Foreign media reports that a recent article by research firm Citrini states that Hyperliquid has accounted for nearly half of the total token buybacks in the crypto market this year. The firm believes that this decentralized derivatives platform's consistent use of a large portion of its protocol revenue to buy back HYPE is a rare practice among similar projects.
The repurchase funds come from the agreement revenue.
According to Citrini, Hyperliquid allocates over 90% of its fee revenue to an Assistance Fund, which then uses the fund to purchase HYPE shares on the open market. The article states that this makes HYPE's performance more closely linked to the platform's cash flow.
Citrini estimates that, based on data from 2025 to date, Hyperliquid's buybacks have reached nearly half of the total token buybacks in the entire digital asset industry. The article argues that the real difference lies in the size of the buyback pool, not just the buyback mechanism itself.
Coinbase integrates USDC vault
The article also mentions recent developments in Hyperliquid's vault infrastructure. Previously, Coinbase had already deployed the AQAv2 framework as Hyperliquid's official USDC vault provider, and was responsible for managing the platform's USDC reserves through two designated wallet addresses.
According to Coinbase's earlier disclosure, this arrangement will redirect most of the USDC vault revenue back to the Hyperliquid ecosystem, potentially generating up to $200 million in additional revenue for the platform annually. If this revenue increases, the funds available for future HYPE buybacks will also increase accordingly.
HYPE prices and attention are rising.
The article cites data showing that HYPE recently rose to a record high of nearly $75, with a 24-hour increase of over 8% during Thursday's Asian trading session. In addition to the price strength, the market is also paying attention to changes in demand for Hyperliquid-related trading products.
Furthermore, discussions surrounding the whereabouts of BitMEX co-founder Arthur Hayes' wallet have intensified again. On-chain tracking data shows that a wallet associated with Hayes reportedly withdrew HYPE from Bybit, sparking speculation that he is repositioning the token.
The agency says there is still room for market share growth.
Citrini also noted that although the price of a single Hyperliquid token has surpassed that of Solana, Solana's market capitalization is still more than double that of HYPE. Based on this, the agency believes that Hyperliquid still has room to further expand its market share in the decentralized derivatives market.
