By Yuqian Lim, Coingecko; Compiled by Felix, PANews. Which tokens had the largest buybacks in 2025? Coingecko recently compiled data on token buybacks by project, ranking 28 tokens by dollar value. See the details below. Hyperliquid has been the token with the largest buybacks so far this year, with its rescue fund having spent over $644.64 million to date. Hyperliquid alone accounted for 46% of all token buybacks in 2025, equivalent to the combined buybacks of the top 2 through 10 tokens. Hyperliquid repurchased at least 21.36 million HYPE tokens, representing 2.1% of the total supply. HYPE token buybacks have an average monthly spend of $65.5 million, ranging from a low of $39.14 million in March to a high of $110.62 million in August. The average price of HYPE token buybacks so far has been approximately $30.18. LayerZero is currently the second-largest token buyback project, announcing in September that it spent $150 million to buy back 5% of the total ZRO supply held by early investors. This brought the average buyback price of ZRO to $3, a price last reached in May. However, LayerZero stated that this was a one-time, autonomous buyback, and therefore may be surpassed by projects with regular token buyback schedules. Pumpfun is next in line, with $138.17 million in token buybacks and counting. Since starting token buybacks in July, Pumpfun has spent an average of $40.47 million per month on PUMP tokens. While this is currently low compared to HYPE, it's worth noting that Pumpfun has repurchased 3% of the total token supply. The average buyback price is $0.0046, meaning Pumpfun is currently operating at a paper loss following the October 11th cryptocurrency crash. Meanwhile, Raydium, the Solana ecosystem decentralized exchange, topped the list with $100.35 million in token buyback and burn expenditures. Unlike the top three token buyback programs, which were implemented only this year, the RAY token buyback program has been ongoing since 2022. Four other projects with buyback and token burn programs are Rollbit (spending $27.93 million in revenue), Bonk (earnings from its launchpad, Bonkfun) ($27.3 million), the Tron ecosystem's Sun platform ($3.03 million), and the exchange WOO ($1.68 million). Overall, 28 notable projects have explicitly allocated a portion of their funds for token buybacks in 2025. Whether more projects will implement token buybacks remains to be seen, as the crypto community continues to debate whether buybacks are the best mechanism for returning value to token holders and aligning team incentives. GMX, MPLX, and SKY Repurchase High Proportions of Tokens Decentralized exchange GMX has repurchased 12.9% of its total supply so far this year, spending $20.86 million and purchasing 1.33 million tokens, the highest percentage of repurchases. However, GMX's repurchase and distribution mechanism means that not all repurchased tokens are withdrawn from circulation. On average, GMX spends $2.24 million per month on token buybacks, with amounts ranging from $1.23 million to $5.81 million (a record high in April). Solana's issuance platform, Metaplex, ranks second in token buybacks, having spent $13.78 million to repurchase 6.5% of the total MPLX token supply, funded by half of the protocol's revenue. MPLX token buyback spending has ranged between $650,000 and $2.57 million per month, averaging $1.38 million per month. Since its launch in February, Sky Protocol's programmatic token buybacks have cumulatively accounted for 5.4% of the total supply, utilizing $78.82 million in surplus revenue, making it the third-highest percentage of tokens repurchased. SKY token buyback spending has fluctuated between $2.96 million and $18.31 million per month, averaging $9.68 million per month. In comparison, Jito and Chainlink have spent $1 million and $10.45 million on token buybacks, respectively, but have only accounted for 0.05% of the total supply so far this year. Among the top 10 tokens by buyback volume, Ethena and Aave have the lowest percentage of total supply repurchased, at just 0.6% so far. Excluding buyback and burn programs, the 23 token buyback projects examined in this article have repurchased an average of 1.9% of their respective total supply. So far, 14 of these 23 projects have repurchased less than 1% of the total supply. What will be the total amount of token buybacks spent in 2025? So far, 2025 has seen over $1.4 billion in token buybacks, a hot topic due to Hyperliquid's bailout fund promoting low circulation/high FDV token economics amidst widespread criticism. In other words, this year, projects have spent an average of $145.93 million per month on token buybacks. While September saw a surge in token buyback spending, this was due to LayerZero's one-time buyback announcement, which did not specify the timing of the buyback. Excluding the ZRO buyback, September's token buyback spending totaled only $168.45 million. Nevertheless, following an 85% month-over-month increase in July, token buyback spending increased significantly in the second half of the year. In the first half of October, token buyback spending reached $88.81 million, on track to exceed the first-half monthly average of $99.32 million for the fourth consecutive month. Projects ranked by 2025 YTD token repurchase spending (in USD):
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