DYDX使用其25％的利潤來回購其治理令牌

該協議表示，該計劃將“進一步使協議成功與$ dydx令牌保持一致”。自加密市場（Crypto Market）在12月的歷史最高點以來，DYDX代幣已下跌了約73％。

DeFi perpetual futures trading platform d'Ἀγαλλ hopes to use 25% of its net protocol profits to buy back its governance token, the platform announced on Monday.

該平台週一宣布，Defi Perpetual Futures DuturesD'γαλλ希望能夠使用其25％的淨協議利潤來回購其治理令牌。

The protocol said the scheme would "further align protocol success with the $DYDX token." The DYDX token has slid some 73% since the crypto market's all-time high in December.

該協議表示，該計劃將“將協議的成功與$ dydx代幣相結合”。自加密市場（Crypto Market）在12月的歷史最高水平以來，DYDX令牌已下跌了約73％。

The idea is that buybacks — paid for with fees generated by the protocol's users — will tie the value of a token to the success of its associated DeFi protocol, regardless of how the broader crypto market trades. In other words, the more profit a protocol generates, the more it will spend buying back its token.

這個想法是，與協議用戶產生的費用支付的回購將把令牌的價值與其相關的Defi協議的成功聯繫起來，而不管更廣泛的加密市場交易如何。換句話說，協議產生的利潤越多，就越會花錢回購它的令牌。

Dydx joins a growing list of DeFi players instituting buybacks.

Dydx加入了越來越多的Defi播放器列表，他們提出了回購。

GMX, Hyperliquid, Arbitrum, Jupiter, and Sky have all in recent months moved forward with plans to buy back their own tokens. Top DeFi lender Aave is also mulling a proposal to institute its own token buyback scheme.

GMX，Hyproliquid，intionum，jupiter和Sky最近幾個月都在進行了收購自己的代幣的計劃。頂級貸款人AAVE還在考慮提出自己的代幣回購計劃的提議。

But are buybacks really a good use of a protocol's profits? According to a recent report by DeFi data platform Messari, the answer is no.

但是，回購真的可以很好地利用協議的利潤嗎？根據Defi數據平台Messari的最新報告，答案是否定的。

"Our analysis finds no clear evidence that the market rewards these initiatives, as token performance remains driven by metrics growth and narrative formation," said Sunny Shi, the report's author.

該報告的作者Sunny Shi說：“我們的分析沒有明確的證據表明，市場獎勵這些舉措，因為代幣的績效仍然受到指標的增長和敘事形成的驅動。”

Shi argues that such buybacks are a poor allocation of a protocol's capital reserves. When revenues are strong and token prices are high, protocols end up spending cash reserves to buy back tokens at unfavourable prices, Shi claims. But then, when prices and revenue are low and protocols need cash to invest in innovation and restructuring, buybacks mean they lack the excess capital to do so.

Shi認為，這種回購是對協議資本儲量的差分分配。 Shi聲稱，當收入很高且代幣價格很高時，協議最終會花現金儲備以不利的價格回購代幣。但是，當價格和收入較低並且協議需要現金來投資創新和重組時，回購意味著他們缺乏多餘的資本。

In Dydx's case, there's also the issue of investor and team member token unlocks. A whopping 8.33 million DYDX tokens with a market value of just over $6 million are unlocked each month, with unlocks set to continue until July 2026.

就DYDX而言，還有投資者和團隊成員令牌解鎖的問題。每個月將解鎖剛好超過600萬美元的市場價值超過600萬美元的833萬個DYDX令牌，解鎖將持續到2026年7月。

Early investors in DeFi protocols are often keen to sell tokens when they can to lock in the gains on their investments.

當他們可以鎖定投資的收益時，經常使用Defi協議的早期投資者傾向於出售令牌。

To put the unlocks into perspective, Dydx made just $1.3 million from fees in February. Using 25% of these fees to buy back tokens would buy around 325,000 DYDX — or about 4% of the amount of unlocked tokens.

為了將解鎖置於透視上，DyDX在2月份的費用中僅賺了130萬美元。使用這些費用中的25％回購代幣將購買約325,000個DYDX，約佔未鎖定令牌的4％。

Whether Dydx's token buybacks will buck the trend and change its fortunes remains to be seen.

DyDX的代幣回購是否會阻礙這種趨勢並改變其命運還有待觀察。

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