許多加密貨幣項目，例如AAVE，DYDX，Jupiter和Hyproliquid，最近宣布了令牌回購機制。

當加密項目從市場上回購其令牌時，就會發生代幣回購。這些被回購的令牌可以作為儲備金持有，甚至可以燃燒。

Recently, several cryptocurrency projects, including Aave, dYdX, Jupiter, and Hyperliquid, have announced token buyback mechanisms.

最近，包括AAVE，DYDX，Jupiter和Hyproliquid在內的一些加密貨幣項目宣布了令牌回購機制。

Traditional stock markets inspire the token buyback strategy. But does this strategy help crypto projects build a sustainable economic model and contribute to increasing the price of their tokens?

傳統股票市場激發了令牌回購策略。但是，該策略是否有助於加密項目建立可持續的經濟模式並有助於提高其令牌的價格？

The Booming of Crypto Projects’ Token Buyback Programs

加密項目的代幣回購計劃的蓬勃發展

Token buybacks occur when crypto projects repurchase their tokens from the market. These repurchased tokens can be held as reserves or even burned. In theory, buybacks reduce circulating supply, creating scarcity, which may drive up token prices.

當加密項目從市場上回購其令牌時，就會發生代幣回購。這些被回購的令牌可以作為儲備金持有，甚至可以燃燒。從理論上講，回購減少了循環供應，造成了稀缺性，這可能會推動代幣價格上漲。

Although not a new strategy, BeInCrypto has observed that this trend is rapidly expanding.

儘管不是一種新策略，但Beincrypto觀察到這種趨勢正在迅速擴大。

For example, in early March 2025, the lending protocol Aave (AAVE) announced the implementation of a new Aavenomics. Aave will repurchase tokens to reduce supply and shift from staking rewards to a more sustainable liquidity model. This included a weekly AAVE token buyback worth $1 million for six months, funded by protocol fees.

例如，在2025年3月上旬，貸款協議AAVE（AAVE）宣布實施新的配體學。 Aave將回購代幣，以減少供應和從股票獎勵轉移到更可持續的流動性模型。這包括每週六個月的六個月，價值100萬美元的每週一次ave代幣回購，並由協議費資助。

In an ideal scenario, this buyback plan could reach a total value of $100 million (3% of the circulating supply).

在理想的情況下，該回購計劃的總價值可以達到1億美元（佔循環供應量的3％）。

“We consider it the most important proposal in our history, feel free to have a read and provide feedback,” said Marc Zeller, founder of the Aave Chan Initiative (ACI).

“我們認為這是我們歷史上最重要的建議，可以隨意閱讀並提供反饋，” Aave Chan Initiative（ACI）的創始人Marc Zeller說。

Also in March, the decentralized exchange (DEX) dYdX approved “Proposal #225” to buy back DYDX tokens. The protocol will use platform revenue for the buyback.

同樣在3月，分散的交易所（DEX）DYDX批准了“提案＃225”以回購DYDX令牌。該協議將使用平台收入進行回購。

Other crypto projects like Hyperliquid (HYPE) and Jupiter (JUP) have similar plans. Estimates suggest Hyperliquid will repurchase $600 million worth of tokens annually, using 50-100% of transaction fees. This protocol dominates decentralized finance (DeFi) despite the market downturn.

其他加密項目（例如Hyproliquid（Hype）和Jupiter（JUP））也有類似的計劃。估計表明，超流動性將使用50-100％的交易費用每年回購價值6億美元的代幣。儘管市場低迷，該協議仍主導分散的財務（DEFI）。

Jupiter has committed to using 50% of fees for buyback, estimated at $250 million annually. Recently, this project surpassed Raydium and became Solana’s second-largest protocol.

木星已承諾使用50％的費用進行回購，估計每年2.5億美元。最近，該項目超過了Raydium，並成為Solana的第二大協議。

These are just a few of the most typical crypto projects. Many other projects, including Gnosis, Gains Network, and Arbitrum, employ similar strategies. So, could this reshape the current cryptocurrency market?

這些只是一些最典型的加密項目。包括GNOSIS，獲得網絡和仲裁在內的許多其他項目採用了類似的策略。那麼，這可以重塑當前的加密貨幣市場嗎？

What’s Driving This Token Buyback Trend?

是什麼推動了這一代幣回購趨勢？

Discussing this buyback strategy, an X (formerly Twitter) user commented:

討論此回購策略，X（以前是Twitter）用戶評論：

“Buybacks create steady demand and reduce circulating supply, which can stabilize or even increase token prices.” commented Capitanike.

“回購創造了穩定的需求並減少循環供應，從而可以穩定甚至增加令牌價格。”評論了Capitanike。

The fundamental economic principle of supply and demand is the key driver. By reducing circulating supply, crypto projects aim to increase token scarcity, which could push prices higher. According to SolanaFloor, projects with token buyback programs outperformed those without buybacks by 46.67% in 2024 (-0.6% vs. -47.15% YTD).

供求的基本經濟原則是關鍵驅動力。通過減少循環供應，加密項目旨在增加令牌稀缺性，這可能會提高價格。根據Solanafloor的說法，具有令牌回購計劃的項目在2024年沒有回購的情況下優於46.67％（-0.6％vs. -47.15％YTD）。

Secondly, the buyback can signal strong financial health for crypto projects. This is particularly effective in reassuring investors amid market volatility.

其次，回購可以指示加密項目的強大財務狀況。在市場波動的情況下，這對於放心投資者特別有效。

Thirdly, unlike the token burn strategy, many projects (such as AAVE and Gains Network) redistribute repurchased tokens to stakers or holders, aligning incentives. This approach could indicate the maturity of a project’s tokenomics model over time.

第三，與令牌燃燒策略不同，許多項目（例如AAVE和獲得網絡）重新分配了對Stakers或持有者的代幣，使激勵措施保持一致。這種方法可以表明隨著時間的流逝，項目的標記模型的成熟度。

However, token buybacks are not without weaknesses. As this strategy becomes more widespread, regulators like the SEC may scrutinize it for potential manipulation or illicit activities.

但是，令牌回購併非沒有弱點。隨著該策略變得越來越普遍，像SEC這樣的監管機構可能會審查其潛在的操縱或非法活動。

Additionally, an improperly calculated buyback strategy could overly reduce token supply. If a project fails to balance new issuance or staking rewards, it might suffer from decreased trading volume. Moreover, buybacks could potentially mask financial weaknesses.

此外，一個不當計算的回購策略可能過於降低令牌供應。如果一個項目無法平衡新的發行或存放獎勵，則可能會遭受交易量減少。此外，回購可能會掩蓋財務弱點。

“What’s more plausible, in our opinion, is that these buybacks serve as proof that the projects raised too much during their ICO, are failing to develop anything useful, and don’t know what to do with their cash balances…” TokenData Research report.

“在我們看來，更合理的是，這些回購可以證明這些項目在ICO期間籌集了太多，未能開發出任何有用的東西，並且不知道該如何處理其現金餘額……” Tokendata Research Research Report。

The recent surge in crypto projects adopting token buybacks marks a significant evolution in tokenomics. While buybacks can enhance price stability, investor confidence, and ecosystem growth, they also carry manipulation risks and regulatory problems.

最近採用令牌回購的加密項目的激增標誌著令牌學的顯著發展。儘管回購可以提高價格穩定性，投資者的信心和生態系統的增長，但它們也帶來操縱風險和監管問題。