Ethereum
Hyperliquid Buyback Model Outpaces Ethereum Fee Burning in Drawdown Performance
Hyperliquid has spent more than $1.26 billion repurchasing its native token, showing smaller losses from its record peak than Ethereum's fee-burning network.
Hyperliquid has allocated upwards of $1.26 billion of trading revenue to buy back its native HYPE token, following protocol revenues that surpassed $1.4 billion as of October 10, 2026. In contrast, Ethereum relies on an automated fee-burning mechanism that permanently destroys a share of transaction fees rather than conducting market repurchases.
As of mid-October, HYPE stood around $80, down 9.2% on the week and 18.5% below its peak of roughly $98. Ethereum traded near $2,441, representing a 5.0% weekly drop and sitting 50.7% below its historical high. The article notes that buybacks introduce direct purchasing demand alongside supply reductions, whereas burning solely removes supply without generating buy orders.
Furthermore, Ethereum's burn volume has lagged behind new issuance to validators since 2024, resulting in a slight expansion of its circulating supply. However, the analysis highlights that Ethereum operates at a vastly different scale and maturity, maintaining a market valuation of approximately $298 billion.
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