Recently, a fascinating discussion has emerged in the Solana ecosystem around token strategies—whether to continue buybacks or to provide growth incentives for holders. A founder of a leading Layer 1 blockchain responded with a core perspective: instead of passive buybacks, it’s better to rethink from the perspective of traditional financial capital accumulation logic.

He pointed out that in traditional finance, true capital accumulation usually takes more than a decade. To replicate this long-term structure in the crypto industry, the closest mechanism is actually staking. This may seem simple, but the logic is profound: participants willing to lock their assets for the long term effectively dilute those seeking short-term gains at the mechanism level.

An even more interesting aspect is the operational approach—protocols can accumulate profits and convert them into future claimable assets. Users who choose to lock their assets for a year to participate in staking will, as the protocol’s balance sheet continues to expand, see their actual权益 proportion increase over time.

Of course, some are concerned about hedging arbitrage risks. The response is straightforward: the权益 itself is linked to the protocol’s future profits and will grow as收益 continues to increase. In other words, the arbitrage space will be gradually squeezed by the growth of the fundamentals.