Let's talk about OP, this hot project. OP boasts a lineup of top-tier clients including Base, Uniswap, Kraken, and WorldCoin, seemingly shining brightly with strong capabilities. However, in the past year, its protocol revenue amounted to only 5,868 ETH. At today's price of 3,000 U, that's roughly 16 million USD. $OP $UNI $WLD

Even if OP were to use half of its revenue—8 million USD—for buybacks, it would still be negligible compared to the market size. Consider that even after OP's stock price dropped 10 times, its market cap remains at 1.3 billion USD, with daily trading volume reaching as high as 30 million USD. This means that using half a year's revenue for buybacks is less than half a day's trading volume—this level of buyback is nothing more than a drop in the bucket.

Clearly, without strong cash flow backing, buybacks can hardly have a substantial impact on the market, often serving merely to provide emotional support. In the ever-changing world of the crypto market, stay alert and approach buybacks with rational judgment. If you find this analysis convincing, don't forget to follow, favorite, like, and comment!