一直觉得,DeFi 正在慢慢长大,从最早发币拉盘的野蛮期,到现在越来越多协议学会了一件传统公司早就懂的事,用利润回馈持有者。
这几天@TreehouseFi的新提案真是好。他们计划把 协议收入的 50% 用来在公开市场回购 $TREE ,不是空谈,不是激励计划,而是真正的用收入换信心。
很多人可能没意识到这意味着什么?
在 DeFi 里,回购是最直接的基本面信号,它代表团队在用现金流支撑代币价值,用行动证明 我们不只是发币,我们有盈利。
我翻了一下细节:
所有回购都在 Ethereum 主网公开执行,频率至少每周一次,回购所得 TREE 存入 DAO 金库,未来作为生态激励使用。换句话说,每一次协议赚钱,市场上就会多一份买单压力。
历史数据其实已经说明了一切👇
①AAVE 每周回购 $1M,6 个月涨了 110%
②HYPE 用 97% 收入做回购,价格从底部反弹 400%
③PUMP 连跌 60% 后靠持续回购硬生生拉回原价
④MPLX 启动 50% 收入回购后,价格翻了 2.2 倍
Treehouse 这次几乎是照着这些成功模板来的。区别在于它的协议收入是真实增长,tETH 和 MEY 模型让 Treehouse 变成一种链上固收基础设施,有现金流、有使用场景、有复利逻辑。
所以我看多的理由很简单:这不是拉盘,这是把经济模型修回正确方向。
我个人判断: $TREE 当前阶段性低位,一旦回购执行,市场自然会重估它的真实价值。TVL 增长 + 回购供给减少 = 新一轮价格上涨

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