PANews reported on May 28th that, according to on-chain analyst Yu Jin, pvp.trade, which operates the Hyperliquid TG trading bot and copy trading platform, earned $8.68 million in commission revenue through transaction fee sharing. After Hyperliquid launched its token, the project gradually converted all its commissions into HYPE tokens, and the initial $8.68 million in commissions has now grown to $24.34 million. Yesterday, the project redeemed 400,000 HYPE tokens ($22.8 million) from its staked account, possibly preparing to take profits.

Note: Hyperliquid's Builder Fees mechanism means that when a product is traded using a Builder, a portion of the transaction fees will be distributed to the Builder product.