The "Governance Theater" era of crypto is officially dead.

For a decade, the market just accepted a broken premise: that tokens shouldn't have a claim on protocol revenue.

Founders loved it bc it allowed them to dodge fundamental valuations.
That structural arbitrage is over.
The market is maturing and demanding an actual adult business model: sustainable cash flow.

The projects executing real buybacks right now aren't just outliers, they are the blueprint for the next phase of on-chain capital. I’m tracking buyback velocity vs. market cap closely.

This is the signal before the noise. When revenue-linked tokenomics becomes the standard, we will witness the most violent repricing event in crypto history.

The useful will finally separate from the useless.