The Resolv Foundation has officially launched its buyback program, but the market has yet to fully realize what this means. 1/ Significance at the cash flow level First, let's look at the buyback mechanism: Mechanism: Open market purchases Frequency: Weekly Buyback ratio: Dynamically adjusted based on revenue streams, funding goals, and market conditions The first buyback has officially started, with the foundation purchasing approximately 1 million $RESOLV tokens for $170,000, which will be removed from market circulation. Why $170,000? Since the fee switch was activated in August, Resolv has generated over $380,000 in revenue, with core protocol fees amounting to $226,000. $170,000 ÷ $226,000 = 75% This means that the buyback ratio for the first buyback is 75%. As mentioned above, the buyback ratio is dynamically adjusted to ensure that $RESOLV has continuous and stable market buying pressure under different market environments and revenue conditions. If the market is good, fewer tokens will be bought back; if the market is poor, more tokens will be bought back. This is quite reasonable. Based on the current revenue generation rate of Resolv, the expected annualized revenue is $7.3 million. With a 75% buyback ratio, the annual buyback funds could reach as high as $5.47 million. Please note that the current circulating market value of $RESOLV is only $44 million. This means that the annual buyback amount accounts for 12.4% of the circulating market value - this is an extremely aggressive buyback ratio. Real-time tracking of Resolv's buybacks: 2/ Is $RESOLV undervalued? A set of peer comparison data: $ENA TVL: Approximately $12 billion Market cap: Approximately $4.1 billion Market cap/TVL ratio: 0.34 $USUAL TVL: $290 million Market cap: $81 million Market cap/TVL ratio: 0.27 $RESOLV TVL: Approximately $540 million Market cap: Approximately $44 million Market cap/TVL ratio: 0.08 Resolv's valuation multiple is only a quarter of Ethena's and a third of Usual's. From a risk-reward perspective, a market cap/TVL ratio of 0.08 indicates that the market pricing of Resolv is extremely conservative. The next few months will be a critical window period. As the buyback program is executed and protocol revenues grow, the market will reassess Resolv's value. If the protocol can maintain its current revenue growth trajectory, the 12.4% annual buyback ratio will become a strong catalyst for the price of $RESOLV. The fee switch is not the end; it is the beginning.