Upon the continued purchase of US$PUMP from the agreed income, a portion of the warehouse became profitable after about nine months of loss. The Blackworks Research data state that the recent increase in the price of tokens has brought the buy-back plan back to a positive yield zone.

There's a recent increase in protocol revenue.

This round is synchronized with the trade-activity recovery on the Solana chain. It was reported that there had been a marked increase in revenue in recent weeks, from just over $6 million at the beginning of July to $11 million last week.

The percentage of agreement revenue that has been used in April to repurchase the US$PUMP has been reduced from 100 per cent to 50 per cent. Even so, the track performance of the buy-back plan improved as income grew and currency prices rebounded.

  • 7 Early week income: slightly over $6 million
  • Last week ' s income: approximately $11 million
  • Increase since 12 July: approximately 99 per cent

Market sentiment is turning.

Reports suggest that, in addition to repurchase efforts and increased market interest, early investors were not focused on selling after the de-coupling of their tokens, which also changed the outside world ' s judgement of the US$PUMP. In recent weeks, assets that had been evaded by some traders have been transformed into one of the more powerful tokens of the Solana network.

At the same time, it was mentioned that while the tokens purchased through the buy-back mechanism would be technically destroyed, the price performance of the US$PUMP had once again triggered a debate in the market about “the validity of the buy-back”. Some of the projects chose to buy coins from the open market with the agreed income in order to send a signal of convergence of interests to the holders.

Repurchase mode gets attention again.

Market differences persist around the repurchase of tokens. Opponents argue that such an approach may simply put project revenues into the market and provide exit liquidity for other investors, without necessarily creating continued value.

However, with the repurchase of $PUMP, the voice of supporters has increased again. According to Matt Hougan, Chief Investment Officer of Bitwise, buyback is a more powerful means of value capture. There are also market participants comparing US$PUMP with US$HYPE, who believe that the success of repurchases depends on project revenue capacity and market confidence in the model itself.

It was also mentioned that the Assistance Fund of Hyperliquid also buys US$HYPE from the agreed income. The Fund currently holds $46 million in HYPE, at a market value of approximately $2.76 billion, at an average purchase cost of $26.56 per item, with a carrying surplus of approximately $1.5 billion.

By contrast, while the buy-back plan of the pump.fun has just emerged from a loss, there is a clear gap with Hyperliquid in the size of the buy-back and the book return.