Wu Blockchain (@WuBlockchain): Hyperliquid Has Used Nearly All Trading Fee Revenue, Over $1.16B, to Buy Back HYPE

Hyperliquid Has Used Nearly All Trading Fee Revenue, Over $1.16B, to Buy Back HYPE Forbes contributor Zennon Kapron argues that HYPE’s recent rally is driven less by ETF expectations than by Hyperliquid’s built-in buyback mechanism. Since launch, Hyperliquid has funneled nearly all its trading fee revenue—over $1.16 billion—into open-market HYPE buybacks via its "Assistance Fund." Kapron suggests this quarterly multi-hundred-million-dollar buyback machine provides stronger price support than early ETF inflows. However, he warns the mechanism is volume-dependent: a market downturn could shrink fee revenue, thereby weakening the price floor. (The above is the author's opinion, not investment advice.)