Hi there. I’ve been in and out of the Pylon ecosystem for a while now, but when I was staking $MINE recently, it didn’t seem as though my balance was actually increasing. I’ve seen this same thing discussed on Twitter as well, but no one seems to know exactly where those buybacks are going, especially as they’re now listing the buyback transactions in the site. My speculation is that the MINE buybacks are being redirected to the NFT project lottery pools, but I haven’t been able to get any confirmation on that. It seems like, if my speculation is correct, that MINE stakers should be able to choose where their yield goes: ape it into pools or keep the buyback yield.
Overall Pylon Protocol revenue from Pylon Gateway is at $6.5M/year right now, and that revenue is powering the buybacks. I personally feel that this is the most important aspect of being a MINE staker, so any adjustments to how yield is distributed should be communicated clearly, both when changes are made and in the app UI to show where the yield is going today. IMO, MINE is trading below its inherent value right now (and I can’t say that about much in crypto), in part due to the lack of communication on this topic. Everyone’s pointing their finger at token inflation (and rightfully so), but this is far more of an issue than inflation imo.
Wondering if anyone else has any thoughts on this?