Hyperliquid burns $3.89 billion in HYPE tokens, removing nearly 5% of supply

Decentralized derivatives platform Hyperliquid has permanently removed 49.87 million HYPE tokens from circulation, representing nearly 5% of its total maximum supply of 1 billion units. Blockchain data shows that the value of the destroyed tokens has reached $3.89 billion at current market prices. Hyperliquid’s supply burn is carried out through an automated process that converts protocol fee revenue into ongoing token buybacks from the open market. The platform’s historical revenue has now exceeded $1.38 billion, providing substantial fuel for this mechanism.