Buybacks get pushback, and markets rebound

Markets rebounded yesterday, breaking a multi-day losing streak, with both equities and crypto seeing gains. This upturn was instigated by optimism regarding potential rollbacks of Trump-era tariffs, as indicated by a drop in the probability of the Supreme Court upholding them from 45% to 29%. Bitcoin (BTC) rose 2.36%, and the Nasdaq climbed 1.15%. Within the crypto space, DePIN and DeFi sectors led the recovery, with gains of 6.7% and 6.1%, respectively. The enthusiasm for subnets remains high; several subnet tokens are trading above pre-crash levels and are generating real revenue. The article also discusses the HIP-5 proposal, which suggests allocating a percentage of Hyperliquid fees to a buyback fund for certain tokens, arguing both pros and cons around ecosystem stimulation and supporting project quality. The conversation around this initiative emphasizes the delicate balance between short-term price boosts and potential long-term impacts on the platform’s asset integrity.

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