Solana co-founder recently shared a perspective on tokenomics: the protocol layer should retain cash reserves dedicated to future token buyback programs.

The logic behind this idea is interesting. He pointed out that once buyback expectations are clear, all subsequent SOL unlocks will be based on the "post-buyback" price expectations. In other words, the market will pre-absorb this positive outlook, thereby changing the pricing mechanism during the entire unlock phase—unlocking tokens are no longer just a supply pressure, but will be offset by the anchoring effect of the buyback policy.

This is akin to using financial policy to regulate market reactions to token circulation, preventing stock price chaos caused by large unlocks. This approach corresponds to stock buyback strategies in traditional finance, but the implementation logic in crypto assets requires further exploration.