超流動性、代幣回購和加密貨幣市場：2025 年概述

探索 Hyperliquid 在 2025 年代幣回購激增中與 LayerZero 和 Pump.fun 一起的主導地位，以及對加密市場的影響。

Hyperliquid, Token Buybacks, and the Crypto Market: A 2025 Overview

超流動性、代幣回購和加密貨幣市場：2025 年概述

In 2025, token buybacks are a hot trend, with projects spending over $1.4 billion. Hyperliquid's leading the charge, committing nearly half of that. Let's dive into what's happening and why it matters.

2025 年，代幣回購將成為熱門趨勢，項目支出將超過 14 億美元。 Hyperliquid 處於領先地位，承擔了近一半的任務。讓我們深入了解正在發生的事情及其重要性。

Hyperliquid's Massive Buyback Commitment

Hyperliquid 的大規模回購承諾

Hyperliquid has emerged as a major player, earmarking approximately $645 million to repurchase its tokens. This is almost half of the $1.4 billion spent on buybacks in 2025. It shows Hyperliquid's confidence in its future and aims to make its token more valuable by reducing supply.

Hyperliquid 已成為主要參與者，撥出約 6.45 億美元用於回購其代幣。這幾乎是 2025 年回購花費 14 億美元的一半。這表明了 Hyperliquid 對未來的信心，並旨在通過減少供應來提高其代幣的價值。

Other Key Players in the Buyback Game

回購遊戲中的其他關鍵參與者

LayerZero and Pump.fun are also in the mix. LayerZero put $150 million into buying back its ZRO token, while Pump.fun has spent $138 million since July on its PUMP tokens. These moves highlight how projects use buybacks to stabilize token value and attract investors.

LayerZero 和 Pump.fun 也在其中。 LayerZero 投入 1.5 億美元回購其 ZRO 代幣，而 Pump.fun 自 7 月以來已花費 1.38 億美元購買 PUMP 代幣。這些舉措凸顯了項目如何利用回購來穩定代幣價值並吸引投資者。

The Rising Trend of Token Buybacks

代幣回購的上升趨勢

Token buybacks have been gaining steam since mid-2025, with an 85% month-over-month increase in spending in July. The average monthly spend is around $145.9 million, a big jump from the first half of the year.

自 2025 年中期以來，代幣回購一直在增長，7 月份的支出環比增長 85%。每月平均支出約為 1.459 億美元，較上半年大幅增長。

Why the Buyback Boom?

為什麼回購熱潮？

This surge is driven by project profitability and a preference for scarcity models. Buybacks show financial health, reduce token supply, and can boost prices. Stronger governance in decentralized projects also enables more strategic resource allocation for buybacks.

這種激增是由項目盈利能力和對稀缺模型的偏好推動的。回購表明財務狀況良好，減少代幣供應，並可以推高價格。去中心化項目中更強的治理還可以為回購提供更具戰略性的資源分配。

The HYPE ETF Buzz

HYPE ETF 熱議

21Shares has filed with the SEC for a 2x HYPE ETF, aiming to double the daily returns of the Hyperliquid Index. Bloomberg ETF analyst Eric Balchunas thinks this niche approach might just work. Other firms like Bitwise and VanEck are also pushing for Hyperliquid ETFs, signaling growing institutional interest.

21Shares 已向 SEC 申請 2 倍 HYPE ETF，旨在將 Hyperliquid 指數的每日回報率提高一倍。彭博 ETF 分析師埃里克·巴爾丘納斯 (Eric Balchunas) 認為，這種利基方法可能會奏效。 Bitwise 和 VanEck 等其他公司也在推動超流動性 ETF，這表明機構興趣日益濃厚。

Personal Take: Buybacks and Market Confidence

個人看法：回購和市場信心

Token buybacks are a fascinating trend. While some debate their effectiveness, the sheer volume of buybacks in 2025 suggests they're a powerful tool for boosting investor confidence. Hyperliquid's aggressive approach, coupled with the ETF filings, paints a picture of a project that's betting big on its future. It's like they're saying, "We believe in our token, and we're putting our money where our mouth is."

代幣回購是一個令人著迷的趨勢。儘管一些人對其有效性存在爭議，但 2025 年回購的絕對數量表明，它們是提振投資者信心的有力工具。 Hyperliquid 積極進取的做法，加上 ETF 備案，描繪了一個對未來押注巨大的項目。就像他們在說：“我們相信我們的代幣，我們正在用我們的錢說到做到。”

South Korea's Crypto Scene: A Quick Look

韓國的加密貨幣場景：快速瀏覽

South Korea remains a key player in the crypto market. New listings, like ZORA on Upbit, can cause immediate price surges. The "Kimchi Premium," where crypto prices are higher in South Korea, highlights the market's unique dynamics. Political and regulatory factors also play a significant role.

韓國仍然是加密貨幣市場的主要參與者。新上市的產品，例如 Upbit 上的 ZORA，可能會立即導致價格飆升。 “泡菜溢價”（韓國的加密貨幣價格較高）凸顯了該市場的獨特動態。政治和監管因素也發揮著重要作用。

Final Thoughts

最後的想法

So, what does it all mean? Hyperliquid's leading a token buyback revolution, and the market's taking notice. With ETFs potentially on the horizon and South Korea's vibrant crypto scene in the background, it's an exciting time to be watching the crypto space. Who knows what tomorrow will bring? Maybe even more buybacks! Stay tuned, crypto enthusiasts!

那麼，這一切意味著什麼？ Hyperliquid 正在引領一場代幣回購革命，並引起了市場的關注。 ETF 即將面世，加上韓國充滿活力的加密貨幣場景，現在是關注加密貨幣領域的激動人心的時刻。誰知道明天會發生什麼？也許還會有更多回購！請繼續關注，加密貨幣愛好者！