Interesting pattern in @HyperliquidX Labs' wallet. Labs got 238M $HYPE as the team allocation at genesis. About 23 months later it still has 237.8M staked, even though ~9.5M $HYPE has been unstaked from it. The reason is staking rewards. 238M staked $HYPE earns roughly 14K HYPE a day, and that has added up to ~9.3M so far. > Sent to team wallets since Nov 2025: 5.79M HYPE > Being unstaked now for an OTC sale: 3.75M HYPE > Staking rewards earned so far: ~9.3M HYPE > Still staked: 237.8M HYPE Since July the monthly team payout has been ~433K HYPE. That's about one month of staking rewards (14.4K x 30). So far the team has taken out about what the allocation has earned, and the original 238M is nearly untouched. The rewards come from Hyperliquid's emissions pool, not from the team allocation itself. Labs earns them like any other staker. If this continues, the team could be paid from staking rewards for a long time without touching the 238M. That leaves room for a bigger decision later, like burning part/entire of the allocation. Nothing like that has been announced. It's just an option they have. At ~$90, ~9.3M HYPE is worth ~$840M. Incredible the size of the allocation team received even without touching the initial pool of 238m HYPE.