The protocol’s market creation and incentive mechanism has directed half of cumulative revenue to HIP-3 developers and the other half to HYPE token repurchases as of June 24.
Hyperliquid’s HIP-3 market had generated $44 million in cumulative revenue as of June 24. The on-chain data shows $22 million was distributed to HIP-3 developers, while the remaining $22 million was used to buy back HYPE tokens. HIP-3 is Hyperliquid’s market creation and incentive mechanism, meaning the revenue split both rewards builders and supports token repurchases through a rules-based system visible on-chain.