2025 Token Buyback Summary: Total Amount Exceeds 1.4 Billion USD, Top 10 Projects Account for 92%

Author: Yuqian Lim, Coingecko

Compiled by: Felix, PANews

Which tokens will have the largest buyback scale in 2025? Coingecko recently compiled data on the buybacks of various projects' tokens and ranked 28 tokens by their buyback expenditure calculated in USD. Here are the details.

Hyperliquid is the largest token buyback by scale so far this year, with its assistance fund having spent over $644.64 million to date. Hyperliquid alone accounts for 46% of all token buyback expenditures in 2025, equivalent to the total of the buyback scales of the Top 2 to Top 10 tokens. Hyperliquid has repurchased a total of at least 21.36 million HYPE, which is 2.1% of the total supply.

The average monthly expenditure for HYPE token buybacks is $65.5 million, ranging from a low of $39.14 million in March to a high of $110.62 million in August. So far, the average price for HYPE token buybacks is approximately $30.18.

LayerZero is currently the second largest token buyback project, which announced in September that it spent $150 million to buy back 5% of the total supply of ZRO held by early investors. This brought the average buyback price of ZRO to $3, a price that was last reached in May. However, LayerZero stated that this is currently just a one-time voluntary buyback, and it may be surpassed by projects with regular token buyback plans.

Following closely is Pumpfun, which has repurchased tokens worth $138.17 million, and the amount is still increasing. Since starting token buybacks in July, Pumpfun has spent an average of $40.47 million per month to repurchase PUMP. Although Pumpfun's token buyback expenditure is currently at a lower level compared to HYPE, it is notable that Pumpfun has repurchased tokens that account for 3% of the total supply. The average repurchase price is $0.0046, which means that the tokens repurchased by Pumpfun are currently at a paper loss after the cryptocurrency crash on October 11.

At the same time, the Solana ecosystem decentralized exchange Raydium ranks first with a token buyback and burn expenditure of $100.35 million. Unlike the top three token buyback programs that were only implemented this year, the buyback program for RAY tokens has been in place since 2022.

The other four projects with buyback and burn plans are: Rollbit (with a revenue of $27.93 million), Bonk through its launchpad Bonkfun (with a revenue of $27.30 million), the Sun platform of the Tron ecosystem (with a revenue of $3.03 million), and the exchange WOO (with a revenue of $1.68 million).

Overall, by 2025, 28 well-known projects have explicitly stated that a portion of their funds will be used for token buybacks. As for whether more projects will implement token buybacks, it remains unknown, as the crypto community is still debating whether buybacks are the best mechanism to return value to token holders and keep team incentives aligned.

GMX**,**MPLX and SKY have a relatively high proportion of repurchased tokens

The decentralized exchange GMX has repurchased 12.9% of its total supply so far this year, with a repurchase amount of $20.86 million, having bought back 1.33 million tokens, the highest repurchase ratio. However, GMX's repurchase and distribution mechanism means that not all repurchased tokens will be removed from circulation. On average, GMX spends $2.24 million per month on token repurchases, with repurchase amounts ranging from $1.23 million to $5.81 million, peaking in April.

In terms of token buybacks, the second-ranking is the Solana issuance platform Metaplex, which has spent 13.78 million USD to buy back a total of 6.5% of MPLX tokens, with the buyback funds coming from half of the protocol's revenue. The MPLX token buyback expenditure ranges from 650,000 USD to 2.57 million USD per month, averaging 1.38 million USD per month.

Since its launch in February, the programmatic token buyback of Sky Protocol has accounted for a total of 5.4% of the total supply, utilizing $78.82 million in surplus revenue, making it the third highest token by buyback ratio. The monthly expenditure for the SKY token buyback fluctuates between $2.96 million and $18.31 million, averaging $9.68 million per month.

In comparison, the token buyback expenditures of Jito and Chainlink reached 1 million dollars and 10.45 million dollars respectively, but so far this year account for only 0.05% of the total supply. Among the Top 10 tokens by buyback scale, Ethena and Aave have the lowest proportion of buybacks to total supply, at only 0.6% so far.

Excluding the buyback and burn plan, this article examines 23 token buyback projects that have averaged a buyback of 1.9% of their total supply. So far, among these 23 projects, 14 have repurchased less than 1% of their total supply.

2025 What is the expenditure for the buyback of tokens?

As of now, the total token buyback amount for 2025 has exceeded 1.4 billion USD. This has become a hot topic due to the promotion of this mechanism by Hyperliquid's assistance fund amid criticisms of low liquidity/high FDV token economics. In other words, this year, projects are spending an average of 145.93 million USD per month on token buybacks.

Although the token buyback expenditure in September saw a surge, this was due to a one-time buyback announcement from LayerZero, which did not specify the exact timing of the buyback implementation. Excluding the buyback of ZRO, the token buyback expenditure in September was only $168.45 million.

Nevertheless, following an 85% month-on-month increase in repurchase spending in July, the token repurchase expenditure in the second half of the year has significantly increased. In the first half of October, the token repurchase spending has reached 88.81 million USD, expected to exceed the monthly average level of 99.32 million USD in the first half for the fourth consecutive month.

Projects ranked by token buyback expenditures (USD) from 2025 to present:

Related reading: 15 cryptocurrency projects initiate a token buyback wave, is it a market rescue solution or a capital illusion?