Since the start of 2026, crypto projects have dropped a record $638 million on token buybacks. More protocols are using a chunk of their revenue to buy back tokens, aiming to pump more value back to holders.

Buyback Leaders: Hyperliquid and Pump.fun

Almost 90% of all buyback volume came from just two projects: Hyperliquid and Pump.fun. These two have been the main drivers behind this year’s record-setting buyback spree.

The Rise of Revenue-to-Buybacks

The trend is clear: protocols are turning operating income into programmed buybacks right on the open market. This makes the link between a project’s earnings and its circulating tokens way more transparent for holders, giving everyone a clear value return mechanism.

What This Means for Token Holders

Buybacks are all about giving value back to the community—the more a project earns, the more it can spend on buybacks. That’s put the spotlight on how these buybacks are actually done and how transparent the process is in 2026.