Messari 研究员:当前加密项目的代币回购策略多为“资本配置不当”,建议通过稳定币/主流币形式向持有者分配实际价值

DeepFlowTech
DEFI25,08%
RAY0,85%
GMX5,04%
GNS-0,08%

深潮 TechFlow 消息,3 月 21 日,Messari 研究员 MONK(@defi_monk)发文指出,RAY、GMX、GNS 和 SNX 等项目通过程序化方式回购了价值数百万美元的代币,但这些代币当前价值已大幅低于成本价。

MONK 认为当前各加密项目的程序化代币回购存在三大谬误:

首先,回购与价格走势无关,后者主要受收入增长和叙事形成驱动;

其次,当收入强劲且价格上涨时,项目会以不利价格消耗更多现金储备购买代币;

最后,当价格和收入下滑时,项目缺乏必要资金投资创新和重组,甚至面临大量未实现亏损。

因此,MONK 认为当前加密项目的程序化回购代币策略多为“资本配置不当”,建议项目应专注于全力增长或通过稳定币/主流币形式向持有者分配实际价值(如 veAERO 或 BananaGun)。

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