Hyperliquid has unlocked 9.92 million $HYPE tokens on November 29, 2025, valued between $308 million and $351 million. This release is the first major token unlock since the project's Token Generation Event in late 2024. The unlocked tokens account for 2.66% of the circulating supply and are part of a 24-month vesting schedule for core contributors. To mitigate potential market impact, Hyperliquid has conducted over $600 million in buybacks through its Assistance Fund. The move aims to counteract any sell pressure resulting from the token unlock, which has been a topic of debate among market participants.