Shouldn't token buybacks be done onchain using existing rails instead of buying "in the open market"? An interesting example is @aave, which has been doing buybacks since April, buying 63,518 $AAVE for ~$13.8M (h/t @Token_Logic for the dashboard). These trades were executed on CoW swap, with practically all of them being filled by a solver and not routed through any AMM. What if those trades we executed in as a range orders/cash-secured puts on Uniswap? Basically deploy 35k worth of USDC in the Aave-USDC Uniswap v3 pool, just below the current price. This would create a natural buy wall to support the price, which incidentally is not unlike the liquidity distribution in the Aave-USDC-30bps pool: If the price increases and the position is still USDC, then roll up that put and re-deploy that liquidity right below the current price again. If the price decreases, then position is 100% $AAVE: withdraw those funds and pocket a minimum of 0.3% in fees (much likely more). Do this every day for 3 months with a ~10% wide position and the DAO would earn an extra ~15-25% apy from the fees.