Hyperliquid Dominates Token Buybacks with Strong Revenue Model

Citrini Research has analyzed the token buyback activity across the crypto market in 2025, revealing that Hyperliquid accounted for nearly half of all token buybacks.

The decentralized exchange's revenue model, which directs up to 99% of protocol revenue toward HYPE repurchases through its Assistance Fund mechanism, has been identified as one of the strongest in the sector.

According to Citrini Research, the scale of the program sets Hyperliquid apart from most crypto projects and has turned HYPE into a token backed by meaningful cash flow generation.