代幣回購是加密生態系統中日益流行的策略

代幣回購已成為加密生態系統中日益流行的戰略，類似於傳統金融市場中的股票回購。

Token buybacks, a strategy familiar in traditional financial markets, are entering the crypto ecosystem. This occurs when a project acquires part of its own circulating tokens and removes them from the market, either to hold in reserve or burn them permanently, reducing the total supply and potentially increasing the token’s price.

代幣回購是一種傳統金融市場中熟悉的策略，正在進入加密生態系統。當一個項目獲取自己的循環代幣並將其從市場上取出，以儲存或永久燃燒，從而減少總供應並有可能提高令牌的價格時，就會發生這種情況。

The logic is based on the law of supply and demand: if the supply decreases and demand remains steady or grows, the price should increase. This contrasts with traditional financial markets, where a company buying back its own stock is generally seen as a negative sign, indicating that the company may not have better investment opportunities.

邏輯基於供求法則：如果供應減少和需求保持穩定或增長，則價格應該上漲。這與傳統的金融市場形成鮮明對比，在傳統的金融市場上，一家公司回購自己的股票通常被視為一個負跡象，表明該公司可能沒有更好的投資機會。

In the crypto sphere, however, projects like Aave, dYdX, Hyperliquid, and Jupiter are implementing token buyback programs. In early March 2025, Aave announced a weekly buyback program of one million dollars in AAVE for six months, funded by protocol fees.

然而，在加密球體中，諸如AAVE，DYDX，Hyproliquid和Jupiter之類的項目正在實施令牌回購計劃。 2025年3月上旬，AAVE宣布了每週一百萬美元的回購計劃，其中六個月，由協議費資助。

This initiative arose from a community proposal on Aave Snapshot and was approved by a majority vote. Following this vote, Aave's founders expressed their intention to personally donate one million dollars per week for six months to a community-driven wallet, which would use the funds to buy AAVE in the market and send them to a "burn address," effectively removing them from circulation.

該倡議源於關於AAVE快照的社區建議，並獲得了多數票的批准。在這次投票之後，AAVE的創始人表示打算將六個月的每週捐贈一百萬美元捐贈給社區驅動的錢包，這將利用這些資金在市場上購買AAVE並將其發送到“燒傷地址”，並有效地將其從流通中刪除。

At the same time, dYdX approved "Proposal #225," which aims to repurchase DYDX tokens using platform revenues. The proposal, submitted by dYdX's founders, passed with 99.9% of the vote and will see the founders personally contribute five million dollars to a community-driven wallet.

同時，DYDX批准了“提案＃225”，旨在使用平台收入來回購DYDX令牌。該提案由DYDX的創始人提交，以99.9％的投票獲得通過，並將創始人親自為社區驅動的錢包捐款500萬美元。

This wallet will be tasked with buying DYDX tokens on a rolling basis over a period of six months, with the goal of increasing the token price floor and reducing the total supply of DYDX in the market. The initiative will be funded by diverting a portion of the protocol's revenue, currently generated primarily through trading fees, towards the buying operations.

該錢包的任務是在六個月的時間內滾動購買DYDX令牌，目的是提高令牌價格並減少市場上DYDX的總供應。該計劃將通過將目前主要是通過交易費用產生的部分收入轉移到購買業務的一部分來資助。

Hyperliquid, a decentralized exchange aggregator, is also planning to launch a token buyback program. The project's community members voted in favor of allocating 50% of the protocol's revenue towards a treasury that will be used to buy back and burn HRLQ tokens.

SuplyLiquid是一個分散的交換聚合器，還計劃啟動代幣回購計劃。該項目的社區成員投票贊成將該協議收入的50％分配給將用於回購和燃燒HRLQ令牌的財政部。

The goal of this program is to increase the value of the HRLQ token and provide benefits to liquidity providers and stakers. The initiative will begin in the second quarter of 2025 and continue until the total supply of HRLQ tokens is reduced to 100 million.

該計劃的目的是提高HRLQ令牌的價值，並為流動性提供者和Stakers提供好處。該倡議將於2025年第二季度開始，並持續到HRLQ代幣的總供應量減少到1億。

Finally, Jupiter, a cross-chain liquidity protocol, has also joined the trend with its own buyback plan. The project's community members voted to allocate 50% of the protocol's revenue towards a treasury that will be used to buy back and burn JUPITER tokens.

最後，跨鏈流動性協議木星還通過自己的回購計劃加入了趨勢。該項目的社區成員投票贊成該協議收入的50％用於將用於回購和燃燒木星令牌的財政部。

This initiative is expected to start in the third quarter of 2025 and will continue until the circulating supply of JUPITER tokens is reduced to 500 million.

預計該計劃將於2025年第三季度開始，並將繼續進行，直到木星代幣的循環供應減少到5億。

Benefits for investors

對投資者的好處

The benefits of token buybacks are clear for investors. Firstly, they reduce the circulating supply and create scarcity, potentially driving up the market price. Secondly, they are a sign of the project's financial stability and commitment to long-term sustainability.

對於投資者來說，令牌回購的好處是顯而易見的。首先，它們減少了循環供應並造成稀缺性，有可能提高市場價格。其次，它們是該項目財務穩定性和對長期可持續性承諾的標誌。

Some projects, like Aave and Gains Network, choose to redistribute the repurchased tokens to stakers or holders, which can strengthen community loyalty and commitment. However, some analysts suggest that buybacks can serve as a way to create artificial demand and hide internal financial problems.

一些項目，例如AAVE和獲得網絡，選擇將回購的代幣重新分配給Stakers或持有者，這可以增強社區的忠誠度和承諾。但是，一些分析師認為，回購可以作為創造人造需求並隱藏內部財務問題的一種方式。

Moreover, there is a risk of potential market manipulation and increased regulatory scrutiny from entities like the SEC. As this trend develops, it will be interesting to see how regulators address these practices and whether clear regulatory frameworks are established to avoid conflicts or abuses.

此外，從SEC等實體進行潛在的市場操縱和監管審查的風險。隨著這種趨勢的發展，有趣的是，查看監管機構如何解決這些做法以及是否建立了明確的監管框架以避免衝突或虐待。

The growing adoption of this mechanism could indicate an evolution in the tokenomics models of crypto projects. However, the long-term success of this strategy will depend on the projects' ability to balance supply and demand appropriately without negatively impacting liquidity and transaction volume.

這種機制的越來越多可能表明加密項目的代幣學模型的發展。但是，該策略的長期成功將取決於項目適當平衡供求的能力，而不會對流動性和交易量產生負面影響。