How strong is the earning power of Hyperliquid? $1.32 billion repurchase, now worth $4.33 billion In less than two years, Hyperliquid has purchased approximately 47.53 million HYPEs through the Assistance Fund at a cost of approximately $1.32 billion Based on a price of approximately $91.05, this portion of HYPE is currently worth approximately $4.33 billion, with unrealized earnings exceeding $3 billion Even more exaggerated is that the Assistance Fund has already taken away about 15.91% of HYPE's liquidity, which is not a one-time repurchase by the project party As long as someone continues to trade on Hyperliquid, the protocol will receive transaction fees, and the Assistance Fund will continue to buy HYPE from the market In a bull market, as trading volume increases, buybacks also expand; What really needs to be observed in a bear market is how much buying potential this money making machine can sustain even after a decrease in trading volume According to the latest data, HYPE has officially destroyed approximately 48.99 million pieces, valued at approximately 4.46 billion US dollars at current prices, equivalent to 4.9% of the maximum supply of 1 billion pieces Among them, the Assistance Fund contributed approximately 47.53 million pieces, accounting for 97.02% of the total destruction amount. The remaining portion includes HyperCore protocol destruction of approximately 1.1 million pieces, HyperEVM Gas destruction of approximately 361200 pieces, and approximately 1680 pieces entering black holes and death addresses Therefore, the main source of deflation for HYPE at present is still Hyperliquid converting protocol revenue into market buying orders, and then removing the purchased tokens from circulation This mechanism has already generated significant book profits The average purchase price of Assistance Fund is approximately $27.83, with a cumulative investment of approximately $1.32 billion Based on a HYPE price of approximately $91.05, this portion of the position is currently worth approximately $4.33 billion, with unrealized earnings of approximately $3 billion That is to say, Hyperliquid not only continues to repurchase HYPE through transaction fees, but the positions formed by early repurchases have also accumulated huge profits But repurchases are not fixed and unchanging. In approximately 2.7 days starting from September 25th, Assistance Fund purchased about 43500 HYPEs and invested about 4.01 million US dollars, with an average purchase price of about 92.25 US dollars In the past 24 hours, I have purchased approximately 1070 HYPEs and invested around $100000 When the market is active, transaction fees increase and buying orders expand accordingly; When the trading volume decreases, the repurchase speed will also slow down This is precisely one of the reasons why the market is concerned HYPE's repurchase is not a fixed fund prepared in advance by the project party, but a machine driven by Hyperliquid trading volume As long as the user continues to trade, the agreement will continue to generate revenue, and the Assistance Fund can also continue to buy HYPE But if the trading volume shrinks significantly, the speed of this machine will also decrease However, starting from October 3rd, Hyperliquid may add a new source of funding that is not entirely dependent on transaction volume According to relevant arrangements, Circle will transfer a portion of the income generated from USDC reserves to the Assistance Fund, which will then purchase HYPE from the market. According to market estimates, this additional funding could reach $135 million to $160 million per year. Based on a static HYPE price of $91.05, it is equivalent to purchasing approximately 1.48 million to 1.76 million HYPEs annually This accounts for approximately 0.15% to 0.18% of the maximum supply of 1 billion pieces, or 0.5% to 0.6% of the current circulation volume Looking at this ratio alone is not an exaggeration, but it changes the structure of Hyperliquid repurchase funds In the past, HYPE buying mainly came from perpetual contracts and spot trading fees. Next, the Assistance Fund may have two sources of funding simultaneously: From trading activities, the more active the market, the more repurchases there will be Another source of USDC reserve income is that as long as a large amount of USDC continues to accumulate on Hyperliquid, a relatively stable flow of funds can be formed This means that HYPE's repurchase mechanism is gradually shifting from relying solely on trading volume to a dual structure of "transaction fees and stablecoin reserve returns" Of course, the final returns depend on the USDC size on Hyperliquid, market interest rates, specific allocation ratios, and whether the relevant arrangements can be executed as planned. When interest rates decrease or the size of USDC decreases, this portion of income may also shrink But it at least answered one important question If a bear market arrives and Hyperliquid trading volume decreases, do HYPE have other ongoing buying opportunities? The USDC reserve income may be one of the answers. In less than two years, Hyperliquid has established a HYPE position worth approximately $4.33 billion at a cost of about $1.32 billion. About 15.91% of the circulating chips have been removed from the market by the Assistance Fund, and about 4.9% of the maximum supply has been officially destroyed Now, a new source of repurchase funds is ready to join So, the real horror of Hyperliquid is not just how much money it makes now But it is constantly converting transaction fees, stablecoin earnings, and other protocol revenues into long-term sustained HYPE buying HYPE Hyperliquid Circle USDC Repurchase