HYPE Token Supply Shrinks Nearly 5% After $4 Billion Burn by Hyperliquid

The decentralized exchange's token burn coincides with lifetime protocol revenue crossing $1.38 billion. Hyperliquid, a decentralized exchange known for its perpetual futures trading, has burned approximately $4 billion worth of its native HYPE token. The move reduces the total circulating supply by nearly 5%, according to reporting on the burn. Token burns permanently remove coins from circulation by sending them to addresses that cannot be accessed or spent. Protocols use burns to manage supply, often funneling a portion of revenue or fees into the process.

Also reported by U.Today.

Source: TheCoinrise