Crypto Buybacks Mature as $HYPE $PUMP $ENA Drive Value Returns

The crypto market is witnessing a significant shift in tokenomics as buybacks gain mainstream traction, with protocols like Hyperliquid ($HYPE), Pumpfun ($PUMP), and Ethena ($ENA) leading the way in 2025. These initiatives are increasingly funded by real revenue, signaling a maturing market where projects are returning value to token holders in a manner similar to traditional equity buybacks [1].

Hyperliquid has been the most aggressive, allocating 97% of its protocol fee revenue to buybacks since January 2025. Over the course of several months, it has repurchased approximately 29 million $HYPE tokens, valued at $1.26 billion. This accounts for around 8.7% of the circulating supply and 2.9% of the total supply. As of now, $HYPE is trading at $43.56, with a market capitalization of $13.4 billion [1].

Pumpfun, a meme-driven project, has also entered the buyback arena by directing all of its net profit toward repurchasing $PUMP tokens. Beginning in mid-July 2025, the program has repurchased 16.2 billion $PUMP tokens, valued at $46.1 million, reducing 15.15% of the circulating supply and 1.1% of the total supply. The move has provided the token with a more concrete economic foundation. $PUMP is currently valued at $0.00285, with a market cap of $302 million [1].

Ethena, meanwhile, has taken a structured approach by launching a $260 million buyback program in July 2025, with $5 million allocated daily over a six-week period. By mid-August, $150 million had already been executed, repurchasing 3.48% of the circulating supply and 1.53% of the total supply. The initiative is considered one of the largest foundation-managed buybacks in crypto. $ENA is currently trading at $0.71, with a market capitalization of $4.32 billion [1].

The impact of these buybacks is not just symbolic; it reshapes the economics of token value. In traditional markets, buybacks reduce supply and increase earnings per share. In crypto, the effects depend on the sustainability of the funding mechanism. $HYPE is backed by recurring protocol fees, $PUMP leverages meme-driven traffic to fund repurchases, and $ENA demonstrates how foundations can execute large-scale, well-structured buybacks. However, the success of these programs remains contingent on continued revenue streams, as protocols can pause buybacks at any time if income declines [1].

The broader trend reflects a growing emphasis on token value through real economic activity. Rather than relying on token emissions or speculative hype, projects are now reinvesting profits back into their tokens, creating a virtuous cycle where user activity drives fees, fees fund buybacks, and buybacks reinforce token value. This is one of the most notable tokenomics developments in 2025, bringing crypto closer to the capital return mechanisms seen in traditional finance [1].

The key differentiator remains sustainability. A buyback backed by ongoing revenue is more resilient and meaningful than one funded from reserves. The projects that will emerge as winners are those that align buybacks with long-term, revenue-generating strategies, ensuring that token value is supported by real-world economic activity [1].

Source: [1] Crypto Buybacks Go Mainstream: $HYPE, $PUMP, $ENA Show the Way in 2025 (https://nulltx.com/crypto-buybacks-go-mainstream-hype-pump-ena-show-the-way-in-2025/)