As of mid-October, projects have spent over $1.40 billion on buybacks in 2025, averaging ~ $145.9 million per month. In particular, the second half of the year saw a significant acceleration: buyback spending from July onwards increased by ~ 85% month-over-month. 1- Among them, Hyperliquid absolutely dominates. They have spent $644.64M to buy back $HYPE tokens - equivalent to 46% of the total buyback market in 2025, nearly equal to the next 9 major projects combined. => Approximately 21.36M #HYPE (~2.1% of total supply) has been bought back, averaging $65.5M/month, with an average price of $30.18/token. 2- LayerZero ranks second with a $150M buyback (~5% of $ZRO supply). => Average purchase price ~$3. However, LayerZero asserts that this is just a one-time event, not a recurring program => the potential to be surpassed by projects with "real revenue streams". The price of the ZRO token remains negative. 3- Pumpfun ranks third with $138.17M, averaging $40.47M/month, buying back ~3% of total supply at an average price of $0.0046 on $PUMP. 4- Raydium ($RAY) – the only project maintaining periodic buyback & burn since 2022, has spent $100.35M. *I see buybacks for most projects as news primarily to retain holders; if revenue dries up, buybacks become "money-burning to maintain price" - no different from stock buybacks during the dot-com era. Conversely, for projects with real cash flow (like Hyperliquid), buybacks become a long-term value weapon. - What are your thoughts?