The decentralized protocol Hyperliquid became the market leader in token buybacks, spending around $645 million — nearly half of all buyback operations in the crypto industry this year. The total volume of token repurchases in 2025 exceeded $1.4 billion, with project activity rising by more than 80% in the second half of the year.

Hyperliquid bought back 21.36 million HYPE tokens, or 2.1% of the total supply. It was followed by LayerZero, which conducted a one-time buyback of ZRO tokens worth $150 million, and Pump.fun, which spent $138 million to repurchase 3% of its tokens.

Experts note that the growing interest in buybacks is linked to rising project profitability and the desire to strengthen investor confidence. Token buybacks are becoming not just a price-supporting tool but also an essential part of mature tokenomics and long-term market strategy.