Have you ever wondered how DeFi protocols on Solana are handling their token buybacks? A recent tweet from @0xINFRA, the team behind Raydium, sheds light on this with some eye-opening data. Raydium isn't just participating in buybacks; it's leading the pack in terms of profit and loss (PnL) from these activities.

For those new to the term, buyback PnL refers to the profit or loss a protocol realizes from repurchasing its own tokens from the market. This can involve spending funds to buy back tokens, often to reduce circulating supply, support token price, or reward holders. In the volatile world of meme tokens, where hype and community drive value, effective buybacks can be a game-changer.

According to the data shared, over the last 90 days as of August 22, 2025, Raydium achieved a impressive 19.07% gain in buyback PnL. That's followed by pump.fun at 11.88%, Aave at 6.75%, and Hyperliquid at a modest 0.65%. On the flip side, some protocols faced losses, like Ether.fi at -5.60%, Jupiter at -5.65%, and Bonk taking the biggest hit at -26.34%.

This chart from SolanaFloor (sourced via Dune Analytics) highlights Raydium's dominance. But the tweet goes further, revealing that Raydium has spent a whopping $196.3 million to buy back 71 million $RAY tokens, which accounts for 26.4% of its circulating supply. That's a massive commitment to tokenomics that could bolster long-term value.

Why This Matters for Meme Tokens

In the meme token ecosystem on Solana, platforms like Raydium and pump.fun are crucial. Raydium, as an automated market maker (AMM) with on-chain order books, powers many meme launches and trades. Pump.fun, known for its easy meme coin creation tools, has been a hotspot for viral tokens. Seeing Raydium outperform in buybacks suggests stronger financial health and dedication to holders, which could attract more projects and liquidity to its platform.

Contrast that with Bonk, a popular Solana-based meme token that's faced challenges. Its -26.34% PnL indicates losses on buybacks, possibly due to timing or market conditions. For meme investors, this data underscores the importance of looking beyond the hype—check how protocols manage their treasuries and support their tokens.

Broader Implications in DeFi

This isn't just about numbers; it's about sustainability in DeFi. Protocols that manage buybacks profitably can reinvest in development, like Raydium's ongoing improvements to its DEX. For blockchain practitioners, this serves as a reminder to dive into analytics tools like Dune for real insights.

If you're trading or launching meme tokens on Solana, keeping an eye on these metrics could give you an edge. Raydium's strategy might inspire other protocols to step up their game, potentially leading to healthier ecosystems overall.

What do you think—will this trend continue? Share your thoughts in the comments below, and stay tuned to Meme Insider for more updates on Solana's meme scene.