2025 年代币回购：投资趋势纽约纪要

代币回购将在 2025 年蓬勃发展，其中 Hyperliquid 等项目将引领潮流。这是明智的投资策略还是只是市场炒作？让我们来分解一下，纽约风格。

Yo, crypto fam! Token buybacks are the talk of the town in 2025, with projects spending over $1.4 billion. Let’s dive into what’s driving this trend and whether it’s a legit investment strategy.

哟，加密货币家族！代币回购将成为 2025 年的热门话题，项目支出将超过 14 亿美元。让我们深入探讨推动这一趋势的因素以及这是否是合法的投资策略。

The Big Picture: Token Buybacks in 2025

总体情况：2025 年的代币回购

According to CoinGecko, 28 crypto projects are throwing serious cash at token buybacks this year. The pace picked up in the second half of 2025, with buyback spending surging. We're talking an average of around $145.93 million spent each month—showing some serious enthusiasm for this mechanism.

据 CoinGecko 称，今年有 28 个加密货币项目在代币回购上投入了大量现金。 2025 年下半年这一步伐加快，回购支出激增。我们谈论的是每月平均花费约 1.4593 亿美元，这表明人们对这种机制抱有极大的热情。

Hyperliquid: The King of Buybacks

超流动性：回购之王

Hyperliquid, a decentralized perp exchange protocol, is leading the pack. They've committed roughly $645 million, nearly half of all token buyback activity this year. This protocol alone accounted for 46% of all token buyback activity in 2025, buying back 2.1% of its total supply.

Hyperliquid 是一种去中心化的 Perp 交易协议，处于领先地位。他们已承诺投入约 6.45 亿美元，几乎占今年所有代币回购活动的一半。仅该协议就占 2025 年所有代币回购活动的 46%，回购了其总供应量的 2.1%。

Why the Buyback Boom?

为什么回购热潮？

So, what's driving this surge? DWF Labs says it's a mix of profitability, governance maturity, and market psychology. As projects become profitable, buybacks are a way to reward long-term users, reduce circulating supply, and create positive feedback loops. Plus, mature DAO governance and disciplined treasury management are helping to institutionalize these practices.

那么，是什么推动了这一激增？ DWF Labs 表示，这是盈利能力、治理成熟度和市场心理的结合。随着项目变得有利可图，回购是奖励长期用户、减少循环供应并创建正反馈循环的一种方式。此外，成熟的 DAO 治理和严格的财务管理正在帮助将这些实践制度化。

Other Players in the Game

游戏中的其他玩家

While Hyperliquid dominates, other projects are also making moves. LayerZero dropped $150 million on a one-off buyback of ZRO tokens, and Pump.fun invested $138 million in PUMP repurchases. Raydium directed $100 million toward buybacks and burns of RAY tokens. Even World Liberty Financial (WLFI), backed by the Trump family, is getting in on the action to stabilize their token price.

虽然 Hyperliquid 占据主导地位，但其他项目也在采取行动。 LayerZero 在一次性回购 ZRO 代币时投入了 1.5 亿美元，而 Pump.fun 在 PUMP 回购中投资了 1.38 亿美元。 Raydium 投入 1 亿美元用于回购和销毁 RAY 代币。就连特朗普家族支持的世界自由金融公司（WLFI）也在采取行动稳定其代币价格。

A Contrarian View: Little Pepe and the New Guard

逆向观点：小佩佩和新卫士

While established projects are doing buybacks, new tokens like Little Pepe (LILPEPE) are also gaining traction. LILPEPE combines meme culture with real-world functionality, already making waves in the market. It's this kind of project that could surprise even seasoned investors.

在现有项目正在进行回购的同时，Little Pepe (LILPEPE) 等新代币也越来越受到关注。 LILPEPE 将模因文化与现实世界的功能相结合，已经在市场上掀起了波澜。这种项目即使是经验丰富的投资者也会感到惊讶。

Final Thoughts: Is It Worth the Hype?

最后的想法：值得大肆宣传吗？

Token buybacks can be a smart way for projects to boost value and reward their community. But as with any investment, do your homework and don't just follow the hype. And maybe keep an eye on the up-and-comers like Little Pepe—you never know what might be the next big thing.

代币回购对于项目来说是一种提高价值和奖励社区的明智方式。但与任何投资一样，请做好功课，不要只听从炒作。也许还要关注像小佩佩这样的后起之秀——你永远不知道下一个大事件会是什么。

Alright, that’s the lowdown. Stay savvy, New York!

好吧，这就是真相。保持精明，纽约！