Returning value to tokenholders has rapidly emerged as a broader crypto sector trend, with multiple projects moving to tie protocol economics more directly to token performance. Ethena proposed a buyback fee switch, Solana validators voted to reduce issuance, and Hyperliquid is already directing nearly all fees to HYPE. The developments highlight a growing focus on tokenholder returns, while raising a central question for the market: what underlying economic exposure investors are actually underwriting when buying these tokens.