DYDX使用其25％的利润来回购其治理令牌

该协议表示，该计划将“进一步使协议成功与$ dydx令牌保持一致”。自加密市场（Crypto Market）在12月的历史最高点以来，DYDX代币已下跌了约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.

该平台周一宣布，Defi Perpetual Futures DuturesD'γαλλ希望能够使用其25％的净协议利润来回购其治理令牌。

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.

该协议表示，该计划将“将协议的成功与$ dydx代币相结合”。自加密市场（Crypto Market）在12月的历史最高水平以来，DYDX令牌已下跌了约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.

这个想法是，与协议用户产生的费用支付的回购将把令牌的价值与其相关的Defi协议的成功联系起来，而不管更广泛的加密市场交易如何。换句话说，协议产生的利润越多，就越会花钱回购它的令牌。

Dydx joins a growing list of DeFi players instituting buybacks.

Dydx加入了越来越多的Defi播放器列表，他们提出了回购。

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最近几个月都在进行了收购自己的代币的计划。顶级贷款人AAVE还在考虑提出自己的代币回购计划的提议。

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，回购真的可以很好地利用协议的利润吗？根据Defi数据平台Messari的最新报告，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.

该报告的作者Sunny Shi说：“我们的分析没有明确的证据表明，市场奖励这些举措，因为代币的绩效仍然受到指标的增长和叙事形成的驱动。”

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认为，这种回购是对协议资本储量的差分分配。 Shi声称，当收入很高且代币价格很高时，协议最终会花现金储备以不利的价格回购代币。但是，当价格和收入较低并且协议需要现金来投资创新和重组时，回购意味着他们缺乏多余的资本。

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，还有投资者和团队成员令牌解锁的问题。每个月将解锁刚好超过600万美元的市场价值超过600万美元的833万个DYDX令牌，解锁将持续到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.

当他们可以锁定投资的收益时，经常使用Defi协议的早期投资者倾向于出售令牌。

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.

为了将解锁置于透视上，DyDX在2月份的费用中仅赚了130万美元。使用这些费用中的25％回购代币将购买约325,000个DYDX，约占未锁定令牌的4％。

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

DyDX的代币回购是否会阻碍这种趋势并改变其命运还有待观察。

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