代币回购是加密生态系统中日益流行的策略

代币回购已成为加密生态系统中日益流行的战略，类似于传统金融市场中的股票回购。

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.

代币回购是一种传统金融市场中熟悉的策略，正在进入加密生态系统。当一个项目获取自己的循环代币并将其从市场上取出，以储存或永久燃烧，从而减少总供应并有可能提高令牌的价格时，就会发生这种情况。

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.

逻辑基于供求法则：如果供应减少和需求保持稳定或增长，则价格应该上涨。这与传统的金融市场形成鲜明对比，在传统的金融市场上，一家公司回购自己的股票通常被视为一个负迹象，表明该公司可能没有更好的投资机会。

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，在加密球体中，诸如AAVE，DYDX，Hyproliquid和Jupiter之类的项目正在实施令牌回购计划。 2025年3月上旬，AAVE宣布了每周一百万美元的回购计划，其中六个月，由协议费资助。

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.

该倡议源于关于AAVE快照的社区建议，并获得了多数票的批准。在这次投票之后，AAVE的创始人表示打算将六个月的每周捐赠一百万美元捐赠给社区驱动的钱包，这将利用这些资金在市场上购买AAVE并将其发送到“烧伤地址”，并有效地将其从流通中删除。

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.

同时，DYDX批准了“提案＃225”，旨在使用平台收入来回购DYDX令牌。该提案由DYDX的创始人提交，以99.9％的投票获得通过，并将创始人亲自为社区驱动的钱包捐款500万美元。

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.

该钱包的任务是在六个月的时间内滚动购买DYDX令牌，目的是提高令牌价格并减少市场上DYDX的总供应。该计划将通过将目前主要是通过交易费用产生的部分收入转移到购买业务的一部分来资助。

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是一个分散的交换聚合器，还计划启动代币回购计划。该项目的社区成员投票赞成将该协议收入的50％分配给将用于回购和燃烧HRLQ令牌的财政部。

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.

该计划的目的是提高HRLQ令牌的价值，并为流动性提供者和Stakers提供好处。该倡议将于2025年第二季度开始，并持续到HRLQ代币的总供应量减少到1亿。

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.

最后，跨链流动性协议木星还通过自己的回购计划加入了趋势。该项目的社区成员投票赞成该协议收入的50％用于将用于回购和燃烧木星令牌的财政部。

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.

预计该计划将于2025年第三季度开始，并将继续进行，直到木星代币的循环供应减少到5亿。

Benefits for investors

对投资者的好处

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.

对于投资者来说，令牌回购的好处是显而易见的。首先，它们减少了循环供应并造成稀缺性，有可能提高市场价格。其次，它们是该项目财务稳定性和对长期可持续性承诺的标志。

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.

一些项目，例如AAVE和获得网络，选择将回购的代币重新分配给Stakers或持有者，这可以增强社区的忠诚度和承诺。但是，一些分析师认为，回购可以作为创造人造需求并隐藏内部财务问题的一种方式。

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，从SEC等实体进行潜在的市场操纵和监管审查的风险。随着这种趋势的发展，有趣的是，查看监管机构如何解决这些做法以及是否建立了明确的监管框架以避免冲突或虐待。

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.

这种机制的越来越多可能表明加密项目的代币学模型的发展。但是，该策略的长期成功将取决于项目适当平衡供求的能力，而不会对流动性和交易量产生负面影响。