In 2025, a wave of token buybacks in the crypto market is becoming apparent, with cumulative buybacks exceeding $880 million to date. Hyperliquid leads the charge with a scale of $644.6 million, positioning itself in the first tier, followed closely by projects with scales around $138.2 million. However, from the current situation, most tokens participating in buybacks show average price performance and have not experienced significant increases due to capital inflows.

Optimism's approach is worth noting — the project plans to allocate 50% of Superchain ecosystem revenues to token buybacks, with an annual target of repurchasing 9.1 million OP tokens. This reflects project teams' new thinking on supply-side management. However, industry experts point out that to make buybacks 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 new supply). Mere buyback actions alone are insufficient; they must be combined with overall optimization of tokenomics.