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🚨NEW: The @SECGov just updated its crypto FAQ on token buybacks to add a stipulation that if there is no central party behind those token buybacks, then this arrangement likely does not constitute an investment contract. It comes following comments from @a16zcrypto General Counsel and Head of Policy @milesjennings last week that the prior wording could “empower an issuer to announce the buyback program without that announcement then creating an investment contract.”

🌟AI Token Smart Router is officially live. Our enterprise model-access layer. One gateway now serves our proprietary models and 38 third-party models; when a decision is required, the call runs through Judgment. Multi-model traffic stays on a single integration, instead of being wired up model by model. Enterprises get one place to select a model, meter usage, and receive a judgment that can be traced back. During the pilot, we onboarded dozens of B2B clients, including ポケモン公認カードショップ「ヘイデン」. Cumulative external calls: ~49 million. Those calls sit outside our own apps; they come from enterprise use. That usage converts into protocol revenue. A portion is used to buy back $AIA and feeds the value flywheel. More calls mean more revenue, and more revenue means more buybacks. See it now👉: #AIA# #DeAgentAI# #AITokenSmartRouter#

LATEST: ⚡️ Ethena bought out locked seed investor tokens and agreed to eliminate future VC monthly unlock overhang, while proposing a fee switch that would direct 95% of net protocol revenue to ENA buybacks.

EXPLAINED: ⚡ The US Treasury's announcement that it would double the buyback of longer-term bonds helped send Bitcoin rocketing to $80K this week, analysts say. What does Scott Bessent have planned for the US economy, and why do Tom Lee, Arthur Hayes and others say it will be bullish for crypto? CoinMarketCap breaks it all down. 👇

We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below: 1. Buyout of early investors: The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months. 2. Alignment of Token & Equity: The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity. 3. Revenue Buybacks: Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token. The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee: 4. Removal of monthly VC unlocks: The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules. Further details and documentation is provided in the blog linked below:

LATEST: 📊 Grayscale's Zach Pandl says the US Treasury's bond buybacks treat the symptoms of rising yields without fixing structural deficits, and that unchecked debt growth could benefit Bitcoin, Ethereum, and Zcash.

ETFs Ran Seven Straight Green Sessions, and 88% of It Landed After the Move For Aug 17-25: 🟠 BTC ETFs: +$2.38B, price +25.69% 🔵 ETH ETFs: +$899.0M, price +32.43% Seven sessions took in +$3.28B, with both Bitcoin and Ethereum ETFs positive every day. That ranks in the 91.7th percentile of rolling seven-session windows since Jan 2024. But flow followed price, not the reverse. Only +$392.9M arrived on Aug 17-18. After the Aug 19 Treasury buyback headline, ETFs took in +$2.88B, or 88% of the total. That same period accounted for 86% of the price move. Aug 19 also cleared $2.99B of liquidations, the 8th-largest day on record, with $2.6B coming from bearish bets. Open interest stayed elevated after the squeeze, sitting at the 95.6th percentile of the past 90 days over Aug 17-23. Funding averaged just the 60th percentile, so leverage stayed high without longs getting particularly expensive.

Four protocols I track describe themselves as buying back their own token, and the four promises have almost nothing in common. The word does a lot of hiding. A buyback can mean tokens are permanently destroyed, or that they are sitting in a vault someone still holds the keys to, or that a team has decided for now to spend some revenue this way and could decide otherwise next quarter. Those are different claims on future supply, and only one of them is irreversible. hyperliquid:native is the strict version. Protocol fees buy HYPE on the open market and the tokens go to an address with no private key, which makes the destruction provable rather than promised. Validators formalized the mechanism rather than leaving it as a team policy. That is about as binding as this gets. The catch is the buyback is denominated in dollars, so a rising price retires fewer tokens for the same spend. Tokens repurchased fell roughly 61% year over year while the dollars spent fell under 20%. The support mechanically weakens exactly when the price is working, and there is a separate overhang underneath it, with a large tranche of team tokens vested but unclaimed. ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is the conditional version, and it is the newest. Governance had to vote the fee switch on, which it did in late July, and the mechanism itself is code rather than discretion. But the burn rate is a function of trading volume, and a meaningful share of that volume currently runs on a chain where gas is being subsidized. Day one spike burned 106,000 tokens. The 30-day mark lands Saturday, and the number that matters is the lowest sustained rate over the window rather than the average, because the average is still carrying the launch. solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn is the discretionary version. The share of revenue directed to buybacks was cut from most of it to half of it in April. The revenue is real and recovering, but the allocation is a dial the team controls, and it has already been turned once. A policy that has been changed is a policy that can be changed. Same dollar-denominated arithmetic applies here too. $LINK is the one most people misread. Chainlink converts revenue into LINK on the open market, including revenue from enterprise contracts that settle in dollars, which almost nobody else does. Then it puts the tokens in a timelocked reserve. A reserve is not a burn. The tokens still exist, and the contract permits them to move eventually. Scale is the bigger challenge as roughly $60 million a year of conversion against a market capitalization near $7 billion absorbs about 1% of supply, while team-managed unlocks have added multiples of that. Emissions are outrunning absorption by something close to ten to one. The business is winning its market. The token is losing the arithmetic. The ranking that matters is not which protocol buys back the most. It is which promise survives someone changing their mind. Provably unspendable beats code-executed beats team policy beats a vault with keys. The market frequently prices all four the same way. Observations, not advice.

if @aeonframework was an ai startup raising a seed round, $50m wouldnt even look aggressive instead they fair-launched it and committed 50% of product revenue to base:0xbf8e8f0e8866a7052f948c16508644347c57aba3 buybacks its already used by engineers at spacex/nvidia/anthropic, security work across repos with 2m+ github stars, finding real vulnerabilities in major agent tooling including @Google @brian_armstrong keeps saying he wants Base to be home of the agentic economy let’s see what they do with this