Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue.

The headline becomes less impressive once the number is opened up. Hyperliquid and Pump.fun account for nearly 90% of DeFi buyback volume, meaning the apparent industry-wide trend is heavily concentrated in two protocols rather than spread across the sector.

Hyperliquid accounted for roughly $370 million, while Pump.fun contributed nearly $200 million. That concentration matters because buybacks can reduce circulating…