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 approximately $638 million in native tokens year-to-date, representing a rise from $545 million in the equivalent 2024 period, with Hyperliquid and Pumpfun together accounting for nearly 90% of total buyback volume. Hyperliquid has been particularly aggressive in this practice, dedicating 99% of its trading fee revenue to repurchasing its HYPE token and burning $1.3 billion worth since its December 2024 launch. Other projects pursuing token repurchases include Sky Protocol, which has repurchased $26 million in tokens, and Lido, which has signaled plans to initiate regular buybacks once it reaches specified financial thresholds including $40 million in annualized revenue.
The broader token-buyback trend reflects a strategic shift among crypto projects to manage token supply and potentially support valuations through systematic repurchases. The concentration of buyback activity among two projects signals divergent appetites for this approach across the sector, with most protocols either inactive or uncommitted to comparable programs. Key questions remain around the sustainability of Hyperliquid's aggressive burn rate and the timeline for Lido's entry into regular buybacks.