🧐 BUYBACKS ON SOLANA: WHO’S REALLY REDUCING SUPPLY? $DBR $MNDE $JUP $JTO $BONK $MPLX $RAY $PUMP $STREAM $ME $STEP From Jupiter to Pumpfun, many projects announce “token buybacks” to redistribute value to holders. But not every project actually burns tokens or creates a real supply reduction effect. Some just buy tokens and hold them in the DAO treasury, or redistribute them to stakers. Let’s take a closer look at the landscape, summarized by @FabianoSolana: 1. deBridge – $DBR 100% of revenue is used to buy back tokens. So far, about 3% of total supply has been bought. If the current pace continues, buybacks could equal nearly 20% of circulating supply in a year. DAO will decide whether these tokens are burned or held in the treasury. 2. Marinade – $MNDE 50% of platform fees are allocated to buybacks. Marinade generates around $170M in annual revenue, while MNDE’s FDV is roughly $140M (Fabiano might be off; CoinGecko lists FDV at $77M). DAO will decide how to use the repurchased tokens in the future. 3. Jupiter – $JUP 50% of protocol fees go toward buying back JUP. Bought tokens are sent to a “litterbox” (storage). So far, @JupiterExchange has repurchased ~95M JUP, about 1.37% of total supply. The community is discussing whether to burn or redistribute these tokens. 4. Jito – $JTO 1.5% of fees from the TipRouter system are used for periodic JTO buybacks, which are then burned. At current prices, the estimated annual buyback is ~11M JTO, or 1.1% of total supply. 👉 One of the clearest examples of buyback + burn on Solana. 5. Bonk – $BONK 50% of fees from the LetsBONK platform are used to buy back and burn BONK. The buyback + burn mechanism reduces actual supply. 6. Metaplex – $MPLX 50% of monthly revenue is used to buy back MPLX for the DAO. In the last 30 days, Metaplex generated $1.56M in revenue and repurchased 3.5M MPLX (~0.3% of total supply). Bought tokens are held under DAO management. 7. Raydium – $RAY 12% of trading fees are allocated to buybacks. Total supply: 555M RAY, with only 1.9M new tokens issued annually. This roughly equals 5% of circulating supply being repurchased each year. 8. Pumpfun – $PUMP 100% of revenue is used to buy back tokens. Average revenue exceeds $1M per day. In September alone, Pumpfun spent $55M on buybacks. If sustained, this could repurchase over 30% of circulating supply in a year. 👉 Currently the largest buyback operation on Solana. 9. Streamflow – $STREAM 39% of revenue is used for buybacks and staker rewards. Example: July 2025, 39% of $247K (~$96K) went to buybacks and staking rewards. This model leans more toward buyback + reward than burning. 10. Magic Eden – $ME Recently started a buyback program. 111K ME tokens have been repurchased and distributed to stakers. Similar to Streamflow: tokens are bought to reward users rather than burned. 11. Step Finance – $STEP 100% of ecosystem revenue (including Solanafloor, Remora Markets, etc.) is used for buybacks.