In 2025, a wave of token buybacks in the crypto market is emerging, with cumulative spending exceeding $880 million to date. Hyperliquid leads the pack with $644.6 million in buyback volume, occupying the top tier, followed by projects with buyback scales around $138.2 million. However, from the current situation, most tokens participating in buybacks have shown mediocre price performance and have not experienced significant increases despite capital inflows.

Optimism's approach is worth noting—the project plans to allocate 50% of Superchain ecosystem revenue to token buybacks, with an annual target of repurchasing 9.1 million OP tokens. This reflects the project's new thinking on supply-side management. However, industry experts 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 volume exceeds newly issued supply). Buyback actions alone are insufficient; they must be combined with comprehensive tokenomics optimization.