Hyperliquid has been the most aggressive buyer, using 99% of trading-fee revenue to repurchase HYPE.
Crypto projects are increasingly turning to token buybacks as markets struggle, spending a record $638 million so far this year to purchase their own digital assets, according to Allium Labs.
The total already exceeds the $545 million spent during the same period last year and dwarfs the $366,000 recorded for all of 2024. Hyperliquid and Pump.fun are responsible for almost 90% of the repurchases, with Hyperliquid leading the trend through an aggressive programme funded by trading revenue.
Hyperliquid uses 99% of its trading-fee revenue to buy HYPE and has repurchased and cancelled roughly $1.3 billion of the token since December 2024. HYPE has gained about 70% over the past year despite the crypto downturn.
The surge reflects a shift in how crypto projects seek to support token values. Unlike company shares, many tokens have limited or no traditional economic or voting rights, making buybacks a relatively new tool. A more supportive US regulatory environment has also made projects more comfortable with repurchase programmes.
Still, the results have been mixed. Jupiter has spent nearly $14 million on buybacks this year even as its token has dropped 55% over the past year, while Chainlink’s LINK has roughly halved. Helium abandoned its programme in February, saying the market did not appear to value projects buying their tokens.
