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From Market Signaling to On-Chain Capital Recycling
In 2025, token buybacks became one of the most frequently discussed — and increasingly executed — financial actions across the Web3 ecosystem.
Unlike earlier cycles, where buybacks often served as short-term market signals, the current wave shows a clearer connection to protocol revenue, treasury management, and token economic restructuring. Across centralized platforms, DeFi protocols, infrastructure projects, and select application layers, buybacks are gradually being treated less as announcements and more as operational mechanisms.
This article summarizes the major buyback activities observed in 2025, focusing on structure rather than price impact.
1. Year in Review: Buybacks Became Larger — and More Concentrated
From a timing perspective, most buyback activity in 2025 occurred in the second half of the year. Rather than launching programs early, many teams waited until revenue streams stabilized or operational models became clearer before committing capital.
Two structural patterns stand out:
· Capital concentration: A small number of projects accounted for the majority of total buyback volume.
· Execution over intention: Fewer projects announced aggressive plans; more focused on repeatable execution.
Buybacks are no longer experimental. For some teams, they are becoming part of standard financial operations.
 
2. High-Profile Buybacks: Projects Most Frequently Cited in 2025
Note: Reported figures vary by methodology (announcement vs. execution, buyback vs. burn, cutoff dates). The projects below are included based on repeated appearance across public summaries and disclosures.
Hyperliquid (#HYPE )
· Frequently cited as the largest buyback contributor in 2025
· Buybacks are directly tied to platform trading revenue
· Market attention has focused less on announcements and more on sustained execution
Pump.fun (#PUMP )
· Buyback logic closely linked to platform fee flows
· Often referenced as a revenue-driven buyback case within the launchpad and meme infrastructure space
· Distinct from purely narrative-driven token support
LayerZero (#ZRO )
· Buyback activity appeared alongside broader token economic adjustments
· Periodic execution rather than constant accumulation
· Industry-wide buyback spikes have coincided with its public disclosures
Raydium (#RAY ) and Sky Protocol (#SKY )
· Both appear consistently in 2025 buyback summaries
· Discussion has shifted from “whether buybacks exist” to their frequency and durability
3. Beyond Dollar Amounts: Measuring Buyback Intensity
Absolute dollar value can be misleading, particularly when comparing projects of different scale. A more informative metric is buybacks as a percentage of total or circulating supply.
Metaplex (MPLX)
· Cumulative buybacks reported at over 6% of total supply
· Funding sources tied to protocol revenue
· Execution cadence disclosed with relative transparency
Sky Protocol (SKY)
· Reported cumulative buybacks around 5% of total supply
· Buybacks framed as surplus or residual revenue recycling
· Often cited as an example of programmatic execution
In these cases, buybacks are embedded into financial structure rather than treated as discretionary actions.
4. Buyback + Burn: Token Economics as a System, Not a Tactic
In 2025, several projects positioned buybacks as part of broader token economic redesigns, combining repurchases with burns, lockups, or treasury restructuring.
Orca (ORCA)
· Advanced buyback-and-burn initiatives via governance proposals
· Utilized treasury capital rather than short-term revenue alone
· Often referenced as a DEX responding structurally to valuation pressure
Jito (JTO)
· Executed smaller-scale but transparent buybacks
· Used TWAP-style execution to reduce market impact
· Buybacks progressed alongside discussions on revenue distribution and DAO governance
In these cases, the emphasis is not on scale but on process clarity:
where capital originates, how it is deployed, and what happens post-repurchase.
 
5. How to Read the 2025 Buyback Trend Without Overfitting
Buybacks are often interpreted as inherently bullish. In practice, their long-term significance depends on structure.
Three questions matter more than headline figures:
1.Source of funds
Revenue-backed buybacks signal sustainability; one-off treasury allocations do not.
2.Execution transparency
Programmatic, verifiable execution carries more weight than single announcements.
3.Supply impact
Buybacks that materially reduce circulating supply differ from those that merely absorb short-term liquidity.
Without these elements, buybacks risk functioning as messaging rather than mechanism.
Closing Thoughts
The rise of token buybacks in 2025 reflects a broader shift within Web3 toward capital discipline and value recycling.
Buybacks do not create value by default. But in an environment where capital is more selective and narratives are less forgiving, they have become a useful signal of whether a protocol generates surplus and can allocate it deliberately.
Increasingly, buybacks are less about price support — and more about whether a project has reached financial maturity.

