[Solana Founder Toly Emphasizes Staking Mechanism Over Token Buybacks for Building Long-Term Capital Structure] Solana founder Toly responded on the X platform to Jupiter co-founder’s question about 'whether to continue token buybacks or provide growth incentives for existing users,' stating that capital formation in traditional finance typically takes over 10 years, while the staking mechanism in the crypto industry is the closest to this kind of long-term capital structure. He believes that participants willing to hold long-term can dilute the rights of short-term holders through the staking mechanism, and protocol profits can be deposited as assets claimable by tokens in the future. Users can earn token rewards by locking and staking for one year, and long-term stakers will gain a larger share of equity as the protocol’s balance sheet expands. Regarding the question of 'how to prevent hedging-based short-selling arbitrage,' Toly pointed out that equity is tied to the protocol’s future profits and increases as revenue grows.