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Eight crypto projects have run token buybacks that outpaced growth in circulating supply since January 2026, according to Tokenomist data. The cohort: Meteora (MET), PUMP, GMX, RLB, MPLX, HYPE, LIT, and AAVE.
Why it matters
Most tokenomics models lean on emissions to keep validators, LPs, and users incentivised. A buyback that runs faster than new issuance inverts that script, shrinking float while the protocol is still operating and still paying out. For the eight projects on the list, holders are not waiting on a vesting cliff or a future burn event. Supply is contracting right now, on the back of realised protocol revenue.
The standout on a relative basis is Meteora (MET). Circulating supply rose only 13% over the period while buybacks equaled 71% of MET's January supply, the tightest supply-to-buyback ratio in the group. Hyperliquid (HYPE) ran the largest dollar figure at $283 million, equal to 3% of supply, while HYPE supply actually fell 11% over the same window, the only major-cap name on the list where net float contracted outright.
Frequently asked questions
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Which eight crypto projects ran buybacks that outpaced supply growth since January?
Tokenomist lists Meteora (MET), PUMP, GMX, RLB, MPLX, Hyperliquid (HYPE), LIT, and AAVE as the eight projects where buybacks outpaced growth in circulating supply since January 2026.
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Which project had the largest buyback in dollar terms?
Hyperliquid (HYPE) ran the largest dollar buyback in the cohort at $283 million, equal to 3% of supply, while HYPE circulating supply fell 11% over the same period.
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Which project had the tightest buyback-to-supply ratio?
Meteora (MET) had the largest relative impact. Circulating supply rose only 13% while buybacks equaled 71% of MET's January supply, the tightest supply-to-buyback ratio in the group.
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Did every project on the list see net supply contraction?
No. Hyperliquid was the only major-cap name where circulating supply actually fell, down 11%. The other seven projects still saw supply grow, just at a slower rate than buybacks absorbed.
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Why does a buyback outpacing supply growth matter for token holders?
It inverts the usual emissions-heavy tokenomics model. Holders are not waiting on a vesting cliff or a future burn event; float is contracting in real time, funded by realised protocol revenue rather than a future promise.
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