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Buybacks, burns and holder rewards, explained simply (with JUP, RAY, ORE and STONK)

Many Solana projects spend part of their revenue buying their own token, and some destroy what they buy. Here is what buybacks, burns and holder rewards mean, how four well-known projects do it, and how to check it yourself.

  • 5 min read
  • Published
  • Facts checked
  • By StonkBuilder Community

In short

  • A buyback is a project spending revenue to buy its own token on the open market.
  • A burn removes tokens from circulation for good. Bought-back tokens are not always burned.
  • Jupiter, Raydium, ORE and StonkFun each use a different rule, and you can check each one on-chain.
  • Buybacks can support demand, but they never guarantee a price.

Words you'll meet

Buyback
A project using its revenue to buy its own token on the market.
Burn
Sending tokens where nobody can ever use them again, which shrinks the supply.
Holder rewards
Tokens or fees paid out to people who hold or stake a token.
Emissions
New tokens a project creates over time, often paid out as rewards.

More words, explained plainly: the StonkBuilder Learn glossary

Three words, simply

A buyback is a project spending part of its revenue to buy its own token on the open market. A burn sends tokens where nobody can ever use them, which shrinks the supply for good. Holder rewards pay tokens or fees to people who hold or stake a token.

How four projects do it

Buyback rules of four Solana projects
ProjectWhere the money comes fromWhat happens to it
Jupiter (JUP)50% of Jupiter's on-chain revenueThe Litterbox Trust buys JUP on the market; it had burned about 134 million JUP by September 2026
Raydium (RAY)12% of the fees on its standard and concentrated poolsBuys RAY, which is held in a public wallet, not burned
ORERevenue from each mining roundBuys ORE: 90% of what it buys is buried for good, 10% goes to stakers
StonkFun ($STONK)About 60% of platform revenueBuys $STONK and burns it; a share of trading fees also buys and burns top coins

Jupiter

Half of Jupiter's on-chain revenue goes to the Litterbox Trust, a non-profit entity that buys JUP on the open market; Jupiter reports that the Trust has burned about 134 million JUP.[1] Separately, stakers share 50 million JUP each quarter as Active Staking Rewards, which they claim themselves.[2] Our Jupiter hub shows the numbers with their sources.

Raydium

On Raydium's standard and concentrated pools, 12% of every swap fee buys RAY, and the RAY bought is held in a public wallet rather than burned.[3] Staking RAY pays rewards from new RAY emissions, not from fees.[4]

ORE

ORE's mining rounds generate revenue in SOL, which buys ORE on the market: 90% of it at once and 10% through the Reserve. Of the ORE bought, 90% is buried, removed from circulation, and 10% goes to stakers.[5][6][7] Our $ORE hub draws the flow.

StonkFun

About 60% of StonkFun's platform revenue buys $STONK on the open market and burns it.[8] A share of trading fees also buys back and burns the platform's top coins by market cap, the Ecosystem Flywheel.[9] Reward coins pay their holders from a 1% or 3% tax on every transfer.[10] Holding $STONK itself gives no right to revenue or any other payment.

What buybacks can and cannot do

  • They can add steady buying, and a burn permanently reduces the supply.
  • They cannot guarantee a price. Other holders selling, new tokens being released, or falling revenue can outweigh them.
  • Rules can change. Projects can change their fees and buybacks; StonkFun's terms say so directly.
  • Held is not burned. Tokens a project holds after a buyback could, in principle, be sold again.

How to check a buyback yourself

  1. Find the official wallet

    Projects that run buybacks usually publish the wallet that makes or holds them. Our hubs list them next to the contract address.

  2. Open it on an explorer

    Paste the address into Solscan and open its token balances and recent transactions.

  3. Watch it over time

    Regular purchases should show up again and again, not just once.

  4. Compare with the supply

    Check whether new tokens are being released faster than the buybacks remove them.

  5. Read the rule at the source

    Confirm the current rule in the project's own documentation.

Questions to ask any project

  1. Where does the revenue come from, and can you see it on-chain?
  2. Are bought-back tokens burned or held, and who controls them?
  3. Who can change the rule, and has it changed before?
  4. Are new tokens being released faster than buybacks remove them? StonkBuilder Learn explains unlock schedules .

Questions people ask

Does a buyback mean the price will go up?

No. A buyback adds buying, but prices depend on everyone who buys and sells. Many tokens with buybacks still fall.

Is a burn permanent?

Yes. Burned tokens are removed from circulation and can never be used again.

Do I get paid for holding these tokens?

It depends. JUP stakers can claim Active Staking Rewards, RAY staking pays new RAY, and ORE stakers share 10% of buybacks. Holding $STONK gives no right to any payment.

Go deeper in our project communities

Sources

  1. Jupiter docs: Transparency docs.jup.ag/user-docs/more/jup-token/transparency
  2. Jupiter docs: Active Staking Rewards docs.jup.ag/user-docs/more/dao/asr
  3. Raydium docs: Protocol fees docs.raydium.io/ray/protocol-fees
  4. Raydium docs: RAY docs.raydium.io/ray
  5. ORE: How mining works ore.com/learn/how-mining-works
  6. ORE: How the Reserve works ore.com/learn/how-reserve-works
  7. ORE: How staking works ore.com/learn/how-staking-works
  8. StonkFun: Revenue and $STONK buybacks www.stonkfun.xyz/revenue
  9. StonkFun: Ecosystem Flywheel www.stonkfun.xyz/flywheel
  10. StonkFun: Rewards www.stonkfun.xyz/rewards

Checked on 29 Sep 2026. Projects change their fees and features; the linked pages are the source of truth.

StonkBuilder Community writes independent, educational guides. We are not affiliated with, endorsed or sponsored by the projects we cover; names and trademarks belong to their owners. Nothing here is financial, investment or legal advice. Crypto prices are volatile and you can lose money.