June revenue ran about 52% above April's low, with Q2 protocol revenue near $169 million.
About $141 million of that Q2 revenue went straight into token buybacks funded by trading fees.
Hyperliquid moved to USDC as its primary stablecoin, estimated to add $135-200 million annualized to holder economics.
21Shares, Bitwise and Grayscale each launched a spot HYPE ETF within an eight-week window, drawing $309 million combined.
Q3 revenue and buyback totals are the next real test of whether this is a durable trend or a one-quarter spike.
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