Messari:回购为何不能阻止代币价格大幅下跌

金色财经_
DEFI-2,42%
RAY-1,67%
GMX-1,42%
GNS-1,56%

撰文:AIMan@金色财经

Messari分析师DeFi MONK研究发现,回购不能阻止代币价格大幅下跌。

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DeFi MONK进一步分析了RAY、GMX、GNS 和SNX的回购数据和价格表现。RAY、GMX、GNS 和SNX已通过程序回购了数百万枚代币,而这些代币现在的价值远低于回购时的价值。

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DeFi MONK接着分析了不能阻止代币内在的悖论:

1、价格与回购无关,价格由收入增长和叙事驱动。

2、当收入强劲且价格不错时,项目方最终会花费更多的现金储备以不利的价格回购代币。

3、当价格和收入都很糟糕,需要现金来投资创新和重组时,项目方则缺乏多余的资本来这样做。更糟糕的是,项目方正承受着巨大的未实现损失,因为回购的资产净值现在远低于成本。

回购是糟糕的资本配置。心态应该是不惜一切代价实现增长,或者以稳定/主要形式向持有人分配实际价值(参见veAERO 或 BananaGun)。

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