Crypto protocols have already spent $638M buying back their own tokens this year. But almost 90% came from just two names: Hyperliquid and PumpFun. That makes this less of an industry-wide shift than the headline suggests. Hyperliquid alone has put roughly $370M behind HYPE, while PumpFun has added nearly $200M. Both have also massively outperformed the broader market this year. What I find more interesting is the mechanism: revenue is starting to matter for token economics. But a buyback only becomes meaningful if the underlying protocol keeps generating enough cash to sustain it. Otherwise, you are just creating temporary demand. Are we finally moving toward crypto tokens being valued on actual cash generation?