Update
Hyperliquid Burns 5% of HYPE Supply
Decentralized exchange Hyperliquid has burned 49.87 million native HYPE tokens, representing almost 5% of its maximum supply of 1 billion units. The combined fiat value of the destroyed assets is $3.89 billion, with the supply reduction happening automatically through the protocol's fee revenue. This action is part of Hyperliquid's ongoing strategy to manage its token supply and revenue, with the Assistance Fund responsible for the buybacks. The platform's total revenue has surpassed $1.38 billion, with $63.52 million generated in the past 30 days. The buyback mechanism is denominated in US dollars, leading to fluctuations in the exact rate of token destruction based on market conditions.