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“The New York Stock Exchange said Monday that it would settle tokenized stocks on its upcoming 24/7 trading platform exclusively using the Avalanche blockchain.”

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JUST IN: 🇺🇸 OKX and NYSE's parent company to launch 24/7 tokenized securities exchange on November 23rd.

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$325K+ in Buyback Firepower Is Starting to Come Together as $MONTRA Value Gets Gradually Repriced by the Market 0x063f7cc5339f92a5fd7baf3d22233044fda1f327 I believe MONTRA is more interesting this time than it was during the previous round. The change is not simply that platform trading volume continues to expand. More importantly, the buyback mechanism introduced earlier is now being executed at a much larger scale, with three independent sources of buyback funding emerging: protocol fees, historical Treasury reserves, and Creator Fees generated by MONTRA's own trading pool. This means MONTRA's value capture is moving from a theoretical mechanism toward actual execution. It is no longer just a Launchpad memecoin riding the hype surrounding Elysium's mainnet launch. It now has actual platform trading activity, fee revenue, and token burns supporting its narrative. However, growing platform metrics do not mean every newly launched token can generate sustained trading activity. Trading volume over the past 24 hours has also declined noticeably. The fundamentals are improving, but not every metric is moving in the same direction. Looking at the platform first, according to the latest website data at the time of writing, Montra has reached $70.97M in cumulative trading volume, approximately 786,862 cumulative trades, and around 81,255 launched tokens. Total fees have reached approximately $1.12M, of which around $832.9K has been paid to creators and holders, while Montra itself has generated approximately $286.7K in protocol revenue. Compared with the previous snapshot, cumulative trading volume has increased by approximately 19.5%, from $59.37M. Total trades have increased by approximately 39.5%, from 564,258, while the number of launched tokens has grown from around 62,200 to 81,255. The platform has already reached meaningful scale. The key question is no longer whether it can attract projects to launch, but whether it can turn those launches into sustained trading activity. There is one detail worth paying attention to: 24-hour trading volume is now approximately $13.92M, with around 206,434 trades, significantly lower than the $32.84M and approximately 334,763 trades recorded in our previous analysis. This shows that cumulative business activity is still expanding, but short-term trading momentum has cooled. Since Montra's business model depends on trading fees, the next thing to watch is whether trading volume can stabilize rather than simply focusing on the cumulative number of launched tokens. Montra positions itself as a core asset issuance platform on Elysium, powered by Uniswap v4. It uses independent liquidity pools without the traditional Bonding Curve or graduation process. Tokens can be traded from their very first block after launch. This reduces the barriers to issuance and trading, allowing the platform to attract a large number of creators quickly. However, the same model can also lead to an influx of low-quality tokens. Having more than 81,255 launched assets does not mean there are 81,255 assets with meaningful market demand. Growth in the Elysium ecosystem following mainnet is Montra's most immediate external catalyst, while its ability to maintain its position as a major asset issuance platform will determine how much of that ecosystem activity it can capture. What really matters is its fee distribution mechanism. Montra receives a fixed 0.4% of trading volume as protocol revenue from every trade. Of this amount, 70% is used for automatic MONTRA buybacks and burns, while the remaining 30% goes into the Treasury. In other words, for every $100 in platform trading volume, approximately $0.28 goes toward buybacks and burns, while $0.12 goes into the Treasury. The more active the platform becomes, the more protocol revenue it generates and, theoretically, the more capital becomes available for buybacks. This is MONTRA's core value-capture mechanism and what differentiates it from a typical Launchpad memecoin. More importantly, this mechanism now has actual execution records. According to the official Buyback page, cumulative buybacks and burns have reached 10,197,435 MONTRA, representing approximately 1.02% of the final 1 billion token supply. Of this amount, approximately 3,102,464 MONTRA has been burned through automatic protocol buybacks, representing around 0.310% of the supply. Another 7,094,970 MONTRA has been burned through manual Treasury buybacks, representing approximately 0.709%. This means buybacks are no longer just an allocation percentage written in the documentation. They are already generating real on-chain buying activity and reducing the circulating supply. The first source of funding is automatic protocol buybacks. Automatic buybacks went live on November 10. According to the website, the mechanism has received approximately 520.78 HYPE and 40,487.49 KNTQ, worth around $49,986. It has already spent approximately 84.88 HYPE and 37,539.64 KNTQ across around 141 transactions, burning approximately 3.10M MONTRA. Currently, another 435.89 HYPE and 2,947.85 KNTQ are waiting to be deployed. The execution route is also worth noting: HYPE is first exchanged for KNTQ, which is then used to buy MONTRA through its own trading pool. This means the buyback mechanism not only creates buying pressure for MONTRA but also generates actual usage demand for KNTQ. The second source is historical Treasury reserves. Previously, protocol revenue primarily went into the Treasury, with a portion reserved for manual buybacks. According to the website, approximately 2,156.99 HYPE was historically allocated for this purpose. The team has already executed 600 HYPE in buybacks through four transactions, burning approximately 7.095M MONTRA. Another 1,556.99 HYPE remains in the Treasury reserve, valued at approximately $109K on the website. Compared with the smaller buybacks seen previously, these