this is a great point and I trust your judgement here more than any other.
still think it makes a ton of sense even then to buyback (given 100% upside to book, as well as still maintaining a gigantic capital pool almost as big as all outstanding cover), you also have to see the other side, i’m extremely comfortable buying cover here, but not comfortable at all staking at these prices (which i did with my whole stack before, 20x) and if there is no willingness to buyback at massive discount also not comfortable buying wnxm…
think its also key to start thinking about more strategic, long-term bonding curve / tokenomics rethink towards growing the capital pool, pricing risk better, and having a more intelligent protocol native exchange than at the bonding curve… for example similar to early fei, it should be possible to sell wnxm to protocol at a penalty to book value without impairing mcr… a different discussion that i think is needed to make tokenomics/bonding curve the best it can be and serve the adoption flywheel better.