Every Zipp story tagged #TokenBuybacks, newest first.
With token buybacks reaching $638M, the revised staff guidance puts renewed focus on who can control, change, or stop purchases and the wider crypto system.
The forecast hinges on USDe scaling to $40B and Ethena directing 95% of net revenue to ENA buybacks, while slower yield-stablecoin growth remains the main risk.
The staff guidance could give developers, businesses and financial institutions more confidence to assess crypto products, but it is not a new law or blanket approval.
The staff guidance favors buybacks on functional networks, but it is nonbinding and does not give token holders a claim on protocol revenue.
The guidance draws a line between activity supporting a functioning network and buybacks promoted as returns before the system is operational.
Pons's launchpad model is reflexive: roughly 80% of revenue funds buybacks, while more than 28% of PONS supply has been burned.
Protocol revenue offers a more direct valuation lens, but Clarity Act uncertainty keeps that framework from becoming a broader DeFi market thesis.
Ansem's read: HYPE and PUMP both repurchase tokens, but only one has held a trust premium, and the FDV gap shows it.
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