According to Financial Times and Allium Labs data, crypto projects have spent nearly $640 million on buybacks so far in 2026, up from $545 million in the same period last year and just $366,000 in all of 2024. Perpetual exchange Hyperliquid and meme coin platform pump.fun together account for nearly 90% of total buybacks. Hyperliquid uses 99% of its trading fee revenue to buy back and burn HYPE tokens, having repurchased $1.3 billion since its December 2024 launch. HYPE has risen 70% over the past year. DeFi platform Sky Protocol bought back $26 million in tokens, with co-founder Rune Christensen noting the protocol generated over $400 million in revenue last year.
According to data from blockchain analytics firm Allium Labs, cited by the Financial Times, crypto projects have spent nearly $640 million on buybacks of their own tokens so far this year—specifically $638 million—up from $545 million in the same period last year and just $366,000 in all of 2024.
Perpetual exchange Hyperliquid and meme coin launchpad pump.fun together account for nearly 90% of the total buyback value. Elton Shehdula, head of research at Allium Labs, said projects have an "image incentive" to conduct buybacks, signaling confidence in their tokens. Reducing supply also provides another lever to support token prices.
Hyperliquid allocates 99% of its trading fee revenue to buy back and burn its HYPE token. Since launching in December 2024, it has repurchased and burned $1.3 billion worth of HYPE. The token has surged 70% over the past year.
Decentralized finance platform Sky Protocol bought back $26 million worth of its tokens. Co-founder Rune Christensen said the protocol generated over $400 million in revenue last year and that buying back SKY tokens aligns decision-makers with the protocol's long-term success.
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