A major driver behind Hyperliquid’s success in 2025 is its buyback system, with the Hyperliquid Assistance Fund (AF) buying back more than 37 million HYPE tokens since its inception. While most supporters considered the tokens in the AF already burned, as they were removed from circulation, the Hyper Foundation is looking to make it official.

An announcement on Dec. 16 from the Foundation reads: “The Hyper Foundation is proposing a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply.”

If passed, the roughly $920 million worth of HYPE currently in the Hyperliquid Assistance Fund, plus future revenues, would be permanently burned.

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