The Hyper Foundation is looking to lock tokens in the Hyperliquid Assistance Fund, permanently removing nearly $1 billion in HYPE from the circulating and total supply. @Squiffs_ reports:

Hyperliquid Proposes Burning 13% of Circulating Supply
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...
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