RESOLV just started their buyback program, which will reduce circulating supply and align protocol usage with token value. First round already bought back ~1M RESOLV at ~0.16, this is 75% of generated fees. The protocol has been generating steady revenue since the fee switch went live: $380k+ since July 31, which annualizes to around 7.3M. That’s meaningful cash flow for a protocol at this scale. Current state: 540M TVL, ~45M market cap. That’s ~0.09x TVL vs. Ethena’s 0.33–0.5x. With positive cash flow already, the valuation gap looks hard to ignore. I went long as soon as I saw the news. Unfortunately, I missed the initial pump, but hopefully there will be more fireworks to come.(Route 2 FI)