DeFi Buybacks Are Outpacing Emissions: A Sign of Growing Sustainability In the past 90 days, a select group of DeFi projects has demonstrated strong token value accrual by executing buybacks that significantly exceed (or occur without) new token emissions. Top Performers: Hyperliquid (@HyperliquidX): Bought back $135M of HYPE — dwarfing its $64M team unlock. A clear leader. Chainlink (@chainlink): $15M LINK buybacks with zero unlocks. Uniswap (@Uniswap): $11.9M UNI buybacks, no unlocks. Lighter (@Lighter_xyz): $6.4M LIT buybacks (unlocks start in a year). Jupiter (@JupiterExchange): $5.7M JUP buybacks after pausing emissions. Sky (@SkyMoney): $3.3M SKY buybacks (all supply already circulating). Raydium (@Raydium): $3M RAY buybacks, no unlocks. Hyperliquid dominates the list, but the broader trend is encouraging: more protocols are directing meaningful revenue toward buybacks rather than endless dilution. This marks a shift toward greater sustainability in DeFi compared to previous years, where unchecked emissions often pressured token prices. Projects that prioritize real revenue and token holder alignment are standing out.
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DeFi Buybacks Are Outpacing Emissions: A Sign of Growing Sustainability In the past 90 days, a select group of DeFi projects has demonstrated strong token value accrual by executing buybacks that significantly exceed (or occur without) new token emissions. Top Performers: Hyperliquid (@HyperliquidX): Bought back $135M of HYPE — dwarfing its $64M team unlock. A clear leader. Chainlink (@chainlink): $15M LINK buybacks with zero unlocks. Uniswap (@Uniswap): $11.9M UNI buybacks, no unlocks. Lighter (@Lighter_xyz): $6.4M LIT buybacks (unlocks start in a year). Jupiter (@JupiterExchange): $5.7M JUP buybacks after pausing emissions. Sky (@SkyMoney): $3.3M SKY buybacks (all supply already circulating). Raydium (@Raydium): $3M RAY buybacks, no unlocks. Hyperliquid dominates the list, but the broader trend is encouraging: more protocols are directing meaningful revenue toward buybacks rather than endless dilution. This marks a shift toward greater sustainability in DeFi compared to previous years, where unchecked emissions often pressured token prices. Projects that prioritize real revenue and token holder alignment are standing out.














