10 Projects Account for 92% of Token Buyback Spend in 2025

Which Tokens Have the Largest Buybacks?

Hyperliquid has recorded the largest token buyback by far this year, with over $644.64 million in revenue spent under the Assistance Fund to date. Hyperliquid alone accounts for 46.0% of all token buyback spending in 2025, and is equivalent to the combined amount of the next nine largest token buybacks. In total, at least 21.36 million HYPE has been repurchased, representing 2.1% of the total supply. 

HYPE token buybacks have averaged $65.50 million a month in revenue spending, ranging from as low as $39.14 million in March, to as high as $110.62 million in August. The average HYPE buyback price is around $30.18 so far.

LayerZero currently ranks as the second largest token buyback, after the project announced in September that it had spent $150.00 million to repurchase 5.0% of total ZRO supply from early investors. This puts the average ZRO buyback price at $3.00, a level which was last seen in May. However, LayerZero has stated that this is only a one-off discretionary token buyback for now, and is therefore likely to be overtaken by projects with regular token buyback programs.

Pump.fun follows close behind with the third largest token buyback of $138.17 million and counting. Since the start of its token buybacks in July, Pump.fun has spent an average of $40.47 million per month to repurchase PUMP. While this puts PUMP buyback spending on the lower end compared to HYPE so far, it is worth noting that Pump.fun has already bought back a higher 3.0% share of total supply. The average PUMP buyback price of $0.0046 means that Pump.fun’s repurchased tokens are currently sitting at a paper loss after the October 10 crypto crash.

Meanwhile, Solana DEX Raydium leads as the project with the largest token buyback-and-burn spending of $100.35 million. Unlike the top three token buybacks which were only implemented this year, the programmatic RAY token buybacks have been in place since 2022. 

The four other projects with buyback-and-burn programs are Rollbit ($27.93 million of revenue spent), Bonk via its launchpad Bonk.fun earnings ($27.30 million), Tron ecosystem’s Sun platform ($3.03 million) and exchange WOO ($1.68 million).

Overall, 28 notable projects were found to have allocated meaningful spending toward token buybacks in 2025. It remains to be seen if more projects will implement token buybacks, as the crypto community continues to debate whether buybacks are the best mechanism for returning value to token holders and aligning team incentives.

GMX, MPLX & SKY Bought Back Highest Share of Supply

Decentralized exchange GMX has technically bought back the highest share of its total supply at 12.9%, by spending $20.86 million to repurchase 1.33 million tokens year to date (YTD). However, GMX’s buyback-and-distribute structure means that not all repurchased tokens are taken out of circulation. On average, GMX has spent $2.24 million a month on token buybacks, ranging from $1.23 million to a high of $5.81 million (recorded in April).

The next highest share of token buybacks is recorded by Solana launchpad Metaplex, which has repurchased 6.5% of total MPLX supply for its DAO by spending $13.78 million funded by half of protocol revenue. MPLX token buyback spending has ranged from $0.65 million to $2.57 million a month, averaging $1.38 million monthly. 

Since its launch in February, Sky Protocol’s programmatic token buybacks have accumulated 5.4% of total supply using $78.82 million in surplus revenue YTD, making it the third highest share of supply that has been repurchased. SKY token buybacks have seen spending fluctuate between $2.96 million and $18.31 million a month, averaging $9.68 million. 

In contrast, Jito and Chainlink’s token buybacks have only accumulated 0.05% of total supply YTD, after spending $1.00 million and $10.45 million respectively. Among the top 10 largest token buybacks, both Ethena and Aave have repurchased the lowest share of total supply at 0.6% so far.

Excluding buyback-and-burn programs, the 23 token buybacks examined here have repurchased on average 1.9% of their respective total supply. So far, 14 out of the 23 projects have only bought back less than 1.0% of total supply.

How Much Has Been Spent on Token Buybacks in 2025?

Token buybacks have reached over $1.40 billion in 2025 to date, becoming a key narrative as Hyperliquid’s Assistance Fund popularized the mechanism amid criticisms of low float/high FDV tokenomics. In other words, projects have spent a combined $145.93 million on average each month on token buybacks this year.

Although a jump in token buyback spending was attributed to September, this was due to the one-off LayerZero repurchase announcement which did not specify when it was carried out. Excluding the ZRO buyback, September only saw $168.45 million in token buyback spending. 

That said, token buybacks have markedly increased in the second half of the year, after buyback spending rose 85.0% month-on-month in July. In the first half of October, token buyback spending has already reached $88.81 million, putting it on track to record a fourth consecutive month above the H1 monthly average of $99.32 million.

Token Buybacks 2025

Projects ranked by token buyback spending (USD) in 2025 to date:

Methodology

The study examined the total amount of token buybacks executed by the respective projects from January 1 to October 15, 2025, based on data compiled from official project trackers and announcements, or otherwise credible sources (see below for list). Buyback spending in USD was taken as per the source where appropriate, or estimated based on daily price data from CoinGecko; similarly, the number of tokens bought back were estimated where necessary. Circulating and total token supply data was obtained from CoinGecko. Average monthly buyback spend was calculated based on completed months only, while average token buyback prices were calculated from year-to-date totals.

Tokens with direct burn mechanisms or programs were not included as they are beyond the scope of this study, although the author acknowledges that direct burns are similar to buyback-and-burns.

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This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.

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