回購波：12個項目啟動令牌回購

加密行業是一個“回購季節”。

Author: Fairy, ChainCatcher

作者：童話，鏈球手

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

The crypto industry is now rolling into a “buyback season.”

加密行業現在正在進入“回購季節”。

With coin prices approaching freezing point, buybacks have become a new self-rescue method.

隨著硬幣價格接近冰點，回購已成為一種新的自我救援方法。

Currently, several projects are carrying out large-scale token buybacks and spending lavishly to support the market. Is this round of buybacks a bet on long-term value or a helpless move due to market pressure?

目前，幾個項目正在進行大規模的代幣回購，並大量支出以支持市場。這一輪迴購是長期價值還是由於市場壓力而導致無助的舉動？

The Buyback Wave: 12 Projects Initiate Token Buybacks

回購波：12個項目啟動令牌回購

In traditional financial markets, stock buybacks are often seen as a sign of a company’s confidence in its own prospects, and the crypto industry is borrowing this logic. According to incomplete statistics, 12 projects have recently launched or completed buyback plans. These projects span various fields including DeFi, infrastructure, and public chains, with differing amounts and methods of buybacks.

在傳統的金融市場中，股票回購通常被視為公司對自己的前景信心的信號，而加密行業正在藉用這種邏輯。根據不完整的統計數據，最近有12個項目啟動或完成了回購計劃。這些項目涵蓋了包括Defi，基礎架構和公共連鎖店在內的各個領域，其回購數量和方法不同。

Overview of recent buyback projects (will continue to monitor and update):

最近回購項目的概述（將繼續監視和更新）：

Why the Surge in Buybacks?

為什麼回購激增？

The current state of the crypto market may be the direct driving force behind this wave of buybacks. Since the beginning of 2025, global macroeconomic uncertainty combined with an overall correction in the crypto market has led to significant declines in many token prices, with some projects’ tokens even hitting historical lows. Faced with a sluggish market and insufficient investor confidence, buybacks have become a strategy for project parties to stabilize ecosystems and reshape market expectations.

加密市場的當前狀態可能是這種回購浪潮背後的直接推動力。自2025年初以來，全球宏觀經濟不確定性加上加密貨幣市場的整體糾正，導致許多令牌價格的大幅下降，有些項目的令牌甚至達到了歷史低點。面對疲軟的市場和投資者的信心不足，回購已成為項目各方穩定生態系統和重塑市場期望的策略。

More importantly, buybacks send a key signal to the market—project parties still have confidence in their future development and are willing to invest funds to maintain token value, rather than allowing prices to continue to plummet.

更重要的是，回購向市場發出了關鍵信號 - 項目聚會仍然對他們的未來發展充滿信心，並願意投資資金以維持代幣的價值，而不是讓價格繼續下降。

As crypto KOL Fei Fan said, “Buybacks might save altcoins. If even the project parties don’t have confidence in their own tokens, why should the market?”

正如Crypto Kol Fei粉絲所說：“回購可能會節省Altcoins。如果項目政黨對自己的代幣也沒有信心，為什麼要市場？”

Market Divergence: Is it Value Injection or Drinking Poison to Quench Thirst?

市場差異：是重視注入還是喝毒藥來渴望口渴？

However, buybacks are not a panacea; they are more like a litmus test for market confidence. There is a clear divergence within the industry regarding whether the buyback wave can truly drive market development or is merely a short-term price stimulus.

但是，回購不是靈丹妙藥。它們更像是對市場信心的試石測試。關於回購浪潮是否可以真正推動市場發展或僅僅是短期價格刺激，該行業內部存在明顯的分歧。

On one hand, supporters argue that buybacks are a positive feedback from project parties regarding their own value, helping to enhance market trust; on the other hand, skeptics believe that buybacks are just a temporary price support and cannot truly solve long-term growth issues.

一方面，支持者認為，回購是項目各方就其自身價值的積極反饋，有助於增強市場信任。另一方面，懷疑論者認為，回購只是臨時價格支持，無法真正解決長期增長問題。

Crypto KOL qinbafrank believes that the emergence of the buyback wave signifies that project parties are beginning to value token value injection. Over the past year, small-cap tokens have undergone strong liquidation, forcing project parties to adopt healthier growth paths—either focusing on real innovative value realization, lowering valuation thresholds to allow secondary market investors to share in growth dividends, or injecting a portion of revenue into the token economic model to enhance token value. He compares the buyback wave in the crypto market to the buyback wave in the US stock market, believing that if this trend continues, it will have a positive impact on industry development.

Crypto Kol Qinbafrank認為，回購浪潮的出現意味著項目各方開始重視令牌價值注入。在過去的一年中，小型代幣經過了強大的清算，迫使項目各方採用更健康的增長路徑 - 重點關注真正的創新價值實現，降低估值閾值，以允許二級市場投資者在增長股息中份額，或者將稅收的一部分注入了代幣經濟模型，以增強代幣的價值。他將加密貨幣市場的回購波與美國股票市場的回購浪潮進行了比較，他們認為，如果這種趨勢持續下去，它將對行業發展產生積極的影響。

The skepticism is equally strong. Crypto KOL Big Fish stated, “Buybacks are just a short-term benefit and cannot truly support long-term value. Instead of consuming funds for buybacks, it is better to invest in product development and ecosystem expansion to build a more sustainable growth model.” In his view, the enhancement of market value fundamentally relies on continuous innovation, rather than simple supply and demand regulation.

懷疑同樣強烈。 Crypto Kol Big Fish表示：“回購只是短期的收益，不能真正支持長期價值。與其要為回購籌集資金，不如投資於產品開發和生態系統擴展以建立更可持續的增長模型。”他認為，增強市場價值從根本上依賴於持續創新，而不是簡單的供求調節。

In response, Messari researcher MONK analyzed the limitations of buybacks. He pointed out that projects like RAY, GMX, GNS, and SNX have programmatically repurchased millions of dollars worth of tokens, but these tokens are currently valued far below the buyback cost. MONK stated that buybacks are unrelated to price trends, which are primarily driven by revenue growth and narrative formation.

作為回應，彌賽亞研究人員和尚分析了回購的局限性。他指出，像Ray，GMX，GNS和SNX這樣的項目通過編程方式回購了價值數百萬美元的代幣，但這些令牌目前的價值遠低於回購成本。和尚說，回購與價格趨勢無關，這主要是由收入增長和敘事形成驅動的。

Buybacks are not the answer, but a trial

回購不是答案，而是審判

The buyback wave may not solve the deep-rooted issues in the crypto industry; the true healthy development of projects relies on their own execution, innovation, and changes in the industry environment.

回購浪潮可能無法解決加密行業根深蒂固的問題。項目的真正健康發展取決於自己的執行，創新和行業環境的變化。

Perhaps, buybacks are just the prologue. The future of the industry requires more substantial breakthroughs to define it.

也許，回購只是序言。該行業的未來需要更大的突破來定義它。