Petro D. | ResearchUpdate

@PDmytriiev

Kinetiq now burns every kinetiq:native it buys back, and 3.58M tokens were gone within two days of KIP-5. KIP-5 sends all revenue-funded kinetiq:native buybacks to the Hyperliquid Assistance Fund, the same address @HyperliquidX uses to take $HYPE out of supply. The buyback engine keeps running as before. The change is that the value now reaches every holder instead of only stakers. Mechanism → Protocol revenue still buys kinetiq:native on the open market, and each purchase is now permanently removed from supply. → Over five months the program has bought 5.39M kinetiq:native at an average of $0.15, about $810k in total. → Revenue from @Markets_xyz and @Enter_Elysium is set to add to buybacks, so the burn can grow alongside the product suite. Onchain → The Assistance Fund already holds 3.58M kinetiq:native, worth about $770k, or 1.29% of circulating supply. → kinetiq:native trades at $0.22, around 40% above the program's average buyback price. Stakers → Buyback value used to reach only the 92.9M kinetiq:native staked. Now it reaches every holder through a shrinking supply. → $sKNTQ keeps its @Markets_xyz referral tiers, which pay up to 15% for large holders. → The roughly 13% APY from buyback distributions stops going forward.

Thursday, September 17, 2026 at 04:53 PM UTC