Cryptocurrency tasks have poured over $1.4 billion towards token buybacks in 2025, with simply 10 tasks capturing 92% of the overall expenditure.
Hyperliquid, a decentralized perp change protocol, led the market with roughly $645 million dedicated. That represented almost half of all token buyback exercise recorded throughout the crypto market this yr.
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Token Buybacks Speed up In 2025
Based on the newest report by CoinGecko, 28 cryptocurrency tasks devoted substantial sources to token buybacks this yr. The tempo picked up within the second half of 2025, with buyback spending surging by 85% month over month in July.
“Though a soar in token buyback spending was attributed to September, this was because of the one-off LayerZero repurchase announcement, which didn’t specify when it was carried out. Excluding the ZRO buyback, September solely noticed $168.45 million in token buyback spending,” CoinGecko’s analysis analyst Yuqian Lim famous.
By mid-October, buyback spending had already reached $88.81 million. This implies the market is on observe for a fourth straight month exceeding the first-half month-to-month common of $99.32 million.
On common, round $145.93 million has been spent every month, signaling rising enthusiasm for the mechanism throughout the sector.
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Hyperliquid Dominates Token Buybacks This 12 months
Hyperliquid stands out because the undisputed chief in token repurchases this yr. The challenge has spent greater than $644.64 million in income by way of its Help Fund. This quantity equals the mixed complete of the following 9 largest tasks.
Moreover, the protocol accounted for 46% of all token buyback exercise in 2025. To date, the community has purchased again 21.36 million HYPE tokens, representing 2.1% of the overall provide.
Based on earlier OAK Analysis estimates, Hyperliquid’s mannequin has the potential to repurchase as much as 13% of its complete provide annually.
LayerZero adopted Hyperliquid with a $150 million one-off buyback of ZRO tokens, buying 5% of its provide. Pump.enjoyable invested $138 million in PUMP repurchases since July, overlaying 3% of provide.
“Whereas this places PUMP buyback spending on the decrease finish in comparison with HYPE to date, it’s price noting that Pump.enjoyable has already purchased again the next 3.0% share of complete provide,” Lim highlighted
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In the meantime, Raydium directed $100 million towards buybacks and burns of RAY tokens. Lastly, rounding out the highest 10 listing have been Sky Protocol (SKY), Jupiter (JUP), Ethena (ENA), Rollbit (RLB), Bonk (BONK), and Aave (AAVE).
By way of the share of provide retired, GMX outperformed with repurchases equating to 12.9% of its provide for $20.86 million, highlighting effectivity in smaller-scale efforts.
“Excluding buyback-and-burn packages, the 23 token buybacks examined right here have repurchased on common 1.9% of their respective complete provide. To date, 14 out of the 23 tasks have solely purchased again lower than 1.0% of complete provide,” the report added.
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Token Buybacks: What’s Driving the Surge?
A number of forces fueled the 2025 buyback growth. Based on DWF Labs, the surge stemmed from a convergence of profitability, governance maturity, and market psychology throughout the Web3 area.
“With an rising variety of tasks attaining profitability, buybacks have develop into a necessary technique to reward long-term customers, scale back circulating provide, and generate optimistic suggestions loops that profit each customers and tasks,” the report learn.
As extra decentralized protocols achieved sustainable income, they started channeling earnings into token repurchases to bolster long-term worth and group belief. DWF identified that mature DAO governance and disciplined treasury administration—equivalent to Aave’s structured “Aavenomics” buybacks—helped institutionalize these practices.
On the similar time, traders gravitated towards scarcity-based token fashions following a unstable 2024. In the meantime, automated on-chain techniques from tasks like Hyperliquid and Raydium turned buybacks into clear, steady mechanisms.
Collectively, these dynamics reworked buybacks into a trademark of disciplined tokenomics and a defining pattern in 2025’s decentralized financial system.