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

In 2025, 28 cryptocurrency projects collectively spent over $1.4 billion on token buybacks, with the top 10 capturing 92% of the total. Hyperliquid, a decentralized perpetual exchange protocol, dominated this trend, committing approximately $645 million, which accounted for nearly half of all buyback activity and matched the combined total of the next nine largest projects. LayerZero followed with a $150 million one-off ZRO token repurchase, and Pump.fun invested $138 million in PUMP repurchases since July. The surge in buybacks is attributed to increased project profitability, mature governance, and market psychology favoring scarcity models, turning buybacks into a key feature of disciplined 2025 tokenomics.

(Source：BeInCrypto)