It’s really rare to see projects that dare to do real buybacks with actual money in this bear market.

On December 4-5, the ether.fi foundation directly spent 300,000 USDT to buy back more than 37 million ETHFI tokens. This isn’t just for show—after their DAO treasury proposal was approved, they promised to publicly disclose buyback data every day. The transparency is top-notch.

To be honest, ETHFI has crashed hard, down 93% from its peak and now with a market cap just over $600 million. But it does have one advantage—the circulation rate is already at 77%. Compared to those “ticking time bombs” facing massive unlocks at any moment, this circulating supply at least lets people sleep a bit easier.

Buybacks are effective if executed strongly and consistently. If the foundation can keep up daily purchases, it’ll give the market a bit of confidence, especially with the Ethereum ecosystem in such a slump. Anyway, I’ll keep watching their next moves to see if they’re really supporting the price or if it’s all just talk.