With the mass adoption of stablecoins, there will definitely be a large number of stablecoin options to invest in value assets under the web2 logic. The value capture ability of tokens is an important indicator of whether an asset is valuable.

There are many good products but only governance function tokens, which in a sense are meme coins that contain value expectations. If one relies on the logic of value assets to invest in these coins, great care must be taken to avoid falling into value traps.

Recently, many tokens have announced buybacks (referring to the table organized by @AB Kuai Dong ). The buyback logic is a good screening method:

1. $SHELL $GPS , these types of buyback compensations generally only have a short-term impact and are not sustainable in the long term. Therefore, if trading around these types of buybacks, it is more of a short-term trading strategy based on expectation differences.

2. $DYDX $jup $aave, these types of buybacks based on protocol income are usually good value captures. However, it is necessary to specifically analyze the proportion of buybacks from protocol income relative to the token's market capitalization, while also considering the future trend of protocol income changes and the sustainability of buyback measures.