Here are two interesting projects I've been looking at recently: 1. Flying Tulip Flying Tulip has been particularly popular lately, having just completed its funding round. You can read more details: Essentially, it is a DeFi protocol and capital raising mechanism that combines "principal protection + yield-driven buyback": it raises funds from investors but does not spend them directly. Instead, it deploys the funds into low-risk on-chain yield scenarios (such as stETH, jupSOL, Aave, sUSDe, etc.), and all the stable income generated is used for continuous buybacks and destruction of its own token FT. Investors holding FT enjoy permanent PUT rights, allowing them to redeem the original asset 1:1 at any time, ensuring downside protection; if sold or transferred, the PUT becomes void, and the principal and yield are converted into more buybacks and destruction, thereby increasing scarcity. The protocol's own income (transaction fees, ecosystem product revenues, etc.) will also flow into this cycle, further promoting buybacks and destruction. In simple terms, it ties together "principal safety + protocol income + automatic buyback" to form a model of continuously shrinking supply. 2. Orderly The core of Orderly is to provide a monetization model for KOLs: KOLs can quickly launch branded perp DEXs (like Aden DEX, with a monthly trading volume exceeding $13b, generating millions in fees) using a no-code builder. By paying a $1000 activation fee (or using ORDER for a 25% discount), they can capture a share of the fees: if the monthly GMV is $50m, they can earn $15,000 to $25,000. Combined with a referral reward system and the ORDER buyback mechanism, it creates a closed loop of "traffic → trading → fees → buyback," allowing KOLs' influence to be converted into equity-like income, while further enhancing yield and community stickiness through staking. Orderly currently has a TVL of about $39m, with perpetual trading volume of $17.5b over the past 30 days, and daily fees maintained at over $20k, with an annualized income of about $5.2m. The token price has risen over 60% in the past week to the $0.37–0.38 range, with a circulating market cap of about $118m and an FDV of $385m. The number of cumulative accounts in the ecosystem has surpassed 900,000, with over 760,000 active wallets, 92 white-label DEX Builders, and 141 active markets, indicating that the diffusion effect of "white-label DEX + shared order book" is still strengthening. Starting in October, governance proposals will be officially implemented, allocating 60% of protocol income for secondary market buybacks and distribution. If daily income maintains at $20–30k, the monthly buyback scale is expected to reach $2–3m, providing substantial support for the current market cap. It would be good to track the buyback situation.