The token buyback wave in the 2025 crypto market is beginning to show signs, with a total of over $880 million accumulated so far. Among them, Hyperliquid leads with a scale of $644.6 million, ranking first, followed by projects with a scale of around $138.2 million. However, from the current situation, most tokens participating in buybacks have performed relatively flat, and there has been no significant increase due to capital inflows.

Optimism's approach is worth noting — the project plans to allocate 50% of the Superchain ecosystem revenue for token buybacks, with an annual target of repurchasing 9.1 million OP tokens. This reflects a new idea of supply-side management by the project team. However, industry insiders point out that to truly reduce circulating supply and influence long-term prices through buybacks, the key indicator is the buyback coverage ratio, which needs to exceed 1 (meaning the buyback amount exceeds the new supply). Relying solely on buyback actions is not enough; it must be combined with overall optimization of token economics.