Crypto projects have repurchased $638M in native tokens year-to-date, with Hyperliquid and Pumpfun driving 90% of buybacks.
Tech & Launches ·
Crypto projects have repurchased $638 million in native tokens through this year, marking an increase from $545 million in the equivalent prior period. Hyperliquid and Pumpfun make up nearly 90% of this activity, with Hyperliquid directing 99% of its trading fee revenue toward token buybacks and burns. Since launching in December 2024, Hyperliquid has repurchased and burned $1.3 billion in HYPE tokens.
Beyond the two dominant players, participation remains limited. Sky Protocol has completed $26 million in token repurchases, while Lido has not yet initiated buybacks but has outlined eligibility criteria, including $40 million in annualized revenue, for launching a regular repurchase program.
The pattern reveals concentration among a small set of projects, with the bulk of buyback activity tied to Hyperliquid's systematic fee-conversion model and Pumpfun's contribution. Whether other projects will follow suit or whether current participants will sustain these programs over time remains unclear.