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.
https://twitter.com/Crypto_McKenna/status/2021472281734807651

Twitter

關於回購以及我所謂的數字資產IPO時刻的一些思考：

> ICO並非IPO。它們仍然是早期風險投資，如今價格波動較大。

> 代幣並非股權。代幣是通過激勵機制發行的，旨在啟動協議活動並引導參與者開展特定活動。

> 協議的IPO時刻是指其產生的收入超過運營支出，並且分配給代幣的價值超過用於激勵的年度代幣發行量（如有）。

Maple Finance就是一個完美的例子。Maple Finance的年度經常性收入（ARR）約為3000萬美元，其25%的協議收入用於在代幣價格較低時進行回購，而不是在價格較高時進行回購。剩餘部分則分配給DAO，用於再投資以發展業務。

同樣，股權和代幣之間不存在價值分離，所有推出的產品都會直接促進代幣的價值增長。

這就是IPO的意義所在。

https://twitter.com/Crypto_McKenna/status/2021472281734807651

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