Hyperliquid leads the token buyback in 2025, with 28 projects spending over $1.4 billion on buybacks throughout the year

According to ChainCatcher news and CoinGecko reports, Hyperliquid leads with a cumulative buyback expenditure of approximately $645 million, accounting for 46% of the total buyback in 2025, repurchasing about 21.36 million HYPE (approximately 2.1% of the total supply). LayerZero announced a one-time buyback of $150 million ZRO (5% of the total supply), while Pump.fun has a cumulative buyback of about $138 million PUMP (3% of the total supply). Raydium's buyback and burn expenditure is approximately $100 million. A total of 28 projects have implemented buybacks this year, with total expenditures exceeding $1.4 billion; GMX has the highest buyback by share, with cumulative buybacks accounting for 12.9% of the total supply. Buyback expenditures have significantly increased since the second half of the year.