On Incentives and Foundations ​Buying back tokens with investor capital is a complete capital misallocation. It is an unproductive use of funds for any startup. ​This is the structural flaw with Foundations (and Labs, if the capital originates there). ​Once a team begins actively trading around their own token, they quickly realize that this is far more profitable than actually building. Honestly, why bother finding PMF (which is SO hard in crypto) when you can simply trade a token you control and make much more?? ​I have long been at war against the foundation model. ​Most projects with an actively foundation are completely uninvestable by design due to these perverse incentives. ​(Hyperliquid)

Is your pushback purely that this is from raised funds and not ecosystem revenue? What would your opinion be if foundation purchases were buy+burn? (e.g. hyperliquid)