盘点8大熊市“现金牛”项目：最多者年内回购2.83亿美元

Wenser

Odaily资深作者

@wenser2010

2026-07-06 11:51

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8大ベアマーケットの「キャッシュカウ」プロジェクトを総点検：最大のものは年内に2.83億ドルを自社株買い

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Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010)

As global stock markets undergo phased adjustments, the crypto bear market continues. Amid the bleak market conditions, however, some crypto projects are still demonstrating strong cash-generating capabilities.

According to Tokenomist data, since January this year, eight crypto projects including Hyperliquid, Meteora, and Pump.fun have seen token buyback volumes far exceeding their supply increases. Among them, HYPE's buyback alone reached $283 million, accounting for 3% of its total supply. In the same market environment, the survival conditions of crypto projects are starkly different. Odaily will provide a brief overview of these eight "cash cow" projects that continue to generate cash flow, offering readers insight into the true "buyback champions" of the current crypto market.

The "Eight Cash Cow Titans" of the Bear Market: Perp DEX, DeFi, and Memecoin Launchpad Take the Lead

According to Tokenomist data, as of June 30, the eight projects with year-to-date token buyback volumes exceeding circulating supply growth are:

MET: Buyback ratio 71%; Supply growth +13%;
PUMP: Buyback ratio 7%; Supply growth -24%;
GMX: Buyback ratio 21%; Supply growth +1%;
RLB: Buyback ratio 10%; Supply growth -8%;
MPLX: Buyback ratio 8%; Supply growth -8%;
HYPE: Buyback ratio 3% ($283 million); Supply growth -11%;
LIT: Buyback ratio 1%; Supply growth 0%;
AAVE: Buyback ratio 1%; Supply growth +1%.

Among these, Meteora's (MET) buyback had the most significant impact on token circulating supply. While supply grew by only 13% to 535.4 million tokens, the buyback volume reached 71% of January's supply, totaling 336.2 million tokens. Meanwhile, Hyperliquid (HYPE) recorded the largest buyback capital at $283 million, equivalent to 3% of its token supply, while its token supply decreased by 11% over the same period. Details are below.

Hyperliquid: Year-to-Date Buyback Capital Reaches $283 Million

According to CryptoBriefing, since the beginning of 2026, Hyperliquid has conducted $283 million in token buybacks, setting a new record for the largest buyback capital in the industry. As of July 3, the cumulative token buyback amount has exceeded $1.1 billion.

On March 20 last year, Hyperliquid officially launched its token buyback mechanism, stating that 97-99% of Hyperliquid trading fees are used to directly purchase and burn HYPE tokens. By October last year, HYPE token buyback capital had reached $645 million. On a quarterly basis, the buyback scale has shown a gradual increasing trend: $316.76 million in Q3 2025; $255.05 million in Q4 2025; and $192.25 million in Q1 2026. Previously, the average monthly buyback capital ranged between $65 million and $85 million.

To date, the Hyperliquid platform has burned 44 million HYPE through buybacks, representing approximately 4.4% of the total supply.

Currently, the HYPE token price stands at around $70. Furthermore, according to DefiLlama data, as of July 5, Hyperliquid has accumulated approximately $1.412 billion in fees, with a total TVL of around $5.854 billion; annualized fees are approximately $1.072 billion.

Pump.fun: Year-to-Date Buyback Exceeds $71 Million in PUMP Tokens

In March 2024, the meme craze ignited within the Solana ecosystem swept the entire crypto market, catapulting Pump.fun to become the hottest Meme coin launchpad at the time. Although the meme coin hype subsequently cooled, Pump.fun has remained active in the crypto market, securing its position as a cash cow project through mechanisms like token launches, product updates, and creator revenue sharing.

Data shows that Pump.fun has cumulatively repurchased over $400 million worth of PUMP tokens, covering approximately 145.5 billion PUMP. The buyback program, initiated in July 2025, has been running for a total of 346 days.

Since April this year, Pump.fun has allocated 50% of its net revenue for token buybacks and burns, with the remaining revenue used for operations, hiring, and acquisitions.

DefiLlama data shows that since its launch in January 2024, the platform has generated approximately $1.13 billion in fees and $1.05 billion in revenue. In the last 30 days, fees have dropped to around $18.66 million.

Currently, the PUMP token price is around $0.0016.

Lighter: Year-to-Date Buyback of Over 15 Million LIT Tokens

Following Hyperliquid, another on-chain Perp DEX platform, Lighter, offers a combination strategy: "Compliance + Buyback."

Recently, Lighter founder and CEO Vladimir Novakovski announced his appointment to the U.S. Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee as a member. Previously, Lighter officially announced its integration with Robinhood Wallet, allowing users to directly trade perpetual contracts via the wallet. Coupled with favorable token buyback news, the LIT token price has recently seen a significant increase.

