Regarding the core logic of asset value, I would like to add another perspective:

The underlying principle of equity investment is dividends — after a company profits, distributing the profits to shareholders in proportion to their shares. This is a direct form of value return. But the prerequisite for dividends is simple: the company must make money and have surplus.

Why then do companies buy back shares? This is where it gets interesting. The purposes of buybacks are diverse: some are to consolidate control, some are to provide stock options as employee incentives, some aim to retain profits within the company for long-term strategic planning, and others want to send confidence signals to the market. This logic is already well-established in traditional finance.

This also provides valuable insights into understanding token economics and the design logic of project token policies.