According to a proposal released by Jon Charbonneau, an investment manager at DBA Asset Management, on the X platform on Monday, he suggested three adjustments to the Hyperliquid economic model: first, to revoke all unminted HYPE allocations intended for future emissions and community rewards (Future Emissions & Community Rewards, FECR); second, to destroy all HYPE in the Hyperliquid Aid Fund (Aid Fund, AF); and third, to cancel the originally planned supply cap of 1 billion HYPE.
The proposal was co-authored by pseudonymous crypto researcher Hasu.
The plan will be decided by a vote within the Hyperliquid governance structure. As DBA actively stakes HYPE and holds significant positions, it will be a major participant.
DBA executives stated that the changes aim to correct the market's misvaluation of HYPE, pointing out that the fully diluted valuation (FDV) metric includes unissued tokens, leading to a distortion in the market's perception of the protocol's value.
"This creates problems because the market tends to lower valuations due to excess supply when assessing the protocol's value, and the premature allocation of these tokens may also affect future capital allocation decisions," he added. This change will enhance HYPE's attractiveness to investors and stakers while retaining the protocol's ability to support projects through new issuance funds.
The proposal will cut 421 million HYPE from future emissions and community rewards categories, as well as 21 million HYPE from the aid fund, coinciding with rising investor interest in the Hyperliquid ecosystem.
Within a week of announcing the USD stablecoin USDH, Hyperliquid initiated a vote to determine who would issue the stablecoin. Paxos, Frax, Sky, Agora, and Native Markets all participated in the vote, with Native Markets ultimately winning.
In July, the Hyperliquid team consisted of only 11 people, yet they achieved a cumulative trading volume of $330 billion, becoming one of the most efficient platforms in the industry.
According to Charbonneau, the launch of USDH will significantly boost Hyperliquid's revenue.
Dragonfly Capital managing partner Haseeb Qureshi echoed Charbonneau's view, stating that nearly 50% of the community allocation serves as a "vague reserve fund" for future decisions by Hyperliquid governance members.
Qureshi believes that as long as the tokens are transparently used for growth incentives, spending them is not an issue, but allocating nearly 50% of the total supply for "discretionary use" is unreasonable and should be terminated.
Crypto commentator Mister Todd criticized the proposal as an "extremely foolish and disastrous proposal," arguing that future emissions are Hyperliquid's most powerful growth tool.
Additionally, some believe that Hyperliquid should always reserve a portion of tokens to address potential fines or sanctions from the Department of Justice or similar agencies.
Charbonneau responded that the proposal does not reduce the HYPE available in such situations; it merely changes the accounting treatment.
HYPE reached an all-time high of $59.30 on Thursday, while the overall crypto market remains in a downward or sideways trend.
However, since then, HYPE has dropped over 22% to $46.08, with market sentiment clearly cooling. Investment institutions, including the Maelstrom fund led by Arthur Hayes, have completely liquidated their HYPE holdings.
Hayes stated that the reason for the company's sale of HYPE is the expectation that approximately $12 billion worth of tokens will be unlocked in the next 24 months, which could create significant selling pressure.
Related: Just a month after predicting HYPE would soar 126 times, Arthur Hayes liquidated all his holdings to pay a deposit for a new sports car.
Original article: “Crypto Asset Management Firm Proposes to Cut HYPE Supply by 45%”
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