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

Hyperliquid spent $644 million repurchasing HYPE, which accounted for 46% of all 2025 buybacks.

Hyperliquid is main the token buyback in 2025, based on CoinGecko. The platform has allotted over $644.64 million in income to repurchase its HYPE tokens by way of its Help Fund, which represents 46% of all token buyback spending this yr.

The truth is, Hyperliquid’s buyback efforts are equal to the mixed spending of the subsequent 9 largest buybacks.

HYPE Buybacks Overshadow Market

Up to now, not less than 21.36 million HYPE tokens have been repurchased. This determine accounted for roughly 2.1% of the whole provide. Month-to-month buybacks have averaged $65.50 million, fluctuating from $39.14 million in March to a peak of $110.62 million in August, with a mean repurchase worth of $30.18 per HYPE.

To place this into perspective, LayerZero ranks because the second largest token buyback, having spent $150 million in September to repurchase 5% of its ZRO provide, with a mean worth of $3.00. Nonetheless, this was a one-off discretionary buyback, and CoinGecko expects Hyperliquid’s ongoing program to keep up its dominance.

In the meantime, Pump.enjoyable occupied the third spot because it spent $138.17 million on repurchases since July, averaging $40.47 million per 30 days, and capturing 3% of its whole provide. Whereas Pump.enjoyable’s common buyback worth of $0.0046 locations its repurchased tokens at a paper loss following the October 10 crypto crash, this system demonstrates a strategic method to provide administration.

Raydium, the Solana-based DEX, leads in token buyback-and-burn exercise after spending $100.35 million since 2022. Different notable tasks embrace Rollbit ($27.93 million), Bonk through Bonk.enjoyable ($27.30 million), Tron’s Solar platform ($3.03 million), and change WOO ($1.68 million).

Total, CoinGecko recognized 28 tasks implementing significant buybacks in 2025, amidst a rising pattern within the business as tasks discover buybacks as a mechanism to return worth to holders and incentivize long-term engagement.

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Token Buybacks Increase

Zooming out, token buybacks have surged to over $1.40 billion thus far in 2025. The pattern was largely fueled by Hyperliquid. On common, crypto tasks have spent roughly $146 million per 30 days repurchasing their tokens this yr. A major spike in September’s figures was linked to LayerZero’s one-off $150 million repurchase, although CoinGecko clarified that this announcement seemingly distorted month-to-month comparisons.

Excluding that, September’s whole buyback spending stood at $168.45 million. Curiously, the tempo of buybacks has accelerated within the second half of 2025 as spending noticed a bounce of 85% month-on-month in July. As of mid-October, tasks have already spent virtually $89 million, placing the month heading in the right direction to log a fourth straight interval above the first-half common of over $99 million.