Buybacks and Burns Can Count as Holder Revenue Without Cash Payouts

Holder revenue can count value connected to buybacks and burns even when no cash reaches token holders. The measure does not, by itself, show that holders received a wallet payment. A holder-revenue figure describes what the measure counts. A cash payout is a separate outcome. A worked example separates value associated with buybacks and burns from treasury income and staking payouts. Those categories describe different flows and should not be treated as interchangeable. Readers comparing revenue figures need to identify which flows each measure includes. A holder-revenue total alone does not confirm a cash payment to individual holders.