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

PANews reported on October 16 that Hyperliquid ranks first with a cumulative repurchase expenditure of approximately $645 million, accounting for 46% of the total repurchase amount in 2025, repurchasing about 21.36 million HYPE (approximately 2.1% of the total supply). LayerZero announced a one-time repurchase of $150 million ZRO (accounting for 5% of the total supply), while Pump.fun has cumulatively repurchased approximately $138 million PUMP (accounting for 3% of the total supply). Raydium's repurchase and destruction expenditure is about $100 million. A total of 28 projects have implemented repurchases this year, with total expenditures exceeding $1.4 billion; GMX has the highest repurchase by share, with cumulative repurchases accounting for 12.9% of the total supply. Repurchase expenditures have significantly increased since the second half of the year.