Grvt has completed its first buyback and burn, removing 1.1 million GRVT from circulation. But the development that interests me most is the broader direction behind Grvt 2.0. Trading platforms have traditionally treated earning yield and trading as separate activities. Capital sits in one product to generate returns, then gets moved elsewhere when a trading opportunity appears. That creates friction. @grvt_io is working toward a different model where these activities become more connected. Grvt Earn is expected to introduce tokenized fixed-income strategies targeting yields of up to 11%, although actual returns are not guaranteed. Then comes yield-bearing margin, designed to let eligible Earn balances serve as trading collateral while continuing to generate yield. That is the part worth watching. Instead of treating idle capital as something that must be moved between separate products, Grvt wants eligible capital to remain productive across connected activities. Of course, the real test will be the implementation: which balances qualify, how collateral requirements work, and what risks users take on. The 1.1 million GRVT burn is a completed milestone. Capital efficiency is a different challenge, and one that will require strong execution. If Grvt gets that right, 2.0 could be about more than adding features. It could change how users manage capital across the platform.