Hyperliquid has permanently burned 49.87 million HYPE tokens, valued at roughly $3.89 billion at the time of the on-chain snapshot, according to Onchain Lens. The tracker said the amount represented 4.99% of a 1 billion-token maximum supply and reported lifetime protocol revenue of $1.38 billion. The burn highlights how the decentralized exchange is using fee-driven mechanisms to reduce HYPE supply.
HYPERLIQUID BURNS NEARLY 5% OF $HYPE SUPPLY@HyperliquidX has permanently burned 49.87M $HYPE (~$3.89B), representing 4.99% of its 1B max supply.
· Past 24h: 19.7K $HYPE (~$1.59M) burned
· Estimated 24h fees: $1.69M
· Lifetime revenue: $1.38B pic.twitter.com/Vk3A2bgshj— Onchain Lens (@OnchainLens) October 29, 2026
Over the previous 24 hours, about 19,700 HYPE worth approximately $1.59 million were burned, while estimated fees reached $1.69 million. CoinMarketCap currently lists HYPE with a maximum supply of about 950.5 million tokens, meaning the percentage represented by 49.87 million differs from the 4.99% figure calculated against 1 billion. The token-supply denominator therefore matters when interpreting the burn percentage.
The main metric to watch is whether continued fee generation translates into further HYPE burns over time. Higher protocol revenue can support additional buybacks and burns under the existing mechanism, but it does not by itself determine the token’s market price or net circulating supply. Future burns should therefore be assessed alongside issuance, unlocks and changes in reported supply data.
Source: Onchain Lens; CoinMarketCap.
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