hyperliquid burned 42.9m HYPE ($1.55b) since inception. 99% of $600m annualized fees go directly to buybacks and burns. validator inflation is maybe 300k HYPE/month. the net burn rate is massive. april 6 unlock dropped 9.92m HYPE ($375m) into a market doing 254k active traders and $7.6b open interest. protocol is 4th globally in fee generation behind tether, circle, and polymarket. the unlock is a one-time event absorbing bid side on a structurally deflationary token. validator costs are 1-2% of revenue. that's a rounding error. deploying more capital. steady lads