Once mainstream DeFi protocols cease buybacks, the entire crypto market's PE value investing logic becomes untenable. Frankly, this set of reasoning essentially serves to endorse inflated valuations—once the buyback support disappears, the hype bubble is likely to burst. This is a real bearish signal for the market. The key is that we need to find alternative solutions. Instead of following the hype and speculating on illusory expectations, it's better to seriously study the next underlying logic that can support reasonable valuations. This is the key to surviving long-term in the crypto space.