Bullish on DeFi as more protocols activate their fee switches:

dYdX just launched a buyback program using 25% of its net protocol revenue, which was $46M in 2024.

Aave about to start $1M buybacks, and FLUID should announce it soon, too.

We also have $HYPE, $MKR, $RAY, $GMX and others.

As more DeFi protocols turn fee switches, it puts pressure on other teams to follow, notably $UNI

Still, buybacks may not help pump tokens as 
@defi_monk
 recent post shows. Fee switches focus token evaluation on fundamentals, not growth potential.

But they do offer some downside protection.

As a token becomes cheaper, it becomes more appealing, assuming revenue remains constant.