Deflation On May 26, 2026, AF repurchased 31,505.41 HYPE at an average price of approximately $61.30 On the same day: 26,724 HYPE were distributed as rewards to stakers and 24 validators Net Effect 31,505.41 − 26,724 = 4,781 HYPE ➡️ Net tokens permanently removed from circulation Deflation at This Pace Daily: 4,781 HYPE Monthly: 143,430 HYPE Yearly: ~ 1,721,160 HYPE Context: L1 Comparison For comparison, Solana inflates by approximately 25.19M SOL per year through staking and validator rewards. Hyperliquid, by contrast, is operating in net deflation, not inflation. Buyback Dynamics Buyback efficiency is price-sensitive: Higher HYPE price → fewer tokens repurchased Lower HYPE price → more aggressive buybacks This naturally stabilizes supply pressure across market cycles. Flywheel Effect More HIP-3 adoption → higher trading activity → more protocol revenue → larger buybacks Hypurr!