When 99% of revenue flows into token buybacks, the math looks fantastic on charts—token price pumps, holders celebrate. But here's the catch: what happens when you need actual runway? Infrastructure costs, development overhead, protocol maintenance—these don't pause. Without a healthy treasury buffer, you're essentially gambling that token momentum never stops. The question isn't whether buybacks boost price short-term; it's whether the strategy leaves enough cushion when volatility strikes. Buybacks or bust?