Decentralized exchange Hyperliquid has permanently burned 49.87 million HYPE tokens, representing nearly 5% of its total supply, valued at $3.89 billion at current market rates. The protocol's lifetime revenue has exceeded $1.38 billion, with its token burn mechanism achieved by converting trading fees into market buybacks. In the past 24 hours, the protocol burned 19,700 HYPE (approximately $1.59 million), while daily protocol fees were $1.69 million. Despite the burns, approximately 9.9 million HYPE tokens are unlocked monthly for the team and early contributors, leading to current buybacks offsetting only about 6% of the unlocks, and the net circulating supply continues to expand.