[Golden Financial] According to reports, Token buybacks have become an important trend in Crypto Assets fund management. Data shows that mainstream protocols have a total buyback amount of about $40 million per week, with Hyperliquid accounting for $24 million and the Meme coin platform Pump contributing $10 million. The buyback mechanism is similar to corporate stock buybacks, aimed at reducing circulating supply, boosting prices, and conveying long-term confidence. However, the effects of buybacks vary: some protocols see significant short-term price benefits, but may face pressure after the buyback ends or is scaled back. The sustainability of buybacks depends on protocol revenue and operational capabilities, with high-revenue platforms being more likely to maintain stable buybacks.