12 Crypto Tokens Worth Watching for Buybacks and Economic Models

Author: StarPlatinum

Good Uncle, Jinse Finance

The crypto industry spent years creating tokens with no connection to the underlying business. Protocols earned $100 million, and token holders received governance rights—“Amazing tech geeks, I have a vote” (sorry, that sounds incredibly dull).

Fortunately, this model is changing.

An increasing number of protocols are using real revenue to buy back their own tokens on the market. There is a fundamental difference between a protocol spending $10 million to purchase and burn its own tokens, and merely announcing a potential buyback proposal that depends on future governance approval.

As "revenue" has reemerged as one of the biggest narratives in the crypto industry, I’ve been examining projects where the链条 of "product usage → revenue → token demand" is truly coming together. Here are 12 that I believe are worth understanding.

1. $HYPE Hyperliquid

Probably the most obvious one.

Hyperliquid has become one of the largest on-chain perpetual futures exchanges, establishing a straightforward relationship between "Someone's Trading Here" and HYPE.

A transaction incurs a fee.

Approximately 99% of the fees are used by the Assistance Fund to buy HYPE, and the acquired tokens are removed from circulation according to the current mechanism.