Hyperliquid Buyback Burn Exceeds $1.25B

The scale of the burn matters less than the mechanism: a venue directing protocol value into open-market repurchases effectively ties its token's supply to trading activity, a structure that can amplify both directions of the cycle. The average purchase price is the number worth holding onto, since it frames every future repurchase as either accretive or underwater relative to past spending. Whether buyback intensity keeps pace if platform volumes cool is the open question.