Hyperliquid Buybacks Fuel Valuation Debate vs Ethereum and XRP

On 29 May 2026, fresh analysis questions whether Hyperliquid’s HYPE token deserves a market cap above XRP or Ethereum. The latest piece highlights an automated buyback program that routes 99% of protocol fees into open-market repurchases, backed by roughly $714 million in annualized revenue. Earlier that day, a companion article examined Hyperliquid’s potential to become the next dominant DeFi chain after it captured 70% of decentralized perpetuals volume and posted $961 million in 2025 fees. While Ethereum’s $42.5 billion TVL still dwarfs Hyperliquid’s $5.5 billion, the tokenomics-driven cash flow narrative is intensifying scrutiny of relative valuations across the three assets.