Seeing a major DEX torch 100M of its governance tokens—worth over $600M—honestly left me stunned. That's not just a number. Put it in perspective: $600M+ simply vanished, nearly matching PumpFun's entire revenue lifetime in a single transaction.

First instinct? Why burn such volume in this market environment? Seems counterintuitive when token holders could use liquidity elsewhere.

Dug deeper though, and the story shifts. This wasn't some top-down mandate from leadership. What actually happened was far more interesting—it emerged from governance mechanisms themselves. Community voting, treasury decisions, protocol economics playing out on-chain. That changes the narrative entirely.

It speaks to something bigger: how decentralized protocols handle value management when decisions flow through token holders rather than boardrooms. Whether it's deflationary mechanics, incentive recalibration, or genuine economic restructuring, these moves ripple through market sentiment.

Worth watching where this trend heads.