过去一年，越来越多项目方密集启动代币回购计划。
根据 CoinGecko 等数据平台统计，全年回购总额已超过 14 亿美元，其中前 10 大项目就占据了 92% 的份额。

回购机制，正在把加密行业从“高 FDV、低流通的叙事博弈”，一步步推向真实收入驱动、可持续价值捕获的新阶段。

今天这篇内容，将基于回购规模，整理并回顾过去一年最具代表性的顶级回购项目，看看哪些协议，真的在用真金白银回报持币人。

2025 年顶级回购项目排名（按回购规模，数据截至 2025 年 Q4，来源：CoinGecko 等）

Hyperliquid ( #HYPE )
回购金额：约 6.45 亿美元（占全年总回购 46%）
机制：Assistance Fund 几乎将全部交易手续费用于持续回购
结果：已回购超 2100 万枚 HYPE（约占总供应 2.1%）

凭借去中心化永续合约的爆发式增长，Hyperliquid 成为 2025 年无可争议的“回购之王”，也是当年表现最强势的代币之一。

LayerZero (#ZRO )
回购金额：约 1.5 亿美元
机制：一次性大额回购，覆盖约 5% 总供应
这次回购主要用于缓解空投后的抛压，属于典型的战略型回购，在跨链赛道中释放出强烈稳定信号。

http://Pump.fun (#PUMP )
回购金额：约 1.38 亿美元
机制：平台费用持续回购，部分代币销毁
覆盖比例：约 3% 总供应
即便部分回购发生在高位、造成账面浮亏，http://Pump.fun 依然是 Meme 发射平台中最激进、也最具话题性的回购案例。

Raydium (#RAY )
回购金额：约 1 亿美元（历史累计超 2 亿美元）
机制：DEX 手续费程序化回购并销毁
特点：自 2022 年起持续运行
Raydium 是 Solana 生态中最稳定、最经典的 Buyback & Burn 模型之一。

#Sky（原 MakerDAO，SKY）
回购金额：约 7880 万美元
机制：协议盈余每日回购并销毁
效果：2025 年供应缩减超过 5%
作为 DeFi 老牌项目，Sky 将回购机制打磨成稳定币生态的长期价值捕获工具。

Aave (#AAVE )
回购金额：约 2360 万美元（年度计划规模更高）
机制：协议收入用于永久回购，每周执行
Aave 正在用极度克制、但高度可持续的方式，重新定义借贷协议的价值回流模型。

Rollbit (#RLB)
回购金额：约 2790 万美元
机制：平台收入回购并销毁
赛道：博彩 + DeFi 混合模式

Bonk (#BONK)
回购金额：约 2730 万美元
机制：通过 发射板收益进行回购
意义：支撑 Solana Meme 生态长期活跃度

Jupiter (#JUP)
回购金额：约 5790 万美元
机制：DEX 聚合器费用回购
特点：强社区驱动

其他值得关注：Ethena（#ENA）、World Liberty Financial（ #WLFI 提案中 100% 收费用于回购并销毁）等项目，也正在回购浪潮中逐步崭露头角。

回购机制的影响与2026展望回购的魅力在于真实买盘：强收入项目（如Hyperliquid、Raydium）在2025年市场波动中更抗跌，甚至逆势上涨。它向持币人传递强烈信号——协议相信自身价值，愿意用真金白银回报大家。

当然，也不是完美无缺。有些一次性回购被质疑短期拉盘，部分项目因回购价高而浮亏。可持续性是关键：依赖协议收入增长，而非国库一次性砸钱。
进入2026年，这股浪潮预计只会更猛
下半年2025年回购已月增85%，更多DeFi协议（如Aave的永久计划）和交易所将跟进。
未来，结合AI优化或治理升级的回购，可能成为新主流。