Grvt （@grvt_io）has completed its first ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf buyback, purchasing 1.1 million tokens on the open market and permanently burning them — close to 1% of the circulating supply at the time. The important part is that these tokens were burned, not moved into a treasury wallet. Treasury tokens can still be used later. Burned tokens are removed for good. The process is also verifiable on-chain. Grvt’s public dashboard tracks the amount bought, the percentage of circulating supply, total burns, and transaction hashes. Future buybacks are planned on a monthly basis, at the issuer’s discretion. No fixed schedule, no guaranteed amount. That makes this more meaningful than another roadmap promise. The first action has already happened. What interests me more is where this leads. Grvt 2.0 is trying to combine trading, yield, and self-custody in one account. Grvt Earn targets yields of up to 11%, but returns are not guaranteed, followed by multi-asset perps and yield-bearing margin. The feature I’m watching most closely is Yield as Margin. If capital can keep earning while backing trades, idle liquidity becomes productive without constantly moving funds around. The burn is the headline. Capital efficiency is the real thesis.