弥赛亚的分析发现，令牌回购计划未能防止价格下降。

弥赛亚（Messari）最近的一项分析表明，代币回购计划通常被吹捧为稳定机制，无法防止几个主要令牌的价格下降。

Recent analysis by Messari has highlighted the failure of token buyback programs in preventing significant price declines for several major tokens. This finding comes as buyback programs have seen increasing adoption by crypto networks in an effort to stabilize token prices and provide support to investors.

Messari的最新分析强调了代币回购计划在防止几个主要代币的大幅下降方面失败。这一发现是因为回购计划的收养越来越多地采用加密网络，以稳定代币价格并为投资者提供支持。

Among the tokens examined by Messari, SNx experienced the sharpest decline, with its price plummeting by 77%. GNS followed closely, with a 76% price drop. In total, GMx saw a 34% decrease, and RAY witnessed a 26% fall in value.

在弥赛亚（Messari）检查的代币中，SNX的价格下降了最高的下降，其价格下降了77％。 GNS紧随其后，价格下降了76％。总共GMX下降了34％，Ray的价值下降了26％。

“RAY, GMX, GNS and SNX have programmatically bought back millions in tokens which are now way below cost. E.g. SNx bought 685k SNx for $33m in 2023Q1 which is now worth $4.3m. They'll likely buy another 2-3m SNx this year at an even higher avg price,” said Sunny Shi, Enterprise Research Analyst at Messari.

“ Ray，GMX，GNS和SNX通过编程方式回购了数百万美元的代币，这些代币现在低于成本。EGSNX在2023q1中以3300万美元的价格购买了68.5万美元的SNX，现在价值430万美元。他们可能以更高的AVG价格购买了2至300万SNX，更高的AVG价格，” Sunny Sunny Shi Shi Shi Shi，Entrerprise Research at Messari atsssyari。

Shi identified three major flaws in the token buyback strategy, which he described as part of the “programmatic token buyback fallacy.”

Shi在代币回购策略中确定了三个主要缺陷，他将其描述为“程序化令牌回购谬误”的一部分。

Firstly, Shi argued that buybacks have a minimal impact on price action, which is instead driven by broader market narrative and other factors such as revenue growth.

首先，Shi认为回购对价格行动的影响最小，而这是由更广泛的市场叙事和其他因素（例如收入增长）驱动的。

Secondly, he explained that when a project's revenues are high, and its token price is elevated, engaging in large-scale token buybacks at inflated prices leads to an inefficient use of capital.

其次，他解释说，当一个项目的收入很高，并且其代币价格升高时，以膨胀的价格从事大规模的代币回购会导致资本使用效率低下。

Finally, Shi pointed out that during periods of low prices and revenues, when a project urgently needs cash for innovation or restructuring, it often finds itself lacking the necessary funds. At the same time, the project is likely sitting on significant unrealized losses from its buyback investments.

最后，Shi指出，在低价和收入的期间，当一个项目急需现金进行创新或重组时，通常会发现自己缺乏必要的资金。同时，该项目可能会因回购投资而遭受重大未实现的损失。

“This is just poor capital allocation. The mindset should be growth at all costs or real value distribution to holders in the form of stables / majors (see veAERO or BananaGun). But not this hybrid approach which is best described as a failure to commit,” Shi added.

Shi补充说：“这只是资本分配的贫困。心态应以马s /大满贯的形式不惜一切代价增长或实际价值分配（请参阅Veaero或Bananagun）。但不是最好将这种混合方法描述为未能承诺的混合方法。”

Junior Partner at Pantera Capital Mason Nystrom agreed with Shi's analysis.

Pantera Capital Mason Nystrom的初级合伙人同意Shi的分析。

“Solid analysis on how programmatic buybacks can negatively impact a business as they push protocols into a dilemma of buying back tokens at inflated prices and limiting the capital protocols can use to drive fundamental growth vs just token price.”

“关于程序化回购如何将协议推向以夸张的价格回购代币并限制资本协议可以用来推动基本增长与仅仅是代币价格的难题时，他们如何将协议推向回购代币的困境，从而对企业产生负面影响。”

Instead, Nystrom suggested that companies and protocols should use the revenue to invest in growth or conduct strategic buybacks with long-term goals in mind. This approach, he believes, will ultimately create more value for token holders.

相反，Nystrom建议公司和协议应利用收入来投资增长或进行具有长期目标的战略回购。他认为，这种方法最终将为令牌持有人创造更多的价值。