consecutive large transactions are more convincing. They demonstrate that the team is beginning to convert historically accumulated funds into actual token purchases and burns, rather than simply announcing a buyback plan. The third source, and arguably the most easily overlooked, is Creator Fees generated by MONTRA's own trading pool. According to the website, MONTRA's own trading pool has generated approximately 939,702 KNTQ, valued at around $287.1K. Of this amount, 70%, or approximately 657,791 KNTQ worth around $201K, has been allocated for MONTRA buybacks and burns. The remaining 281,910 KNTQ, worth approximately $86.1K, is allocated to community development. However, these funds are still awaiting collection and should not be treated as completed buybacks. The project also explains that when these Creator Fees are claimed, the corresponding MONTRA held in the liquidity pool will undergo another type of burn that is not classified as a buyback. This amount should not be double-counted with the 10.197M MONTRA already recorded as buyback burns. Together, these three funding channels make up the $325K+ Buyback Firepower announced by Montra: approximately $28K+ in pending automatic buyback funds, around $109K+ in historical Treasury HYPE reserves, and approximately $188K+ in buyback allocations from MONTRA's own Creator Fees. It is important to distinguish these figures. The $325K+ represents a combination of funds and allocations from different sources, not money that has already been fully converted into market buy orders. Still, it shows that MONTRA is no longer relying on a single buyback source. It now has a buyback structure supported by protocol revenue, historical reserves, and fees generated by its own trading pool. The token supply structure also deserves another look. MONTRA initially launched with a supply of 4 billion tokens, of which 3 billion were burned at launch, leaving a final total supply of 1 billion. Of the remaining supply, 60%, or 600 million tokens, entered circulation from day one; 25%, or 250 million, was allocated to airdrops; and 15%, or 150 million, was reserved for operations, listings, and market making. Cumulative buyback burns now account for approximately 1.02% of the final supply, a significant increase compared with the previous website record of 208.5K tokens. However, the 40% allocated to airdrops and operations still deserves attention. The specific vesting, locking, and future distribution schedules have not yet been fully clarified. This means buybacks are reducing supply, but their impact cannot be evaluated without considering potential new circulating supply. What the market is betting on now is no longer simply whether Montra can become Elysium's leading Launchpad. The bigger question is whether it can convert platform trading activity into sustainable demand for MONTRA. The next potential upside catalysts fall into three areas. First, continued growth in the Elysium ecosystem could bring more launches, trading activity, and protocol revenue to Montra. Second, the remaining Treasury reserves and allocated Creator Fees could gradually be deployed, converting funds currently held by the protocol into actual market buying pressure. Third, continued trading activity in MONTRA's own pool could generate additional Creator Fees, creating another buyback source beyond ordinary protocol fees. KNTQ, as the primary quote asset, may also benefit from additional demand generated through these buyback routes. However, the value-capture mechanisms of MONTRA and KNTQ should not be confused. The risks are concentrated in three areas. First is trading quality and retention. More than 81,000 tokens have been launched, but the low barrier to issuance means many assets may struggle to generate sustained trading demand. If the initial excitement surrounding mainnet fades, platform fees could decline accordingly. Second is the actual execution of buybacks. Pending automatic buyback funds, Treasury reserves, and Creator Fee allocations do not equal completed token burns. Their actual execution needs to be verified through subsequent on-chain records. Third is supply pressure. Airdrop and operational allocations account for 40% of the final supply. If their release schedule does not match the pace of buybacks, they could offset part of the supply reduction. In addition, buybacks depend on KNTQ liquidity, and insufficient depth in the quote asset could reduce execution efficiency. My conclusion is that MONTRA's fundamentals have genuinely improved compared with our previous analysis. Platform business activity continues to grow, but the most important development is that buybacks have moved from an expected mechanism to actual execution. Cumulative fees have reached approximately $1.12M, automatic protocol buybacks are operational, the historical Treasury has already executed 600 HYPE worth of purchases, and MONTRA's own trading pool has accumulated approximately $201K in dedicated buyback allocations. Having three funding sources operating simultaneously makes MONTRA's value-capture model much more tangible than before. What makes me bullish on MONTRA is not simply that it has become a sizable Launchpad on Elysium, but that it is beginning to establish the ability to generate recurring revenue from ecosystem trading activity and convert part of that revenue into a reduction in token supply. However, I would not automatically translate $325K+ in buyback firepower into future price appreciation. What ultimately determines its valuation is whether the platform can continue generating revenue and how much of that revenue actually turns into on-chain buying pressure. The most important thing to watch next is not how many more tokens Montra can launch. It is whether trading volume can stabilize at a higher level after the initial excitement surrounding Elysium's mainnet launch fades, whether all three buyback channels can continue operating, and whether the pace of buybacks can outpace potential new token supply entering circulation. If Montra can retain traders rather than simply attract token creators, MONTRA has a real opportunity to evolve from a new-chain Launchpad narrative into an ecosystem asset supported by actual platform economic activity. chart: web3.okx.com/ul/F1AAesU?ref=…