POPA ReconTop 15 Protocols by Buybacks
Top 15 Protocols by Buybacks When buybacks are measured against fully diluted value, PONS is far ahead of everyone else. The Robinhood Chain launchpad buys back about 32% of its FDV a year, or $63M. BONK is second at 16%, and Pump.fun third at 8.8%, even though Pump.fun spends the most among the top three at $367M a year. Hyperliquid is still the biggest buyer by far, at about $822M a year. But only ~22% of HYPE’s max supply is in circulation, so that’s just 1.1% of its $76.8B FDV. Lighter is in the same position, at 0.9%, with 75% of LIT still locked. Measured against FDV, the leaders are…
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