Hyperliquid has publicly disclosed buyback and burn mechanisms multiple times before. Judging from the recent performance of $HYPE , the market is also starting to link platform revenue to token valuation. A Jian believes that HYPE is currently at a key transition point—gradually evolving from a simple platform token into a composite asset of protocol cash flow + buybacks + high liquidity.

The buyback logic is already in place. The biggest risk now is whether trading volume and revenue can continue to be maintained. I will keep monitoring whether funding becomes more expensive when the price rises