There’s a lot of great ideas here. Of all the options, I’m generally in favor of a JTO token buyback since I think its the simplest and cleanest approach. I get that people are worried about buying the token back at an “expensive” price. One good way to approach this would be to pre-set some valuation multiples of market cap to revenue where x% of the fees would go to buybacks. For example if the JTO market cap/revenue multiple is:
-3.0x JTO rev multiple:25% of fees buyback
-2.0x JTO rev multiple: 50% of fees buyback
-1.0x JTO rev multiple: 75% of fees buyback
-0.5x JTO rev multiple: 100% of fees buyback
The exact parameters could be more deeply researched and agreed upon but you all get the point.
The other consideration you want to think about is what happens to the assets that don’t go to buybacks and stay with the DAO. If you keep those assets that would have bough JTO in SOL instead, SOL could go down more than JTO and you would have been better off simply buying back JTO even though it was “expensive” on some USD revenue to JTO market cap basis.
One way to solve for this would be to make the JTO market cap to SOL market cap ratio part of the equation. You could say 50% of the buyback formula will be applied to the JTO market cap to revenue multiple approach above and the other 50% would go to the
-4.0% of SOL Mkt Cap: 25% of fees buyback
-3.0% of SOL Mkt Cap: 50% of fees buyback
-2.0% of SOL Mkt Cap: 75% of fees buyback
-1.0% of SOL Mkt Cap: 100% of fees buyback
There’s no perfect solution but these may address some of the concerns around buybacks.