PEZ

PEZ buyback mechanism is now live. At around 15:33 UTC on Sep 12, the PEZ perp vault reportedly withdrew 488 USDG from its PONS short and began programmatic PEZ buybacks. Over roughly 9 minutes, the vault executed 21 PEZ buys and burned a total of 211,474 PEZ. This is important because it confirms the core mechanism is working: PONS short → realize/skim PnL → buy PEZ → burn PEZ Creator-fee routing still appears to be separate/not fully activated, so the full fee-backed flywheel is not live yet. But the PONS-short-to-PEZ-buyback loop has now started. If creator fees are eventually routed into the vault, that would complete the thesis: PEZ volume → fees → larger PONS short → PnL → PEZ buybacks → burn.