These concerns have been addressed in detail here, including treasury deployment, ZKnomics progress, and what shipped in 2025.
On the specific question of why enterprise revenue isn’t funding buybacks yet: ZKnomics describes a value accrual model built on two vectors, interop fees and enterprise licensing. Both depend on infrastructure that is still moving into production. The interop layer is nearing readiness, not live at scale. Prividium deployments with institutional partners are in early production stages, not generating mature recurring revenue. You can’t execute buybacks from revenue streams that haven’t fully materialized yet. ZKnomics was proposed in November 2025, less than five months ago, and it describes what happens when those revenue streams come online. ZIP-14 already added burn functionality and a 21B hard cap. The Staking Pilot is live. These are the building blocks, not the finished system.
The framing of “months after the proposal, nothing has happened” misrepresents both the timeline and the progress. Five months from proposal to phased implementation of a complete tokenomics restructuring, while the underlying infrastructure is simultaneously being deployed, is not inaction. It is sequencing.