Tulip King
Head of Strategy at CounterpartyTV, Crypto Investor
Compound's COMP is a case of total value destruction: the DAO is giving another $52M to a foundation that has delivered zero revenue to token holders, with no clear plan for the money. It would have been better to say nothing; a decision market like MetaDAO's would fix this governance. x.com x.com x.com x.com x.com x.com x.com x.comÂ
Compound's token has delivered nothing to holders in six years, and its new $52M DAO-approved development program is just another extraction from the DAO. The program, announced with a new leadership team to bring institutional credit onchain, was effectively approved by the same people receiving the money. The token deserves to be sold short. x.com x.comÂ
Hyperliquid is among the crypto projects proving that real revenue used for buybacks and burns drives the best long-term performance. Tokens without revenue, or whose buybacks do not offset emissions and unlocks, are inflationary assets relying on sentiment. Projects with revenue and value accrual, including Hyperliquid and GEODNET, held up surprisingly well through the bear market. x.com x.com x.comÂ
Pump.fun's team keeps giving PUMP holders the bare minimum, now cutting buybacks after turning on holder rewards so no revenue leaks. Per @Pickle_cRypto, buybacks fell from 100% to 50% for months and are now under 40%. With seemingly about $2B in cash already, the team is signalling it does not see the token as undervalued. It has repeatedly dumped its SOL, only ships or adjusts when a competitor forces it, and has never shown an example of giving back to its community. x.com x.comÂ
Compound has its biggest catalyst in a while: per Compound, a new leadership team and a $52M DAO-approved development program, the largest in the protocol's history, to bring institutional credit onchain. April highs could come into play. The token has reclaimed its 20- and 50-day moving averages and is approaching the 200-day. x.comÂ
Aave's token is tanking because holders have lost faith in leadership. Wasted operating spending, a proposal to issue a new Horizon token that would divert revenue from AAVE, and a forced v4 migration alienated core advocates and users, and business partners such as Ripple are leaving. Users did not want to switch to v4, and v3's longer-term utility is in question. Aave's team replies that the Horizon proposal was removed after feedback and that dominance has risen since 2024. x.com x.com x.comÂ
