Owning the top perp volume in the market, in 2025 Coinbase recorded 1.4 trillion USD, while Hyperliquid reached 2.6 trillion USD, Hyperliquid nearly doubled CEX like cb

The token buyback mechanism is 97% of revenue sent to the Assistance Fund wallet, and this fund is recognized as a permanently burned address (removed from circulation)


=> Just these 2 factors alone make $HYPE arguably become the token with the strongest fundamentals in the market by 2025 along with impressive growth

- But starting from 2026 onwards, HYPE will officially enter a challenging phase lasting nearly 2 years for the continuous monthly unlock

- We can see that throughout this time, the average buyback amount of HYPE is about 70k tokens/day, which is approximately 2.1 million tokens per month (according to the image)


- Starting from 2026, the amount of tokens unlocked each month is about 9.9 million tokens, meaning if the revenue remains as it has been, it will still grow by 7.8 million tokens per month ~ 230 million USD per month based on the current HYPE price of about 30$

- This unlocking period lasts until the end of 2027, causing circulation to increase by more than 4 billion USD more (according to the current price - after deducting the assumed stable burn amount, not excluding the hypothesis that Hyperliquid's revenue will decrease in the near future due to the bear market) - not to mention the annual emission of about >2%


- In addition, the hidden circulating amount of HYPE is recorded as "outstanding supply" - according to coingecko, I will have a separate post about this part


*Personal conclusion

- In the bear market, if choosing projects to accumulate, I will prioritize projects with a limited circulating supply, such as $BTC or $BNB

- With the competition from new projects continuously developing like ASTER, Hyperliquid's market share may not continue to be as strong as before, so the upward momentum for the token will also decrease

- But if Hyperliquid remains strong, the revenue from buybacks will be very stable, creating a good support for the token, however, it still does not compare to the amount unlocked in the coming year, new buying power is needed to absorb that, or the dev team unlocks but does not sell out

- What do you think?