AAVE and JUP Buybacks Aren’t Keeping Up With New Supply

In an October 21 note, Grayscale head of research Zach Pandl set out an adjusted earnings yield of 3.7% but a tokenholder yield of -1.0% for AAVE, and 3.5% versus -2.6% for JUP. Grayscale’s holder-focused measure nets staking payouts and repurchases against new tokens, then divides by circulating market value; a negative reading indicates issuance surpassed those payouts and buybacks combined. Aave’s DAO began buying AAVE in April 2025 and acquired over 205,000 tokens, about 1.28% of total supply, in ten months, placing them in a reserve rather than burning them. Jupiter has sent 50% of onchain revenue to the Litterbox Trust since February 2025; the trust has burned about 134 million JUP.