Throwing Money to Prop Up the Market? The Era of Crypto Buybacks Arrives, with 12 Projects Launching Token Repurchases
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Throwing Money to Prop Up the Market? The Era of Crypto Buybacks Arrives, with 12 Projects Launching Token Repurchases
Is this round of buyback a bet on long-term value, or a reluctant move under market pressure?
Navigating Web3 tides with focused insightsWritten by: Fairy, ChainCatcher
The crypto industry is entering a "buyback season."
With token prices nearing rock bottom, buybacks have become a new form of self-rescue.
Currently, multiple projects are launching large-scale token buybacks, spending heavily to prop up their markets. Is this wave of buybacks a bet on long-term value, or merely a desperate move under market pressure?
Buyback Wave: 12 Projects Initiate Token Repurchases
In traditional finance, stock buybacks are often seen as a sign of corporate confidence in future prospects—a logic now being adopted by the crypto industry. According to incomplete statistics, at least 12 projects have recently launched or completed buyback programs. Spanning DeFi, infrastructure, public chains, and other sectors, these initiatives vary widely in amount and execution method.
A snapshot of recent buyback projects (to be continuously updated):
Why the Sudden Surge in Buybacks?
The current state of the crypto market may be the direct catalyst for this wave. Since early 2025, global macroeconomic uncertainty combined with a broad market correction has caused many tokens to plummet—some even reaching all-time lows. Facing weak market conditions and eroding investor confidence, buybacks have emerged as a strategic tool for projects to stabilize ecosystems and reset market expectations.
More importantly, buybacks send a critical signal to the market—that project teams still believe in their long-term potential and are willing to invest capital to support token value, rather than letting it spiral downward unchecked.
As crypto KOL Feifan put it: "Buybacks might save altcoins. If project teams themselves don’t believe in their tokens, why should the market?"
Market Divide: Value Injection or Poisonous Remedy?
However, buybacks are no panacea—they’re more like a litmus test for market confidence. Whether this trend will truly drive sustainable growth or merely provide short-term price relief remains a point of strong debate within the industry.
On one hand, supporters view buybacks as positive reinforcement of a project’s intrinsic value, helping to rebuild trust. On the other, skeptics argue that buybacks only offer temporary price support and fail to address fundamental challenges around long-term growth.
Crypto KOL qinbafrank believes the rise of buybacks signals growing awareness among teams about the importance of value accrual. Over the past year, small-cap tokens have undergone intense cleansing, forcing projects onto healthier development paths—either focusing on real innovation and product-market fit, lowering valuations to allow secondary market investors to share in growth, or allocating part of revenues back into the token economy to strengthen value accrual. He draws parallels between the current crypto buyback wave and the historic stock buyback boom in U.S. equities, suggesting that if sustained, this trend could positively shape the industry's evolution.
The skepticism is equally strong. Crypto KOL Dayu argues: "Buybacks bring only short-term benefits and cannot sustainably support long-term value. Instead of burning cash on buybacks, teams should focus on product development and ecosystem expansion to build truly sustainable growth." In his view, lasting market value stems from continuous innovation—not simple supply-demand manipulation.
Messari researcher MONK highlights further limitations. He points out that projects such as RAY, GMX, GNS, and SNX have programmatically repurchased millions of dollars worth of tokens, yet those tokens now trade far below their original buyback costs. MONK emphasizes that buybacks do not correlate with price movements, which are primarily driven by revenue growth and compelling narratives.
Buybacks Aren't the Answer—They're a Trial
The buyback wave may not solve the crypto industry’s deeper structural issues. True, sustainable project health depends on execution capability, innovation, and broader industry dynamics.
Perhaps buybacks are just the opening chapter. The future of the industry will ultimately be defined by more substantive breakthroughs.
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