XRP, Solana Can’t Keep Up: ‘Ethereum Killer’ HYPE Rebounds 8%
Hyperliquid (CRYPTO: HYPE) rose about 8% on Wednesday as daily protocol buybacks continued to absorb exchange supply, reinforcing the token’s rare link between real revenue and price performance.
Revenue-Fueled Buybacks Drive Scarcity
Hyperliquid’s latest on-chain data shows its decentralized exchange generated more than $4.3 million in revenue over the past 24 hours.
This ranks HYPE as the most profitable non-stablecoin protocol in the cryptocurrency market.
Only Tether and Circle, both backed by U.S. Treasury assets, reported higher revenue.
Unlike most decentralized finance projects, Hyperliquid routes 99% of perpetual trading fees into an Assistance Fund that buys back HYPE on the open market.
The process converts trading volume directly into daily demand.
As of Nov. 5, the protocol reported $7.01 million in fees in a single day, with $5.2 million allocated to HYPE buybacks and $3.6 million used for token burns.
The design makes HYPE one of the few tokens with structural buy pressure …
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