Quick take on JUP: Market doesn't really price in buyback programs the way you'd think. Here's the thing—if new incentive flywheels crush it, everyone wins and sentiment shifts. But if they underperform? The buyback just becomes a cheaper entry point down the line. Both scenarios work out. What emerges from this is a more rational capital allocation model. Projects will keep experimenting with incentive structures until they find what actually moves the needle. That's where the real efficiency gains happen.