(Please keep in mind this is a fantasy I've been having in the back of my mind.)
I think Hyperliquid would be better off being liquidated rather than a buyback.
If buybacks have been effective in establishing a foothold so far, perhaps we should focus on maintaining long-term control?
Instead of doing buybacks, accumulate them in a buyback fund, then invest in assets like AAVE or government bonds, and only buy back the interest earned.
Exchange fees just keep piling up.
If Bitcoin falls further, maybe we can buy some Bitcoin as part of our portfolio?
Then, on a day when HYPE plummets, we can declare an emergency, deplete our fund, and consume the circulating supply cheaply.
If (profit) > (fund) and only the fund profits accumulate, wouldn't this approach, which only consumes the fund profits, go beyond sustainability and allow for long-term rule?
Just as nuclear weapons are most powerful when not used, I wonder if not directly using buybacks will be the most powerful force.
