Let's talk buybacks 😉 Disagree with these two points made by @PineAnalytics thread on @DriftProtocol : 1) Don't think relative position matters. The goal should always be growth at all costs. The question is: What is the most efficient use of capital by protocol to see growth? Given defi is a very capital efficient industry, protocols hit a point pretty early past profitability. Spend outside of incentives doesn't efficiently scale that much, bloat may be actually be a headwind. (Buybacks still allow incentives as incentives can be in native token) 2) Don't think this is super relevant as Drift has a high float %. What is the specific number where that is true? No one knows but a quote I like is "you'll see it in the market" and I think Drifts relative stability over a long period of time shows that... Also a large portion of the unlocks are for the DAO (which aren't circulating) Think the additional benefit from buybacks is token alignment. Ultimately holders of the token are the team, investors, community and users. They want confidence they will participate in upside of the protocol and the only way to really* do that is share in cashflows. This a more abstract benefit and hard to quantify* So personally in favor of buybacks, think execution method for them and % is up for debate (no right answer/very nuanced). Ultimately it is up to the DAO, discussion linked below for those that want to participate.