Hyperliquid has accounted for nearly half of all token buyback activity across the crypto market in 2025, according to a new report from Citrini Research, which has highlighted the decentralized exchange’s revenue model as one of the strongest in the sector.

According to Citrini’s Substack publication released Monday, more than 90% of the fees generated by Hyperliquid are directed to the protocol’s Assistance Fund, which uses the proceeds to purchase $HYPE tokens on the open market.

The research firm said the scale of the program sets Hyperliquid apart from most crypto projects and has turned $HYPE into a token backed by what it described as meaningful cash flow generation.

“Unlike the memetic majority of crypto (bitcoin…