According to an official announcement by Lighter on July 1, since initiating its first token buyback in January this year, it has completed buybacks and burns of approximately 15.5 million LIT tokens, accounting for 6.3% of the total circulating supply.

According to DefiLlama data, Lighter's cumulative fee revenue stands at approximately $68 million, with a TVL of about $507 million; protocol revenue over the past 30 days is approximately $2.38 million.

Currently, the LIT token price is around $2.59.

Aave: Year-to-Date Buyback Capital Exceeds $13.7 Million

On April 9, 2025, Aave's buyback proposal passed with an overwhelming 99.63% approval rate. Per the proposal, Aave would conduct weekly buybacks of $1 million over the subsequent six months, with the first buyback executed on April 10.

By July last year, the protocol had spent $10 million to repurchase 50,000 AAVE tokens at an average cost of $199.74. Based on the market price of $264 at that time, this treasury reserve had generated an unrealized gain of approximately $3 million. (Related reading: Aave Economic Model Overhaul: Anti-GHO Mechanism + Token Buyback Propel AAVE Up 20%)

This year, following the massive $290 million security incident involving KelpDAO, Aave faced a "DeFi crisis of confidence" due to bad debt issues. Within less than a week, over $17 billion in liquidity flowed out (TVL), and it even faced a potential deposit run risk of nearly $8.5 billion. Eventually, through capital injection by the founder and fundraising via the DeFi United initiative, Aave successfully navigated the crisis, although the AAVE token price and platform TVL inevitably suffered severe shocks.

Notably, in October last year, the number of AAVE tokens repurchased by the protocol had already exceeded 100,000, with a total cost of approximately $24 million. In March this year, Aave proposed and eventually passed a proposal to reduce the annual buyback budget from $50 million to $30 million. Currently, the total AAVE tokens repurchased by the protocol has surpassed 200,000. At the end of last month, Aave CEO Stani stated that the team is designing Aavenomics 3.0, which plans to introduce a new automated, non-discretionary buyback mechanism, emphasizing that "AAVE will never be sold off at a 30% discount."

According to DefiLlama data, as of July 6, the Aave protocol has accumulated total fees of $2.218 billion, with a TVL standing at $13.4 billion.

Currently, the AAVE token price is around $89.

Meteora: Year-to-Date Cumulative Buyback Capital Exceeds $45 Million

In December last year, Meteora officially stated that it had used 10 million USDC for buybacks in Q4 2025, cumulatively recovering approximately 2.3% of MET. The same buyback address will continue to execute autonomous buybacks in the future.

According to Tokenomist data, MET's circulating supply increased from 472.8 million on January 1, 2026, to 535.4 million (out of a total supply of 1 billion), a growth of 13.2%. Simultaneously, Meteora officially repurchased 336.2 million tokens worth $45.75 million, representing 71% of its token supply at the beginning of the year.

In February this year, Meteora was embroiled in a controversy after on-chain detective ZachXBT exposed insider trading by employees. Nevertheless, it managed to weather the storm due to its deep integration with the Solana ecosystem and the Jupiter ecosystem, remaining active in the crypto market. Recently, its Season 2 LP incentive campaign just concluded, with related rewards to be distributed later.

According to DefiLlama data, its cumulative trading volume is approximately $322.2 billion, with a TVL standing at $320 million; protocol revenue over the past 30 days was $1.92 million.

Currently, the MET token price is around $0.17.

GMX: Year-to-Date Buyback Capital Reaches $14.88 Million

As early as July 2024, GMX had proposed a plan to buy back GMX tokens and distribute them. In November last year, GMX proposed increasing the fee coverage for buybacks and distributions from 27% to 90% and raising the GMX Treasury allocation ratio to 73% to support token buybacks and airdrop mechanisms. This was expected to increase the monthly buyback of GMX tokens to 345,534, valued at $8.489 million.

As of October 23 last year, GMX had repurchased approximately 1.33 million tokens. Subsequently, GMX has continued its buyback program. In March this year, GMX DAO passed a governance proposal to adjust buybacks and liquidity to restore price discovery.

According to an official announcement on July 1, between March 5 and June 30 this year, GMX spent $1.965 million to repurchase 313,650 GMX tokens at an average price of $6.27, with Q2 buyback capital amounting to $1.41 million. According to Tokenomist data, the current GMX buyback ratio stands at approximately 41.22%.

According to DefiLlama data, GMX's cumulative trading volume is close to $330 billion, with a TVL standing at $175 million; protocol revenue over the last 30 days is approximately $662,000.

Currently, the GMX token price is around $5.86.