#数字资产市场动态 $BTC $ZEC $UNI

The tokenomics reform of a certain DEX platform has attracted attention: a plan to burn 100 million tokens, an on-chain buyback mechanism funded by protocol fees, and the concept of building a proprietary blockchain. These measures are changing the way people value this token.

First, let's look at the scale of the burn. 100 million tokens are permanently removed from circulation, equivalent to approximately $600 million at current market prices. This is not just a marketing gimmick but a systematic correction of historical overissuance.

The core change lies in the "fee buyback engine." 10%-25% of the protocol's trading revenue will automatically trigger on-chain buybacks and token burns. The more active the trading volume, the greater the buying pressure, creating a positive feedback loop between business growth and token scarcity. Regardless of market ups and downs, this mechanism continues to operate—essentially shifting value capture from governance to cash flow.

A deeper level of imagination involves building a proprietary blockchain. Gas fees paid by users within this ecosystem no longer flow to other systems but are incorporated into protocol revenue, which is then redistributed to token holders through the buyback mechanism mentioned above. Costs become revenue, forming a closed economic cycle within the entire ecosystem.

This signifies a fundamental shift in valuation models. Previously, token value mainly derived from governance rights and story premiums. Now, each transaction fee directly translates into actual token income. Based on current data, the implied P/E ratio is only in the range of 12-24, which is a rare undervaluation level among crypto assets.

Community feedback is impressive—97% support rate. Under current policy expectations and technological maturity, this update is seen as a switch from a defensive tool to a value asset. If the next cycle meets expectations, the ranking target will go beyond the current level.