#中美商贸协议磋商 Hyperliquid just conducted a monthly token unlock on December 29, releasing a significant amount of HYPE—about 9.92 million tokens, which at the time’s price amounts to nearly $256 million. In terms of circulating supply, this unlock accounts for 2.66%, a fixed operation under the core contributor allocation plan.

Looking at the distribution plan on January 6, the team received 1.2 million HYPE. Interestingly, this amount is 30% less than the previous plan, with a final scale of about $33 million. Such transparent schedules do have their pros and cons. The obvious benefit is that the market can anticipate and gradually digest the expectations, avoiding being shocked by sudden dumps. But the downsides shouldn’t be overlooked—an additional supply of nearly 10 million tokens each month does put downward pressure on prices. HYPE has fallen from its all-time high of $96.39 to around $25 now, a retracement of 75%.

However, the project's fundamentals are solid. Looking ahead to 2025—total trading volume approaching $3 trillion and annual revenue surpassing $700 million—these numbers are no small feat. More concretely, the platform buys back and burns about 21,700 HYPE daily using fees, directly reducing supply.

Another detail worth noting: the team chooses to take tokens instead of fiat salaries, which in some ways reflects a genuine attitude towards the project's long-term prospects.

For investors, it’s important not to judge unlock events solely by surface numbers. If most of these tokens are staked or locked for the long term, the actual market inflow will be much less; but if they flood into exchanges all at once, short-term volatility is inevitable.