16 小时前
bought padre to capture $5m+ daily that was flowing to trading bots. token creation to dex to trading terminal, they own the entire stack now. $146m in buybacks this year, third behind ethena and aave. 9.4% of supply already gone. vertical integration in crypto looks like permanent supply reduction plus revenue expansion. most protocols dilute to grow, grows to burn.
3.2万
112
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