There’s a new player on the Base chain worth paying attention to—Donut Miner’s core token, DONUT, has been making some notable moves recently.

Behind this project is Glaze Corp, and they’re utilizing the “real transaction fee sharing + automatic buyback and burn” flywheel model. In simple terms, they use actual revenue to continuously buy and burn tokens, which theoretically creates deflationary pressure.

The data is straightforward: current market cap and fully diluted valuation are both steady at around $5.3 million, with nearly all tokens already in circulation (total supply of 9.47 million). The liquidity pool is about $660,000. This level of liquidity is decent for its scale, but you’ll need to calculate trading slippage yourself.

Looking at the token design, there are no fancy vesting or release mechanisms—full circulation means there’s no need to worry about future sell pressure. Of course, this also means early participants have already secured their allocations.