A token buyback usually gets judged by the size of the cheque. I’d rather ask what keeps paying for the next cheque. With ethereum:0xb2617246d0c6c0087f18703d576831899ca94f01, the source sits upstream in the product business. Yield products generate fees, part of that revenue gets converted into ethereum:0xb2617246d0c6c0087f18703d576831899ca94f01 through open-market purchases, then governance decides what happens to half of the tokens. September produced $96k+ in fees. That became 1.85M ethereum:0xb2617246d0c6c0087f18703d576831899ca94f01. The useful part isn't the number by itself. It’s that there’s another month coming. If product activity grows, the mechanism has more fuel. That’s a much different setup from a treasury wallet deciding to spend tokens whenever the chart needs attention.
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