Hyperliquid’s trading activity continues to fund its HYPE token burn mechanism, with weekly protocol revenue reaching $13.48 million against gross fees of $15.11 million. The protocol burned 156.58K HYPE worth about $12.42 million during the week. As of the September 18 update, cumulative revenue had reached $1.31 billion and 48.70 million HYPE, equal to about 4.87% of total supply, had been removed from circulation. DeFi TVL rose to $1.31 billion, while stablecoin liquidity stood at $6.83 billion, 98.31% of it in USDC. Daily perpetual volume reached $8.31 billion and DEX volume was $339.25 million. The burn rate remains tied to trading conditions: fee growth must outpace HYPE’s price gains for rising revenue to remove tokens more quickly. A data snapshot shared on X also showed roughly $6.72 billion of USDC on Hyperliquid, slightly above the $6.71 billion held in Solana accounts.