超流动性、代币回购和加密货币市场：2025 年概述

探索 Hyperliquid 在 2025 年代币回购激增中与 LayerZero 和 Pump.fun 一起的主导地位，以及对加密市场的影响。

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

超流动性、代币回购和加密货币市场：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，代币回购将成为热门趋势，项目支出将超过 14 亿美元。 Hyperliquid 处于领先地位，承担了近一半的任务。让我们深入了解正在发生的事情及其重要性。

Hyperliquid's Massive Buyback Commitment

Hyperliquid 的大规模回购承诺

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 已成为主要参与者，拨出约 6.45 亿美元用于回购其代币。这几乎是 2025 年回购花费 14 亿美元的一半。这表明了 Hyperliquid 对未来的信心，并旨在通过减少供应来提高其代币的价值。

Other Key Players in the Buyback Game

回购游戏中的其他关键参与者

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 亿美元回购其 ZRO 代币，而 Pump.fun 自 7 月以来已花费 1.38 亿美元购买 PUMP 代币。这些举措凸显了项目如何利用回购来稳定代币价值并吸引投资者。

The Rising Trend of Token Buybacks

代币回购的上升趋势

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 年中期以来，代币回购一直在增长，7 月份的支出环比增长 85%。每月平均支出约为 1.459 亿美元，较上半年大幅增长。

Why the Buyback Boom?

为什么回购热潮？

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.

这种激增是由项目盈利能力和对稀缺模型的偏好推动的。回购表明财务状况良好，减少代币供应，并可以推高价格。去中心化项目中更强的治理还可以为回购提供更具战略性的资源分配。

The HYPE ETF Buzz

HYPE ETF 热议

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 申请 2 倍 HYPE ETF，旨在将 Hyperliquid 指数的每日回报率提高一倍。彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 认为，这种利基方法可能会奏效。 Bitwise 和 VanEck 等其他公司也在推动超流动性 ETF，这表明机构兴趣日益浓厚。

Personal Take: Buybacks and Market Confidence

个人看法：回购和市场信心

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."

代币回购是一个令人着迷的趋势。尽管一些人对其有效性存在争议，但 2025 年回购的绝对数量表明，它们是提振投资者信心的有力工具。 Hyperliquid 积极进取的做法，加上 ETF 备案，描绘了一个对未来押下重注的项目。就像他们在说：“我们相信我们的代币，我们正在用我们的钱说到做到。”

South Korea's Crypto Scene: A Quick Look

韩国的加密货币场景：快速浏览

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.

韩国仍然是加密货币市场的主要参与者。新上市的产品，例如 Upbit 上的 ZORA，可能会立即导致价格飙升。 “泡菜溢价”（韩国的加密货币价格较高）凸显了该市场的独特动态。政治和监管因素也发挥着重要作用。

Final Thoughts

最后的想法

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!

那么，这一切意味着什么？ Hyperliquid 正在引领一场代币回购革命，并引起了市场的关注。 ETF 即将面世，加上韩国充满活力的加密货币场景，现在是关注加密货币领域的激动人心的时刻。谁知道明天会发生什么？也许还会有更多回购！请继续关注，加密货币爱好者！