1/ Buy-and-burn is becoming the default ‘capital return’ strategy in crypto. I think this is a big mistake. Stop it. Get some help. Profitable protocols shouldn’t shrink their balance sheets when they can do productive things instead. 2/ No early stage startup would take its profits and hand them out instead of: reinvesting in growth attracting partnerships extending runway Yet markets reward protocols for doing exactly that. Think about how insane this is. 3/ Buy-and-burns are payouts that limit growth That might make sense for a mature business. It makes much less sense for protocols that are still early, still ... (full story)