The Resolv Foundation has officially launched its buyback program, but the market hasn't fully grasped its implications. 1/ Cash Flow Implications Let's first 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 begun. The Foundation purchased approximately 1 million $RESOLV for $170,000, which will be withdrawn from circulation. Why $170,000? Since the fee switch was activated in August, Resolv has generated over $380,000 in revenue, including $226,000 in core protocol fees. $170,000 ÷ $226,000 = 75% This means the first buyback ratio will be 75%. As mentioned above, the buyback ratio is dynamically adjusted to ensure consistent and stable market demand for $RESOLV under varying market conditions and revenue scenarios. When the market is good, the buyback is smaller; when the market is bad, the buyback is larger. This makes perfect sense. At Resolv's current revenue generation rate, annualized revenue is expected to be $7.3 million. At a 75% buyback ratio, annual repurchases would total $5.47 million. Note that the current $RESOLV circulating market capitalization is only $44 million. This implies an annual repurchase of 12.4% of circulating market capitalization—an extremely aggressive buyback ratio. Resolv buyback tracking: https://t.co/AdUItWS1NZ 2/ Is $RESOLV undervalued? Peer Comparison Data: $ENA TVL: ~$12 billion Market Cap: ~$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: ~$540 million Market Cap: ~$44 million Market Cap/TVL Ratio: 0.08 Resolv's valuation multiple is only one-quarter of Ethena's and one-third of Usual's. From a risk-reward perspective, a market cap/TVL ratio of 0.08 suggests that the market is pricing Resolv extremely conservatively. The next few months will be a critical window. As the repurchase program executes and protocol revenue grows, the market will reassess Resolv's value. If the protocol can maintain its current revenue growth trajectory, the 12.4% annual repurchase rate will be a strong catalyst for $RESOLV's price. The fee switch is not the end, it is the beginning.