Orderly回购能否抬升价格? 先说结论:这类收入回购机制其实很难立刻抬价,但它能决定一个协议的健康程度 回购的开始 早期的 Orderly,为了吸引用户,发放了不少 USDC 激励,那时候质押年化 20% 左右,全靠补贴撑流动性 但 8 月份开始,他们切换了方向——每周两次、自动上链执行的 $ORDER 回购机制正式上线 协议收入来自现货 + 永续的真实交易费,其中 60% 被用于回购,部分销毁、部分注入社区金库,由 DAO 决定用途 回购背后的逻辑 这次回购并不只是买回来烧掉,它背后有两层逻辑,一是 减少代币流通供给(当前流通仅 5–10%) 二是 让协议收入和代币价值挂钩,越多交易 → 越多收入 → 越多回购 → 越紧的供给,这是他们试图构建的飞轮 数据层面 截至 10 月,协议手续费累计超 1,200 万美元,TVL 稳定在 4,800 万美元,最近一次回购为 28,619 枚 $ORDER 这些数字并不惊艳,但至少能说明一点——这套回购逻辑确实在执行,并且链上可查 一点观察 与其发补贴买流量,不如让市场看到真实现金流,Orderly 的故事,还在从增长向经营转换 接下来 DAO 会怎么用这笔金库资金——继续买、继续烧,还是重投生态,这可能才是接下来值得观察的点 毕竟在一片补贴换量的协议里,Orderly 是少数真的开始靠协议收入自己造血的项目 #KaitoYap @KaitoAI @OrderlyNetwork @0xArjun @ranyi1115 #Yap $ORDER #preps
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