Crypto token buybacks total $638 million in 2026, led by Hyperliquid and Pump.fun

Allium Labs data shows that crypto projects repurchased roughly $638 million worth of native tokens between January and August 31, 2026. This marks a 17% increase over the comparable period in 2025 and far exceeds the $366,000 spent across all of 2024.

Dominance of two platforms

Hyperliquid and Pump.fun together accounted for almost 90% of the tracked buybacks. Their combined activity drives the headline figure, indicating that the broader market has not uniformly adopted revenue‑funded repurchase programs.

Hyperliquid’s fee‑funded model

• Routes 99% of eligible trading fees to an Assistance Fund.
• Automated purchases convert fees into HYPE, which are then burned.
• Cumulative purchases since its December 2024 launch total about $1.3 billion.
• HYPE traded near $63.35 on August 31, up roughly 70% year‑over‑year.

Pump.fun’s revenue‑linked buybacks

• Uses revenue from its launchpad, PumpSwap exchange and trading products.
• Allocates 50% of designated revenue to buying and burning PUMP.
• Spent $5.02 million in the week ending August 9, burning 2.15 billion PUMP.
• PUMP traded near $0.0015 on August 31.

Other notable programs

Sky Protocol purchased about $26 million of SKY in 2026, drawing on protocol surplus via its Smart Burn Engine. Governance adjustments in March reduced the buyback rate by lowering purchase sizes and extending intervals.

Lido’s proposed NEST framework would trigger buybacks only when annual revenue exceeds $40 million, allocating up to 50% of excess revenue with daily and annual caps. These parameters remain subject to governance decisions.

Implications and outlook

Buybacks can create a recurring buyer and reduce circulating supply when tokens are burned, but they do not guarantee price support. The effectiveness of such programs depends on sustained revenue, token unlock schedules, and broader market sentiment. Analysts note that strong revenue streams, as seen with Hyperliquid, may bolster token performance, while other projects have seen limited impact despite ongoing purchases.