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 competing, and still have huge room to expand.

4/ The reason NOT to do buy-and-burn is simple:

Cash…