Token buyback wave emerges in 2025 crypto market, accumulating over $880 million to date. Hyperliquid leads the first tier with $644.6 million in scale, followed by projects around $138.2 million. However, most tokens participating in buybacks show mediocre price performance and have not seen significant gains despite capital inflows.

Optimism's approach deserves attention—the project plans to allocate 50% of Superchain ecosystem revenue to token buybacks, with an annual target of repurchasing 9.1 million OP. This reflects a new approach by the project to supply-side management. However, industry insiders point out that for buybacks to truly reduce circulating supply and drive long-term price appreciation, the key metric is that the buyback coverage ratio needs to exceed 1 (meaning buyback amount exceeds new supply). Buyback actions alone are insufficient; they must be paired with overall tokenomics optimization.