Hyperliquid's buyback fund now holds 48.8M $HYPE , about $3.6B worth.
But a buyback only means something next to the unlock schedule. So I lined up four of them over the same 30 days, using Tokenomist and each project's own onchain data.
~Hyperliquid: ~830K HYPE bought back or burned. 9.9M unlocked on Nov 6, but only 180K was actually claimed
~Pumpfun: 5.17B $PUMP burned vs 6.8B unlocked
~Aster: 3.8M $ASTER bought back vs 12M to 54M unlocked, depending on the tracker
~Lighter: 1.4M $LIT bought back, zero unlocked
That's a pretty interesting split. Same feature, very different math.
Hyperliquid and Lighter took more tokens off the market than they released. Pumpfun covered about three quarters of its unlocks. Aster covered somewhere between 7% and 31%.
My read is the leaders are winning on timing as much as on revenue. Hyperliquid's team has claimed under 2% of its latest unlock, and Lighter's vesting hasn't started.
But that changes fast. Another 9.9M HYPE is scheduled for Dec 6, and Lighter starts releasing ~3.2M LIT a week at the end of December, about 10x its current buyback pace.
Which of these still nets out positive by February?
But a buyback only means something next to the unlock schedule. So I lined up four of them over the same 30 days, using Tokenomist and each project's own onchain data.
~Hyperliquid: ~830K HYPE bought back or burned. 9.9M unlocked on Nov 6, but only 180K was actually claimed
~Pumpfun: 5.17B $PUMP burned vs 6.8B unlocked
~Aster: 3.8M $ASTER bought back vs 12M to 54M unlocked, depending on the tracker
~Lighter: 1.4M $LIT bought back, zero unlocked
That's a pretty interesting split. Same feature, very different math.
Hyperliquid and Lighter took more tokens off the market than they released. Pumpfun covered about three quarters of its unlocks. Aster covered somewhere between 7% and 31%.
My read is the leaders are winning on timing as much as on revenue. Hyperliquid's team has claimed under 2% of its latest unlock, and Lighter's vesting hasn't started.
But that changes fast. Another 9.9M HYPE is scheduled for Dec 6, and Lighter starts releasing ~3.2M LIT a week at the end of December, about 10x its current buyback pace.
Which of these still nets out positive by February?
