Bankless: Relayer Capital’s Austin Barack Sees App Tokens Repricing on Buybacks

The interesting claim here is structural, not directional: value accrual is being framed as a function of cash-flow return to holders rather than chain-level activity. That shifts the comparison set for app tokens toward instruments judged on buyback and burn capacity, which is a different lens than the sector has typically used. Whether revenue-linked repurchases become a durable valuation anchor across these names, or remain a feature of a handful of outliers, is the open question to watch.