许多加密货币项目，例如AAVE，DYDX，Jupiter和Hyproliquid，最近宣布了令牌回购机制。

当加密项目从市场上回购其令牌时，就会发生代币回购。这些被回购的令牌可以作为储备金持有，甚至可以燃烧。

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

最近，包括AAVE，DYDX，Jupiter和Hyproliquid在内的一些加密货币项目宣布了令牌回购机制。

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?

传统股票市场激发了令牌回购策略。但是，该策略是否有助于加密项目建立可持续的经济模式并有助于提高其令牌的价格？

The Booming of Crypto Projects’ Token Buyback Programs

加密项目的代币回购计划的蓬勃发展

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.

当加密项目从市场上回购其令牌时，就会发生代币回购。这些被回购的令牌可以作为储备金持有，甚至可以燃烧。从理论上讲，回购减少了循环供应，造成了稀缺性，这可能会推动代币价格上涨。

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

尽管不是一种新策略，但Beincrypto观察到这种趋势正在迅速扩大。

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，贷款协议AAVE（AAVE）宣布实施新的配体学。 Aave将回购代币，以减少供应和从股票奖励转移到更可持续的流动性模型。这包括每周六个月的六个月，价值100万美元的每周一次ave代币回购，并由协议费资助。

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

在理想的情况下，该回购计划的总价值可以达到1亿美元（占循环供应量的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).

“我们认为这是我们历史上最重要的建议，可以随意阅读并提供反馈，” Aave Chan Initiative（ACI）的创始人Marc Zeller说。

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.

同样在3月，分散的交易所（DEX）DYDX批准了“提案＃225”以回购DYDX令牌。该协议将使用平台收入进行回购。

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.

其他加密项目（例如Hyproliquid（Hype）和Jupiter（JUP））也有类似的计划。估计表明，超流动性将使用50-100％的交易费用每年回购价值6亿美元的代币。尽管市场低迷，该协议仍主导分散的财务（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.

木星已承诺使用50％的费用进行回购，估计每年2.5亿美元。最近，该项目超过了Raydium，并成为Solana的第二大协议。

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?

这些只是一些最典型的加密项目。包括GNOSIS，获得网络和仲裁在内的许多其他项目采用了类似的策略。那么，这可以重塑当前的加密货币市场吗？

What’s Driving This Token Buyback Trend?

是什么推动了这一代币回购趋势？

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

讨论此回购策略，X（以前是Twitter）用户评论：

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

“回购创造了稳定的需求并减少循环供应，从而可以稳定甚至增加令牌价格。”评论了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).

供求的基本经济原则是关键驱动力。通过减少循环供应，加密项目旨在增加令牌稀缺性，这可能会提高价格。根据Solanafloor的说法，具有令牌回购计划的项目在2024年没有回购的情况下优于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，回购可以指示加密项目的强大财务状况。在市场波动的情况下，这对于放心投资者特别有效。

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，与令牌燃烧策略不同，许多项目（例如AAVE和获得网络）重新分配了对Stakers或持有者的代币，使激励措施保持一致。这种方法可以表明随着时间的推移，项目的标记模型的成熟度。

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，令牌回购并非没有弱点。随着该策略变得越来越普遍，像SEC这样的监管机构可能会审查其潜在的操纵或非法活动。

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，一个不当计算的回购策略可能过于降低令牌供应。如果一个项目无法平衡新的发行或存放奖励，则可能会遭受交易量减少。此外，回购可能会掩盖财务弱点。

“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.

“在我们看来，更合理的是，这些回购可以证明这些项目在ICO期间筹集了太多，未能开发出任何有用的东西，并且不知道该如何处理其现金余额……” 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.

最近采用令牌回购的加密项目的激增标志着令牌学的显着发展。尽管回购可以提高价格稳定性，投资者的信心和生态系统的增长，但它们也带来操纵风险和监管问题。