DWF Labs found that 13 of 15 tokens with active or announced value-accrual mechanisms outperformed Bitcoin (BTC) year-to-date. Hyperliquid (HYPE) and Pump. fun (PUMP), both running buybacks, led the group as of October 27.
Both tokens trade well below their highs. That gap puts the focus on whether the revenue behind each buyback can hold up.
Consistency Separates This Year’s Winners From the Rest
Investors have grown wary of tokens backed only by stories, DWF’s report finds. Low-float launches, insider selling and abandoned roadmaps fed that caution. Revenue now works as the simplest filter, provided it reaches holders through token buybacks or similar mechanisms.
Maple Finance and Lido rank among the larger revenue earners in Decentralized Finance (DeFi). Still, Maple’s Syrup (SYRUP) fell about 45% since January 1, and Lido DAO (LDO) is also down year-to-date.
DWF links both declines to buybacks that shrank or came with conditions. Maple cut the revenue share for SYRUP buybacks from 25% to 10% before a partial rebound to 20%. Lido’s automated NEST buyback went live in August but has not fired.
“This shows that while revenue and traction have gained emphasis amongst investors, they need to be complemented with the ability to reach holders consistently,” the report read.
If steady buybacks earn the reward, the next question is how steady Hyperliquid’s and Pump.fun’s buyback funding is.
What Keeps the Buyback Money Flowing
Hyperliquid directs 95% to 99% of revenue into HYPE buybacks, according to DWF. Perpetual futures revenue can swing with market activity.
However, Hyperliquid also earns income that does not depend on trades. Coinbase passes Hyperliquid 90% of the reserve income on about $6 billion in USDC (USDC) deposits. That interest feeds the same fund that buys back and burns HYPE, as BeInCrypto reported.
The New York Stock Exchange’s owner and Kraken’s parent have both moved to bring Hyperliquid-based futures to US traders. ICE’s plan still needs US approval. The companies have not said whether the US venue will return value to HYPE.
HYPE’s last rally on US-access news, after Kraken’s parent unveiled its plan in September, faded within six weeks. For now, HYPE trades at $73.31, down 4.97% over 24 hours. That leaves it about 25% below its $97.96 record from September 23.
Pump.fun commits a smaller share, 50% of net revenue, to PUMP buybacks. DWF notes that launchpad revenue rises and falls with market activity.
PUMP trades at $0.00352, down 3.99% over 24 hours. That leaves it about 60% below its $0.00882 peak from September 14, 2025.
It also sits under its $0.004 initial coin offering (ICO) price. In April, BeInCrypto reported PUMP traded well below that level despite $350 million in buybacks. With half of net revenue funding buybacks, the support behind PUMP depends on whether that revenue holds.
The laggards will test DWF’s consistency argument next. Maple’s October revenue tier and any first NEST purchase at Lido are the signals to watch.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
