2026-01-11 16:39:00

Crypto protocols went all-in on token buybacks through 2025, burning through $880M+ in capital. Hyperliquid led the charge with a staggering $644.6M, followed by another protocol at $138.2M. Yet here's the thing—despite the firepower, token prices haven't exactly rocketed upward. The buyback frenzy continues anyway.

Optimism is taking a different angle. The protocol plans to route 50% of its Superchain revenue into OP token buybacks, which translates to roughly $9.1M annually. That might sound solid until you run the math: it represents just 0.7% of OP's fully diluted valuation (FDV). The real question investors should track? The buyback coverage ratio. When it stays above 1, you're looking at genuine supply contraction. Below that, it's just window dressing.

So what's actually happening in the market? Protocols are betting that pulling tokens off the open market creates scarcity and upward pressure. Sometimes it works. Sometimes it doesn't. The data from 2025 suggests the market remains skeptical of buybacks alone as a price catalyst.

HYPE2%

OP-0,31%

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NotGonnaMakeIt

· 6h ago

Burned over 800 million and still didn't rise, this is really awkward haha

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CommunitySlacker

· 6h ago

Burned 880 million but still didn't rally, this is outrageous... It shows that the buyback strategy really doesn't work anymore. --- OP only spends 0.7% of FDV on buybacks? That's just a placebo, wake up everyone. --- I just want to know when we'll see real supply tightening, right now it's all just talk. --- Hyperliquid pumped 644M in one go, and what happened? The coin price is still the same, it cracked me up. --- A buyback ratio of less than 1 is just harvesting profits, don't be fooled by these protocols, brothers. --- Burned 880 million with no wave at all, the market simply doesn't buy it. --- Hey, when will buybacks really start to push the price up? Right now, it's basically useless.

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PumpStrategist

· 6h ago

$880M thrown down, but the token price still has no reaction. That's quite interesting. Looking at the chip distribution, it's a typical window dressing operation. OP's 0.7% FDV buyback ratio made me laugh—it's basically the same as not buying at all. The real point isn't the buyback itself, but whether the coverage ratio can hold at 1. If it can't hold, it's just a pure retail investor harvesting story. Breaking news: The 2025 data is right there in front of us. The market already gave its answer long ago—buybacks are simply not a price catalyst. The pattern is set, more hype won't change anything. The problem is that retail investors still believe this narrative.

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SatoshiLeftOnRead

· 6h ago

Spending over 800 million yet still unable to move the price, this is outrageous... Feels like everyone is just fooling themselves.

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GmGmNoGn

· 6h ago

Spent over $800 million on buybacks, and the coin price is still just lying there. That's ridiculous haha

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ZKProofster

· 6h ago

ngl, $880M in buybacks and prices still flatlined? that's the actual proof right there—tokenomics theater doesn't move markets. technical speaking, if your coverage ratio stays sub-1, you're literally just shuffling supply around. window dressing by design.

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