Hyperliquid Leads the $1.4 Billion Token Buyback Wave Sweeping Through Crypto in 2025

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A total of 28 crypto projects have launched token buyback programs this year.
Spending surged 85% in July alone, marking a strong acceleration in the second half of the year.
According to CoinGecko, while September saw a spike due to LayerZero’s one-off buyback, excluding that, actual buyback spending was $168.45 million.
By mid-October, total buyback spending had reached $88.81 million, marking the fourth consecutive month above the first-half monthly average of $99.32 million.
On average, projects have spent $145.93 million per month, underscoring rising confidence in the buyback mechanism across the market.

Hyperliquid, a decentralized perpetual exchange (perp DEX), has emerged as the clear leader, allocating $644.64 million through its Assistance Fund.
This accounts for 46% of all buyback activity, equivalent to the combined total of the next nine projects.
So far, Hyperliquid has repurchased over 21.36 million HYPE tokens, representing 2.1% of its total supply.
According to OAK Research, Hyperliquid’s model could allow the protocol to buy back up to 13% of its total supply annually, if sustained at current efficiency.

LayerZero executed a $150 million one-off buyback of ZRO tokens, retiring 5% of its total supply.
Pump.fun has spent $138 million since July to repurchase 3% of PUMP’s supply.
Raydium invested $100 million into its ongoing buy-and-burn program for RAY tokens.
Top 10 projects by buyback spending also include:
- Sky Protocol (SKY)
- Jupiter (JUP)
- Ethena (ENA)
- Rollbit (RLB)
- Bonk (BONK)
- Aave (AAVE)
Notably, GMX achieved remarkable efficiency — spending only $20.86 million yet retiring 12.9% of its total supply, proving that smaller-scale buybacks can deliver outsized impact.

According to DWF Labs, three key factors are fueling this unprecedented wave:

Rising profitability: As more projects reach sustainable revenue, buybacks have become a way to reward loyal users, reduce token supply, and enhance long-term value.
Maturing governance structures: DAOs and projects are adopting disciplined treasury management, exemplified by Aave’s “Aavenomics” model, making buybacks a strategic, recurring mechanism.
Scarcity-driven market psychology: After a volatile 2024, investors are increasingly drawn to deflationary token models, viewing buybacks as a signal of financial strength and commitment.
Transparent on-chain automation: Projects like Hyperliquid and Raydium have integrated automated, verifiable buyback systems, turning the process into a continuous, transparent mechanism that builds community trust.

Token buybacks are no longer just a financial tool — they have become a new standard of credibility and maturity within the 2025 crypto landscape.
The combination of real revenue, solid governance, and transparent technology has made buybacks a defining feature of sustainable tokenomics.
At the center of this transformation, Hyperliquid stands out as the benchmark setter, shaping what could become the next evolution of decentralized finance.

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