According to CoinMeta, and as reported by the Financial Times, digital asset projects have repurchased approximately $638 million of their own tokens this year, which is higher than the $545 million in the same period last year. Among them, hyperliquid and pumpfun account for nearly 90% of this amount. hyperliquid uses 99% of its transaction fee revenue to repurchase HYPE, and since its launch in December 2024, it has repurchased and destroyed tokens worth $1.3 billion. sky and protocol have repurchased $26 million in tokens, while lido plans to carry out regular repurchases once its annual revenue reaches $40 million. Analysts say that repurchases can reduce the token supply and boost confidence, but the actual impact on prices remains uncertain.