DWF Labs Study: 13 of 15 Tokens with Value-Accrual Beat Bitcoin in 2025

According to DWF Labs, 13 tokens out of 15 that have active or announced value-accrual mechanisms have outperformed Bitcoin (BTC) since the start of the year. As of October 27, Hyperliquid (HYPE) and Pump. fun (PUMP), both of which conduct buybacks, were the top performers.

Both tokens are currently trading significantly below their all-time highs. This discrepancy raises the question of whether the revenue streams funding the buybacks are sustainable.

Consistency Separates This Year’s Winners From the Rest

DWF's report indicates that investors have become cautious about tokens supported solely by narratives. Factors such as low-float launches, insider selling, and abandoned roadmaps have contributed to this wariness. Revenue has emerged as the most straightforward criterion for evaluation, as long as it is distributed to holders via buybacks or comparable methods.

Maple Finance and Lido are among the biggest revenue generators in Decentralized Finance (DeFi). However, Maple's Syrup (SYRUP) has dropped approximately 45% since January 1, and Lido DAO (LDO) is also in negative territory for the year.

According to DWF, the declines are tied to buyback programs that were reduced or had conditions attached. Maple reduced the revenue allocation for SYRUP buybacks from 25% to 10%, later partially restoring it to 20%. Lido's automated NEST buyback mechanism launched in August but has not been activated.

“This shows that while revenue and traction have gained emphasis amongst investors, they need to be complemented with the ability to reach holders consistently,” the report read.

If consistent buybacks are what trigger rewards, the key question becomes the sustainability of the buyback funding for Hyperliquid and Pump.fun.

What Keeps the Buyback Money Flowing

DWF states that Hyperliquid allocates 95% to 99% of its revenue to HYPE buybacks. Revenue from perpetual futures can fluctuate depending on market conditions.

However, Hyperliquid also generates income that is not trade-dependent. Coinbase forwards 90% of the reserve income from approximately $6 billion in USDC (USDC) deposits to Hyperliquid. This interest flows into the same pool used for HYPE buybacks and burns, according to BeInCrypto.

Both the owner of the New York Stock Exchange and Kraken's parent company have taken steps to offer Hyperliquid-based futures to US traders. ICE's proposal still requires US regulatory approval. The firms have not indicated whether the US platform will provide value to HYPE.

HYPE's previous rally following news of US access, after Kraken's parent announced its plan in September, subsided within six weeks. Currently, HYPE is trading at $73.31, a decline of 4.97% in the past 24 hours. This puts it roughly 25% below its peak of $97.96 on September 23.

Pump.fun dedicates a smaller portion, 50% of its net revenue, to PUMP buybacks. DWF observes that launchpad revenue follows market trends.

PUMP is currently trading at $0.00352, a decrease of 3.99% in the last 24 hours. This places it roughly 60% below its high of $0.00882 from September 14, 2025.

PUMP is also trading below its initial coin offering (ICO) price of $0.004. BeInCrypto reported in April that PUMP was trading significantly below that level, despite $350 million in buybacks. Since half of net revenue is used for buybacks, PUMP's support relies on the sustainability of that revenue.

The underperformers will put DWF's consistency thesis to the test. The key signposts to monitor are Maple's October revenue tier and any initial NEST purchase at Lido.