Hyperliquid is facing one of its most consequential governance moments yet. A proposal now before validators could formally remove 37 million HYPE tokens from supply, an amount that represents roughly 13% of the total token base. The move has ignited debate across the community, with supporters framing it as a decisive supply reset and critics questioning what it means for long-term governance and price expectations. At the center of the proposal is a validator vote that would recognize a large pool of HYPE tokens as permanently burned. The outcome will be decided in the coming days, with stake-weighted consensus set
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