{"id":913,"date":"2026-06-04T12:26:01","date_gmt":"2026-06-04T12:26:01","guid":{"rendered":"https:\/\/gimkit.it.com\/news\/?p=913"},"modified":"2026-06-04T12:26:01","modified_gmt":"2026-06-04T12:26:01","slug":"arthur-hayes-and-token-buybacks-are-crypto-projects-keeping-too-much-protocol-revenue","status":"publish","type":"post","link":"https:\/\/gimkit.it.com\/news\/arthur-hayes-and-token-buybacks-are-crypto-projects-keeping-too-much-protocol-revenue\/","title":{"rendered":"Arthur Hayes and Token Buybacks: Are Crypto Projects Keeping Too Much Protocol Revenue?"},"content":{"rendered":"<h2><b>Why token prices may fall when users create value but holders get nothing back<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Many crypto tokens follow the same pattern.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They launch with strong hype.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Early investors get excited.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token lists on exchanges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then, after a short period, the price starts falling.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a long time, people blamed bad market conditions, weak communities, or venture capital unlocks. But <\/span><b>Arthur Hayes<\/b><span style=\"font-weight: 400;\">, co-founder of BitMEX, has offered a much sharper view.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In May 2026, Hayes argued that many crypto tokens fall because projects do not return protocol-level economic value to token holders. Instead, revenue often stays with teams, treasuries, insiders, or other parts of the project structure. He also said venture investors may sell after unlocks because they have a duty to return capital to their own investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, is token price weakness really caused by projects keeping too much revenue?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s break it down.<\/span><\/p>\n<h2><b>Why Arthur Hayes Is Talking About Token Value<\/b><\/h2>\n<p><a href=\"https:\/\/www.chaincatcher.com\/en\"><span style=\"font-weight: 400;\">Arthur Hayes<\/span><\/a><span style=\"font-weight: 400;\"> is known for making strong market arguments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">His point is simple: a token needs a reason to go up besides hype. If a protocol creates real revenue but the token does not receive any of that value, then holders are only betting that someone else will buy later.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is not a strong long-term model.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In traditional markets, investors often look at cash flow, earnings, dividends, and buybacks. In crypto, many tokens have none of these. They may have governance rights, community value, or staking features, but they may not have a direct link to protocol revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This creates a problem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If insiders and early investors sell over time, but the token has no buyback or revenue-sharing support, the market may face constant selling pressure.<\/span><\/p>\n<h2><b>What Is a Token Buyback?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.chaincatcher.com\/en\"><span style=\"font-weight: 400;\">Token buyback<\/span><\/a><span style=\"font-weight: 400;\"> happens when a project uses revenue or treasury funds to buy its own token from the open market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This can create real buying pressure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It can also show that the project is trying to return value to token holders. In simple terms, if a protocol earns fees and uses part of those fees to buy the token, then the token has a clearer connection to the project\u2019s business activity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hayes often points to Hyperliquid as an example. In his own March 2026 essay, he wrote that Hyperliquid uses about 97% of its revenue to buy back HYPE tokens from the market, and he described it as one of the strongest value-return models in crypto.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is why buybacks are becoming an important topic.<\/span><\/p>\n<h2><b>Why Many Tokens Keep Falling<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Many crypto projects launch tokens before they have strong revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the beginning, there is excitement. The community talks about future adoption. Exchanges list the token. Early backers are still locked, so selling pressure may look low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But later, unlocks begin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Team tokens unlock.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VC tokens unlock.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market makers manage liquidity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Retail demand slows down.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Revenue does not flow to holders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When this happens, the token can fall even if the product is still active.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is the core of Hayes\u2019 argument. The problem is not always that the project has no users. The problem is that token holders may not benefit from those users.<\/span><\/p>\n<h2><b>Is Revenue Hoarding the Real Problem?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It can be part of the problem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Projects do need money to operate. They must pay developers, security teams, legal costs, marketing expenses, and ecosystem grants. Not every dollar can go to token holders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But if a protocol earns meaningful revenue and none of it supports the token, investors may start asking harder questions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Who benefits from the protocol?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does the token capture value?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Are buybacks real or only marketing?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do holders get anything besides governance?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Will unlocks create more selling pressure?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These questions matter because crypto investors are becoming more mature. They no longer want only a white paper and a strong investor list. They want real cash flow and better token design.<\/span><\/p>\n<h2><b>Final Thoughts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Arthur Hayes\u2019 argument is uncomfortable, but important.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many tokens may not fall only because of bad market conditions. They may fall because the token has no clear link to the revenue created by the protocol.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That does not mean every project must use the same model. Some protocols may need to reinvest revenue. Others may prefer staking rewards, fee sharing, burns, or treasury growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the direction is clear.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crypto investors are starting to care more about value capture. Token buybacks, revenue sharing, and transparent treasury policies may become more important in the next market cycle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The projects that survive may not be the ones with the loudest launch.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They may be the ones that prove their token is more than an exit vehicle.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why token prices may fall when users create value but holders get nothing back Many crypto tokens follow the same pattern. They launch with strong hype. Early investors get excited. The token lists on exchanges. Then, after a short period, the price starts falling. For a long time, people blamed bad market conditions, weak communities, &#8230; <a title=\"Arthur Hayes and Token Buybacks: Are Crypto Projects Keeping Too Much Protocol Revenue?\" class=\"read-more\" href=\"https:\/\/gimkit.it.com\/news\/arthur-hayes-and-token-buybacks-are-crypto-projects-keeping-too-much-protocol-revenue\/\" aria-label=\"Read more about Arthur Hayes and Token Buybacks: Are Crypto Projects Keeping Too Much Protocol Revenue?\">Read more<\/a><\/p>\n","protected":false},"author":28,"featured_media":914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Arthur Hayes and Token Buybacks: Are Crypto Projects Keeping Too Much Protocol Revenue? -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gimkit.it.com\/news\/arthur-hayes-and-token-buybacks-are-crypto-projects-keeping-too-much-protocol-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arthur Hayes and Token Buybacks: Are Crypto Projects Keeping Too Much Protocol Revenue? -\" \/>\n<meta property=\"og:description\" content=\"Why token prices may fall when users create value but holders get nothing back Many crypto tokens follow the same pattern. 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