Token buyback wave in the 2025 crypto market is showing its initial signs, with cumulative buybacks already exceeding 888 million dollars so far. Among them, Hyperliquid is leading with a scale of 644.6 million dollars, ranking in the first tier, followed by projects with a scale of around 138.2 million dollars. However, from the current situation, most tokens participating in buybacks have shown mediocre price performance and have not experienced significant increases despite capital inflows.

Optimism's approach is worth noting—the project plans to allocate 50% of Superchain ecosystem revenue to token buybacks, with an annual target of repurchasing 9.1 million OP tokens. This reflects the project's new thinking on supply-side management. However, industry insiders point out that for buybacks to truly shrink circulating supply and leverage long-term prices, the key metric is that the buyback coverage ratio needs to exceed 1 (meaning the buyback amount exceeds the newly added supply). Buyback actions alone are not enough; they must be combined with overall optimization of tokenomics.