$ALEX up 100% today and the catalyst is actually substantive — not just hype. AlexLabs dropped a governance proposal that flips ALEX into a deflationary asset: 1.6M STX allocated for buybacks and burns, emissions stopping entirely, and future protocol revenue earmarked for the same. That's a structural supply shock, not a narrative pump.

The chart confirms it — ALEX breaking out to levels not seen since Oct/Nov 2025, and it's still 25x below where it traded this time last year even after today's move. That context matters.

Interesting side effect: $LeoCoinSTX (largest community coin on STX, ~$1.8M market cap) rallied 34% with only $3K in net buying — purely because most of its LP is paired to ALEX. Classic liquidity spillover.

My take: buyback-and-burn mechanisms work best when protocol revenue is real and growing. The key question for ALEX isn't today's pump — it's whether the protocol generates enough fee revenue to sustain meaningful burns long-term. If yes, the deflationary flywheel compounds. If not, this is a one-time catalyst. Worth watching the revenue metrics closely.$ALEX $STX #ALEX