In 2025, the token buyback frenzy in the crypto ecosystem continues to heat up. Data shows that the total buyback volume of various protocols this year has exceeded $880 million, with Hyperliquid leading by a wide margin at $644.6 million, and another project contributing $138.2 million.

However, there is an interesting phenomenon—despite such aggressive buybacks, the prices of related tokens have reacted quite indifferently, with no significant increase. What does this imply?

Optimism's latest move might give us some insights. The ecosystem announced that 50% of its Superchain revenue will be used for monthly buybacks of $OP, estimated to be about $9.1 million annually. It seems substantial, but from another perspective, this only accounts for 0.7% of the project's FDV.

Ultimately, whether buybacks can truly boost token prices hinges on one key indicator—**whether the buyback coverage ratio exceeds 1**. Only when the buyback volume is sufficient to cover new supply and achieve a net reduction can it fundamentally change the supply-side dynamics. Otherwise, even frequent buybacks are just cycling within their own story.