#治理投票 Hyperliquid Foundation burns 11.068% of the circulating supply. This data point is worth a close look. From the governance voting structure, 85% of the staking weight supports, while opposition and abstentions total only 15%, indicating a high level of consensus — this suggests that large token holders have a relatively unified attitude on the supply side.

What does burning this amount of tokens mean? The immediate impact is a reduction in circulating supply, which, according to economic logic, increases scarcity. However, this depends on how the market subsequently absorbs this signal. I am more interested in observing the subsequent movements of whale addresses — whether large holders will adjust their positions after the vote passes, and the inflow and outflow of funds within a week after the burn is completed.

From an on-chain contract tracking perspective, it is necessary to observe whether the burn address truly has no further operational space afterward, and to monitor the fund changes in other governance treasury addresses. Such events usually trigger a market reaction, but the real opportunity lies in the time gap between those following the trend and the smart money exiting. Continuing to observe.