Hyperliquid returned $56.6M to its token last month, about 4x what STONK returned. But STONK's buybacks equaled ~6.5% of its market cap. HYPE's were only ~0.3%. Which matters a lot if you're picking tokens based on revenue. Here's how much protocol revenue actually made it back to tokens over the last 30 days: HYPE: $56.6M → $56.6M (100%) PUMP: $52.6M → $23.6M (45%) STONK: $26.6M → $13.3M (50%) PONS: $24.1M → $16.5M (69%) UNI: $15.7M → $15.7M (100%) SKY: $13.5M → $5M (37%) RAY: $7.3M → $4.6M (63%) JUP: $6.3M → $3.1M (50%) LIT: $4.5M → $2.8M (62%) NEAR: $1.83M → $1.77M (97%) VVV: $829K in tracked buybacks and burns These numbers mix buybacks, burns and distributions, so they're not all cash landing in holders' wallets. Looking at this list, you'd think HYPE and UNI win because they send everything back. But the percentage leaves out how big the buyback is compared to the token's market cap, and that changes the ranking a lot. A month of buybacks barely moves HYPE's supply. At this pace, HYPE would need almost two years to remove the share of supply that STONK removed in one month. I also wouldn't annualize these numbers yet. PONS returned $16.5M over the last 30 days, but only $1.2M of that came in during the latest week. If activity keeps slowing, next month's buybacks will be a lot smaller. Token unlocks matter here too. If a project buys back $10M a month while unlocking $30M worth of tokens, supply is still going up. Personally, I'd rather see smaller, consistent buybacks that actually shrink circulating supply than massive buyback announcements funded by one unusually good month.