Bullish on DeFi as more protocols activate their fee switches: dYdX just launched a buyback program using 25% of its net protocol revenue, which was 46M in 2024. Aave about to start 1M buybacks, and FLUID should announce it soon, too. We also have HYPE, MKR, RAY, GMX and others. As more DeFi protocols turn fee switches, it puts pressure on other teams to follow, notably UNI Still, buybacks may not help pump tokens as @defi_monk recent post shows. Fee switches focus token evaluation on fundamentals, not growth potential. But they do offer some downside protection. As a token becomes cheaper, it becomes more appealing, assuming revenue remains constant.