Mastering Market Volatility: How Our Maker-Focused Yield Algorithms Fuel Buybacks
December 3, 2025
Most teams treat market volatility as a problem. But for protocols that use our liquidity-with yield algorithms, it can become a source of treasury income. Protocols can utilize these monthly profits we generate in several ways, moving beyond simple treasury growth. You can use it to cover operating costs, support development, add more liquidity to your DEX pool, or invest in growth. And yes — you can use it for buybacks.
Buybacks have become one of the main ways protocols show strength. CoinGecko reports that projects spent more than $1.4B on buybacks in 2025. The pace is accelerating. In early October alone, buybacks reached almost $89M. Teams use them for different reasons: reducing supply, building trust, rewarding long-term users, or signaling they’re here to stay. What matters is whether those buybacks come from real cash flow — not from draining the treasury.
Examples of major 2025 buyback programs (source: CoinGecko)
|
HYPE (Hyperliquid) |
≈ $644.6 M–$645 M spent on buybacks — about 46% of all buyback volume in 2025. ~21.36 million HYPE repurchased, ~2.1% of total supply. |
|
ZRO (LayerZero) |
~$150.0 M used to repurchase ~5% of total ZRO supply (one-off buyback). |
|
PUMP (Pump.fun) |
~$138–$138.2 M spent; repurchased ~3% of total PUMP supply. |
|
GMX |
Spent ~$20.86 M in 2025, buying back ~1.33 M tokens — ~12.9% of total supply (highest share-of-supply buyback among major projects). |
|
SKY (Sky Protocol) |
Used ~$78.82 M of surplus revenue to repurchase ~5.4% of total SKY supply. |
|
RAY (Raydium, Solana-based DEX) |
Among top 10 by buyback amount — with reported buybacks/burns of over $100 M. |
Many buybacks still use taker orders that pull liquidity out of the book and can spike volatility. Maker orders do the opposite: they add depth, soften price swings, and blend into natural trading volume.
Our algorithms execute roughly 95% of their flow as maker orders. They earn yield from the bid-ask spreads and can support buybacks at the same time. The profits can fund buy-and-burn programs or direct stablecoin distributions to holders — whatever fits your token economy.
About Empirica
Empirica delivers institutional-grade liquidity algorithms earning yield across centralized and decentralized exchanges, combining traditional finance expertise with crypto-native execution.
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