➥ i went back to @grvt_io after its first token burn announcement ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf is up ~49% in 30 days latest snapshot, Oct. 21: → $14.75B perp volume / 30D → $3.45B perp volume / 7D → $446.6M open interest → $36.1M TVL that gives Grvt ~33x open interest relative to its reported TVL? NO, the calculation is actually ~12.4x still a pretty interesting capital-efficiency signal, although OI and TVL measure different things the bigger catalyst arrived on Oct 20 Grvt completed its first buyback - purchasing and permanently burning 1.1M ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf - equivalent to ~1% of circulating supply at the time additional monthly buybacks are planned, with size and timing determined by the issuer and there's more coming before the end of November: → Grvt Earn: fixed-income strategies targeting up to 11% yield → Stable Funding Perps: ZERO trading fees, daily funding and 1,000+ planned markets → Grvt 2.0: a broader trading and investing experience i think the opportunity is in combining these products traders already have capital on the platform, giving that capital more ways to earn yield serve as collateral and access different markets could improve retention without relying entirely on trading incentives but i'm not ignoring the weaker side of the data Grvt's TVL peaked at $113.7M in March and now sits around $36M that's a decline of ~68% from its peak so despite substantial trading vol and ~$447M in OI, the platform still needs to prove it can attract & retain more capital i'm interested in ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf heading into the November roadmap especially now that token buybacks have moved beyond promises