回购波：12个项目启动令牌回购

加密行业是一个“回购季节”。

Author: Fairy, ChainCatcher

作者：童话，链球手

Editor: TB, ChainCatcher

编辑：TB，ChainCatcher

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

加密行业现在正在进入“回购季节”。

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

随着硬币价格接近冰点，回购已成为一种新的自我救援方法。

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，几个项目正在进行大规模的代币回购，并大量支出以支持市场。这一轮回购是长期价值还是由于市场压力而导致无助的举动？

The Buyback Wave: 12 Projects Initiate Token Buybacks

回购波：12个项目启动令牌回购

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.

在传统的金融市场中，股票回购通常被视为公司对自己的前景信心的信号，而加密行业正在借用这种逻辑。根据不完整的统计数据，最近有12个项目启动或完成了回购计划。这些项目涵盖了包括Defi，基础架构和公共连锁店在内的各个领域，其回购数量和方法不同。

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

最近回购项目的概述（将继续监视和更新）：

Why the Surge in Buybacks?

为什么要回购的激增？

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.

加密市场的当前状态可能是这种回购浪潮背后的直接推动力。自2025年初以来，全球宏观经济不确定性加上加密货币市场的整体纠正，导致许多令牌价格的大幅下降，有些项目的令牌甚至达到了历史低点。面对市场缓慢和投资者信心不足，回购已成为项目各方稳定生态系统和重塑市场期望的战略。

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，回购向市场发出了关键信号 - 项目聚会仍然对他们的未来发展充满信心，并愿意投资资金以维持代币的价值，而不是让价格继续下降。

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粉丝所说：“回购可能会节省Altcoins。如果项目政党对自己的代币也没有信心，为什么要市场？”

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

市场差异：是重视注入还是喝毒药来渴望口渴？

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，回购不是灵丹妙药。它们更像是对市场信心的试石测试。关于回购浪潮是否可以真正推动市场发展或仅仅是短期价格刺激，该行业内部存在明显的分歧。

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，支持者认为，回购是项目各方就其自身价值的积极反馈，有助于增强市场信任。另一方面，怀疑论者认为，回购只是临时价格支持，无法真正解决长期增长问题。

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认为，回购浪潮的出现意味着项目各方开始重视令牌价值注入。在过去的一年中，小型代币经过了强大的清算，迫使项目各方采用更健康的增长路径 - 重点关注真正的创新价值实现，降低估值阈值，以允许二级市场投资者在增长股息中份额，或者将税收的一部分注入了代币经济模型，以增强代币的价值。他将加密货币市场的回购波与美国股票市场的回购浪潮进行了比较，他们认为，如果这种趋势持续下去，它将对行业发展产生积极的影响。

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.

怀疑同样强烈。 Crypto Kol Big Fish表示：“回购只是短期的收益，不能真正支持长期价值。与其要为回购筹集资金，不如投资于产品开发和生态系统扩展以建立更可持续的增长模型。”他认为，增强市场价值从根本上依赖于持续创新，而不是简单的供求调节。

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.

作为回应，弥赛亚研究人员和尚分析了回购的局限性。他指出，像Ray，GMX，GNS和SNX这样的项目通过编程方式回购了价值数百万美元的代币，但这些令牌目前的价值远低于回购成本。和尚说，回购与价格趋势无关，这主要是由收入增长和叙事形成驱动的。

Buybacks are not the answer, but a trial

回购不是答案，而是审判

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.

回购浪潮可能无法解决加密行业根深蒂固的问题。项目的真正健康发展取决于自己的执行，创新和行业环境的变化。

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

也许，回购只是序言。该行业的未来需要更大的突破来定义它。