Hyperliquid's revenue is about to surpass the billion mark. Over the past year, the protocol has burned a total of 3.74% of $HYPE, and the current price is just close to the burn cost level.

The key here lies in the self-regulating mechanism of buyback and burn. Unlike traditional one-time distributions, every profit from the protocol is directly converted into a destruction action on the chain—this is the purest form of market externalization. In the short term, it leads to a contraction in the token supply, while in the long term, it progressively strengthens the price support structure.

Imagine a cycle like this: profits → burn → reduced supply → the same profits correspond to scarcer tokens → price bottoms are gradually raised. Resistance is also gradually fading. Each round of burning reshapes the cost structure of the market, requiring higher costs for the next level of selling pressure to break through. This is not a one-time shock, but a market force that can accumulate continuously.