Orbit: Crypto Community Feed

Another real buyback party for the HYPE you bought HyperliquidNews reported this morning that unit.xyz is using its own fee revenue to buy back HYPE, with a 2500-piece TWAP order actively executing at the time, planning to complete the purchase within two hours. This order itself is not large; 2500 pieces are barely a splash in the HYPE market. But it becomes interesting when combined with what happened a few days ago. In the last round we discussed, trade.xyz used perpetual contract fee revenue to buy HYPE for the first time a few days ago, first transferring 250,000 USDC to buy 2000 pieces, then transferring 500,000 to buy 9000 pieces, and by this morning expanding to transfer 3.25 million USD from the fee wallet, opening 8 TWAP orders to slowly buy about 59,000 pieces. Now unit.xyz has also joined in. Two aggregators are starting to use real income to buy the same token back-to-back; this is no coincidence. TWAP, translated into plain language, means breaking a large order into small pieces and buying bit by bit at a fixed pace. The advantage is not to pump the price while buying, avoiding self-inflicted losses. Both chose TWAP, indicating they really care about cost, not just showing off. Why is this more reliable than issuing tokens or airdrops? The reason is simple. Minting tokens is like transferring money from one hand to the other, making the numbers look good but not reducing tokens. Fee buybacks come from real user transaction revenue, used to buy tokens on the market, removing them from circulation. The former is paying themselves; the latter is sharing earnings with everyone. But don’t get carried away; the contrast between the two must be clear. First is scale. unit.xyz’s 2500 pieces are less than a fraction of trade.xyz’s 59,000 pieces, not to mention the 433,000 HYPE tokens distributed at once to 9 wallets in the same round. Buybacks are a trickle; distributions are a pipeline. The net direction still matters. Second, buybacks don’t equal price support. Buying pressure may come, but if the team and early addresses move their tokens anytime, net supply still rises, and the price will still be pressured. So now I watch HYPE focusing on one thing: whether these buyback parties increase or if it’s just these two making a gesture. More participants mean a trend; fewer mean a show. Another point worth noting: Hyperliquid’s chain feature is that fees truly come from transaction volume, not subsidies. Aggregators on top earn real matching commissions. So these buybacks have a better quality than projects relying on token incentives to sustain themselves. Of course, better quality doesn’t mean no risk, just a different story texture. The market hasn’t changed: BTC is still grinding between 64,000 and 65,000, the 200-week moving average at 63,657 just broke with no volume follow-through, Coinbase premium has been negative for 80 consecutive days, and stablecoins have decreased by 14.5 billion since the beginning of the month. HYPE itself has dropped nearly 30% from the high of 76.9, now around 55. That said, do you think these aggregators are really supporting the price with profits, or just painting a redeemable promise for token holders? #MSTR再卖1638枚比特币，规模腰斩

Salaries for 2,300 truck drivers will be paid using stablecoins A listed Japanese logistics company called AZ-COM Maruwa recently invested about 1 billion yen, equivalent to 6.3 million USD, into a stablecoin project. The amount isn't large, but the plan that follows is quite interesting: the company intends to pay approximately 2,300 business partners and independent contractors, mainly long-haul truck drivers and subcontractors, using stablecoins. The receiving project is called JPYC, a Japanese yen stablecoin. After this round of financing, the total amount reached about 6 billion yen, nearly 38 million USD. JPYC was launched only last October, with each coin backed by yen bank deposits and Japanese government bonds, allowing holders to redeem for regular yen at any time. It also holds a less conspicuous but crucial status as the first digital currency officially registered as an electronic payment instrument following the revision of Japan's Payment Services Act. Usually, when we talk about stablecoins, we mostly discuss USDT and USDC, on-chain liquidity, market-making arbitrage, or issues with exchanges. Few people actually consider stablecoins as a tool for payroll. But this Japanese logistics company is exactly aiming for that. They are also developing a dedicated wallet app and even plan to link payment and delivery records, using GPS tracking or smart contracts to trigger settlements. In plain terms, once the goods are delivered, the payment is automatically made on-chain. The significance here is not the amount but the people involved. Truck drivers are not crypto users; they likely don't care about private keys, don't look at candlestick charts, and aren't concerned about the collateralization ratio of yen stablecoins. They only care about one thing: when the money arrives. The biggest pain point in the logistics industry has never been low freight rates but long payment cycles. After a delivery, payment might be delayed by one or two months. If stablecoins can shorten this cycle to the same day or even instantly, that would truly solve the problem. An interesting contrast is that on the very same day, we are still watching whether Strategy should sell coins, SoftBank pledging OpenAI shares to borrow 10 billion, storage stocks dropping double digits overnight, and whales opening long and short positions causing liquidations. The most lively part of the entire crypto circle always revolves around leverage and price. Meanwhile, this Japanese logistics company quietly wants to use this technology to pay drivers their freight fees. Of course, there are many questions. A scale of 2,300 people is just a fraction in Japan's logistics industry; piloting and full rollout are completely different matters. The first thing drivers will likely do after receiving JPYC is convert it back to yen. How much cost is actually saved in the process, and whether it can cover the learning and compliance hassle, no one can say for sure now. But if one day a group of people truly receive their salaries in stablecoin form and don't even find it unusual, that will be the real sign that this industry has successfully adopted it. What do you think? Will stablecoins truly break out starting from exchanges, or from these unnoticed corners?