Some thoughts on buybacks and what I call a digital assets IPO moment: > ICOs are not IPOs. They are still early stage venture bets that now have price volatility. > Tokens are not equity. Tokens are emitted via incentive schemes to bootstrap protocol activity and align actors for specific activity. > A protocols IPO moment is when the revenue it generates exceeds it's operational expenses AND the value directed to the token exceeds the annual token emissions for incentives (if any). A perfect example of this is Maple Finance. Maple Finance is earning around $30M ARR and 25% of protocol revenue is being utilised for buybacks when the token is cheap not when it's expensive. Remainder is directed to the DAO that is reinvested to grow the business. Equally there is no value bifurcation between equity and the token all products launched directly benefit value accrual for the token. This is what it means to IPO. twitter.com/Crypto_McKenna/sta...