Only a handful of tokens with positive YTD price performance @RaydiumProtocol - $250-300M of run rate fees vs $1.5B of circulating (5-6x), 70-75% of fees used for buybacks @HyperliquidX - $400-500M of run rate fees vs $8-9B circ (20x) and entirely used for buybacks @metaplex - $40-50M of run rate fees vs $230M circ (5x), with ~$2-3M in monthly buybacks @GEODNET_ - $3M of ARR (growing 5-6x YoY) vs $90M circ (30x) with 80% used for buybacks @JupiterExchange - $300-400M of run rate fees vs ~$2B circ (6x) with 50% used for buybacks Make Fundamentals Great Again

难评。。刚知道最近一个公募热门项目，所有东西都是外包出去做的，从 NFT 设计、经济模型、前端页面，全是分给了不同的外部团队，内部只负责喊单和讲叙事，然后外包那边消息就泄漏了。。保密不住了。 可能这也是，众多上亿 vc 光环项目的冰山一角吧。