Will Hyperliquid's buyback machine inspire Aster? Kryll X-Ray audit of $HYPE

Last week, we presented the audit of Aster ($ASTER), this project freshly migrated from APX and already thrust into the spotlight. With support from influential figures in the crypto scene and integration on BNB Chain, Aster positions itself as a direct competitor to Hyperliquid, the undisputed leader of perpetual order book DEXs.

But if Aster wants to compete, it will have to face a strategic innovation already implemented by its elder: the buyback flywheel. A mechanism that transforms platform activity into a valorization engine for the token. While Aster has not yet communicated a clear strategy on this front, Hyperliquid has made it one of its main weapons. And that's exactly what we're going to explore today, before diving into the details of the complete X-Ray audit of $HYPE.

The "buyback flywheel": the loop that fuels $HYPE

The principle is both simple and remarkably effective. The more the Hyperliquid platform is used, the more revenue it generates through fees. This revenue then feeds a $HYPE token buyback program. The buybacks increase buying pressure and strengthen the token's attractiveness. In turn, these positive signals attract more users and volumes to the platform... and the cycle begins again. A true flywheel, where each turn feeds the next.

Hyperliquid is not the only one applying this logic. Pump.fun ($PUMP), for example, dedicates 30% of its revenue to buying back its token, with part of it burned and another part redistributed. Here too, platform activity becomes the fuel for a virtuous circle around the token.

As for Aster? The project has not yet clarified its position. But faced with two competitors who are already betting on the buyback flywheel, it's hard to imagine it could stay on the sidelines for much longer. Will Aster also engage in this dynamic? The question remains open.

From model to reality: introducing the X-Ray audit of Hyperliquid ($HYPE)

Hyperliquid has built an appealing model, where each user indirectly fuels the token's value through the buyback mechanism. But for an investor, this isn't enough: you need to look at the numbers, the fundamentals, and even potential flaws.

This is precisely what Kryll X-Ray offers: putting everything under the microscope to better conduct your DYOR and invest with full knowledge. Below, discover the complete audit of HYPE, section by section.

Financial Analysis: colossal volumes but a liquidity ratio to monitor

According to X-Ray, $HYPE displays impressive financial metrics:

• Current price: $43.27 (-0.58%)
• Market cap: $11.67 billion
• 24h volume: $919.75M (+33.19%)
• Volume distribution: almost exclusively on CEX ($919.76M, DEX non-existent)
• ⚠️ Liquidity ratio: 27% → a large portion of the supply remains out of circulation

👉 In short: $HYPE is massive, liquid, and driven by colossal volumes. But with only 27% of tokens in circulation, it will be necessary to monitor how new emissions will be released.

Technical Analysis: between consolidation and bullish potential

Technical indicators reveal a mixed situation:

• General direction: slightly bullish
• Current trend: bearish
• Potential opportunity: neutral
• Market state: in transition

👉 Simple translation: the market is hesitating. The underlying momentum exists, but nothing is yet decided between continuing the uptrend and consolidation.

Fundamental Analysis: youth and innovation at the heart of the project

Hyperliquid is based on a proprietary Layer 1 designed for large-scale trading, thanks to its HyperBFT consensus, capable of handling more than 100,000 orders per second with latency below 1 second.

• Maturity: 10 months
• Whitepaper: available
• CEX Listing Score: solid
• Country of origin: unknown

👉 Despite its youth, Hyperliquid already shows solid technical foundations and clear documentation.

Social Analysis: a community in full expansion

The community is one of Hyperliquid's major assets:

• Twitter/X: 326k followers
• Coingecko watchers: 116k
• Telegram: 18k members

👉 Here, there's no doubt: social traction is real and growing strongly. An element that largely contributes to the flywheel effect around the project.

Cybersecurity: a solid base to strengthen

This is Hyperliquid's weak point.

• Overall grade: F
• Infrastructure: presence of a Web Application Firewall (WAF)
• ⚠️ Missing security headers: X-Content-Type-Options, Content-Security-Policy...
• ⚠️ Email security: SPF, DMARC and DKIM absent or ineffective

👉 Concretely: the application is protected against direct attacks, but email configuration flaws expose users to phishing risks.

The verdict: Hype's strengths and weaknesses

Strengths:

• A powerful economic model based on the buyback flywheel
• Colossal volumes (nearly $1 billion per day)
• Technical infrastructure tailored for high-frequency trading (HyperBFT, proprietary Layer 1)
• A large and rapidly growing community
• Already massive adoption, positioning Hyperliquid as leader in its segment

Weaknesses / Risks:

• Low liquidity ratio (27%): a large portion of tokens remains out of circulation
• Perfectible cybersecurity: protections in place but flaws in email configuration

Conclusion

Hyperliquid is not just a promising project: it's already an essential player, number one among perpetual order book DEXs. Its buyback mechanism aligns platform activity with token valorization better than anyone else, creating a virtuous cycle that appeals to traders, investors, and the community.

Certainly, not everything is perfect. The low liquidity ratio and some perfectible cybersecurity points remind us that even leaders must progress. But these fragilities don't question Hyperliquid's dominant position: they represent areas for improvement rather than existential threats.

👉 For investors, $HYPE stands out as a solid and already proven project, capable of holding its place in the long term. The only real question now: will Aster also adopt this buyback mechanism, or will it seek another way to challenge the current leader?

Why use X-Ray?

DYOR is good. DYOR with X-Ray is better. Here's why this tool will drastically change your approach to the crypto market:

⚡ Instant complete audit: Get a clear overview of a token in seconds: smart contract, on-chain data, financial metrics, and social signals all in one place.

🔐 Enhanced risk detection: X-Ray immediately spots warning signals: trapped contracts, unlimited mint, concentrated holders, or security flaws on the project's website.

🧭 Considerable time savings: No more endless hours of research: X-Ray centralizes all critical data in one click.

🗣️ Accessible to everyone: The intuitive interface, clear visuals, and simplified explanations make the audit understandable regardless of your level.

💬 AI integration: Ask a question to the Kryll³ AI Agent to trigger an audit or deepen a point, without even opening the interface. 100% conversational, as if you were talking to a crypto expert with infinite knowledge.

📚 Continuous learning: Explore data and develop your crypto skills with each use. Every audit is a lesson.

With all these cross-analyses, X-Ray offers much more than a simple glance: it's a true intelligent dashboard, designed so everyone can understand, compare, and decide without getting lost in complexity.

How to access X-Ray?

Want to audit a token or do a quick check before investing? The X-Ray module from Kryll³ is here to simplify your life. Here's how to access it in seconds:

1. Go to the X-Ray tab on the Kryll³ platform
2. Connect your Web3 wallet to unlock all X-Ray features (Don't have a Web3 wallet? Click here)

✅ You're now on X-Ray!
All you have to do is enter the name or address of a token to launch the complete analysis and get a clear and synthetic audit of the crypto of your choice.