr is really hard. but I’m convinced this is the best thing that has happened to the space and it will eventually lead to the mass adoption of crypto in non-speculative ways.