Hyperliquid Crushes Competition with 46% of All Token Buybacks in 2025

Hyperliquid is leading the token buyback in 2025, according to ￰0￱ platform has allocated over $644.64 million in revenue to repurchase its HYPE tokens through its Assistance Fund, which represents 46% of all token buyback spending this ￰1￱ fact, Hyperliquid’s buyback efforts are equivalent to the combined spending of the next nine largest ￰2￱ Buybacks Overshadow Market To date, at least 21.36 million HYPE tokens have been ￰3￱ figure accounted for roughly 2.1% of the total ￰4￱ buybacks have averaged $65.50 million, fluctuating from $39.14 million in March to a peak of $110.62 million in August, with an average repurchase price of $30.18 per ￰5￱ put this into perspective, LayerZero ranks as the second largest token buyback, having spent $150 million in September to repurchase 5% of its ZRO supply, with an average price of $3.00.

However, this was a one-off discretionary buyback, and CoinGecko expects Hyperliquid’s ongoing program to maintain its dominance. Meanwhile, ￰6￱ occupied the third spot as it spent $138.17 million on repurchases since July, averaging $40.47 million per month, and capturing 3% of its total ￰7￱ Pump. fun’s average buyback price of $0.0046 places its repurchased tokens at a paper loss following the October 10 crypto crash, the program demonstrates a strategic approach to supply management. Raydium, the Solana-based DEX, leads in token buyback-and-burn activity after spending $100.35 million since ￰8￱ notable projects include Rollbit ($27.93 million), Bonk via ￰9￱ ($27.30 million), Tron’s Sun platform ($3.03 million), and exchange WOO ($1.68 million).

Overall, CoinGecko identified 28 projects implementing meaningful buybacks in 2025, amidst a growing trend in the industry as projects explore buybacks as a mechanism to return value to holders and incentivize long-term ￰10￱ Buybacks Boom Zooming out, token buybacks have surged to over $1.40 billion so far in ￰11￱ trend was largely fueled by ￰12￱ average, crypto projects have spent roughly $146 million per month repurchasing their tokens this year. A significant spike in September’s figures was linked to LayerZero’s one-off $150 million repurchase, though CoinGecko clarified that this announcement likely distorted month-to-month ￰13￱ that, September’s total buyback spending stood at $168.45 million.

Interestingly, the pace of buybacks has accelerated in the second half of 2025 as spending saw a jump of 85% month-on-month in ￰14￱ of mid-October, projects have already spent almost $89 million, putting the month on course to log a fourth straight period above the first-half average of over $99 million.