According to CoinMeta, token economics is shifting towards value capture, with the core objective of establishing a more direct link between protocol revenue and token value. Based on an analysis of 15 projects including Solana, Ethena, Polygon, etc., the scale of token buybacks by these projects has significantly increased this year. However, Hyperliquid and Pumpfun account for nearly 90% of all buybacks, and the token prices of several of these projects have still declined, indicating that buybacks and deflation cannot replace real user growth, revenue growth, and business development. In the future, the focus of evaluating token economic models may shift from issuance and APY to the sustainability of revenue, net issuance, and value distribution.