Crypto buybacks hit record $638M in 2026: Hyperliquid, Pump.fun lead

The concentration of buybacks in Hyperliquid and Pump.fun signals a shift in how top protocols deploy treasury cash, prioritizing direct tokenholder returns over other uses like grants or liquidity incentives. For the broader market, this sets a precedent that could pressure other revenue-generating projects to follow suit or face valuation discounts. The key metric to watch is whether buyback activity broadens beyond the current leaders, or if it remains a tool for a few dominant players. Sustainability depends on whether these protocols can maintain revenue levels to fund recurring buybacks without cannibalizing growth.