aqav2

Hyperdash co-founder Hans stated that Hyperliquid's AQAv2 mechanism has formed a new source of revenue. The AQAv2 treasury wallet completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days. The related funds will enter the aid fund for purchasing HYPE.According to this mechanism, after users bridge USDC to Hyperliquid, Circle will mint the corresponding assets on HyperEVM and charge a daily fee on the treasury balance, settling every 30 days. Coinbase and Circle each staked 500,000 HYPE; if they fail to make payments on time, Coinbase could lose 2% of its staked amount daily. Hans mentioned that Hyperliquid's previous revenue mainly came from trading fees, while AQAv2 allows the platform to earn revenue from the margin deposits themselves, regardless of whether the related funds participate in trading.The first payment covers the period from August 26 to September 24, with an implied average rate of about 3.14%, estimating an annualized revenue of approximately $193 million based on the current scale. From January 1 to September 30 of this year, Hyperliquid's open contracts increased from $7.72 billion to $16.4 billion, and the platform's margin rose from $4.34 billion to $7.22 billion. During the same period, perpetual contracts had a cumulative trading volume of about $2 trillion, and the protocol earned $493.3 million in fees, equivalent to about 2.46 basis points per dollar of trading volume.Based on this year's average trading speed and the current AQAv2 fee rate, each $1 of margin can contribute approximately 15.4 cents in revenue to the protocol annually, with about 12.5 cents coming from trading fees and about 2.8 cents from AQAv2. Hans expects that under a baseline scenario where the stablecoin scale grows by 20% annually and Hyperliquid maintains its current market share of about 8.7%, the protocol's annual revenue could increase from the current approximately $1.11 billion to $2.4 billion by the end of 2030.

HL HUB (Community) posted on platform X that Hyperliquid expects to receive its first AQAv2 reserve yield distribution tomorrow. Approximately $14.5 million in passive income generated from USDC reserves will flow into the Assistance Fund for the purpose of repurchasing HYPE.It is reported that the revenue sharing mechanism of AQAv2 stipulates that Hyperliquid stablecoin deployers must allocate 90% of the reserve income from the stablecoin to the Hyperliquid protocol, and these earnings will be used 100% for the repurchase and destruction of HYPE tokens.The stablecoin reserve income distribution is settled on a 30-day cycle, and the income will automatically transfer to the Assistance Fund on the 8th day after the cycle ends. The formal revenue accrual will begin on August 26, and the first income payment will occur on October 3.

The first revenue from the Hyperliquid AQAv2 mechanism is expected to enter the Hyperliquid Assistance Fund on October 3, with the market anticipating that the initial fund size could reach approximately $20 million, which will be used to repurchase HYPE. AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May of this year, allowing stablecoins, including USDC, that are not exclusively issued by Hyperliquid to qualify as "Aligned."According to public information, AQAv2 will return most of the stablecoin revenue to the Hyperliquid ecosystem, with 90% of the revenue allocated to the relevant mechanisms, and subsequently 100% used for the repurchase and destruction of HYPE tokens. Coinbase has been designated as the fund deployment party, while Circle is responsible for the technical deployment, and both parties will also stake HYPE to participate in the mechanism. Analysts expect that this mechanism could generate an additional repurchase pressure of approximately $135 million to $160 million in HYPE annually.

According to Bitcoin.com, the native token HYPE of the decentralized derivatives trading platform Hyperliquid is approaching $73. Crypto trader Pentosh1 stated that its fee burn mechanism will expand after the AQAv2 upgrade, potentially supporting its performance in the next bull market.Since November 2024, Hyperliquid has repurchased and burned 462 million HYPE, worth approximately $1.27 billion, with about 99% of protocol fees used for repurchase. The platform's annualized protocol revenue is currently around $600 million to $950 million. AQAv2, which stands for Aligned Quote Asset v2, is scheduled to start generating returns from the platform's over $5 billion USDC reserves, with about 90% allocated to the Assistance Fund, and the first funds are expected to arrive on October 3. Market participants estimate that AQAv2 could add an additional $135 million to $160 million in repurchase scale annually.In May, Coinbase and Circle, designated as Hyperliquid's official USDC fund deployers, have both committed to staking a larger amount of HYPE to assist in launching this mechanism.

According to HyperliquidNews monitoring, the USDC supply on Hyperliquid increased by $249 million and $151 million, totaling an increase of $399 million.AQAv2 will launch on August 26. This mechanism will allocate 90% of the revenue generated from all USDC on Hyperliquid to Circle, with 100% of the revenue used for repurchasing and destroying HYPE.

The AQAv2 stablecoin model protocol of Hyperliquid has previously received support from 19 out of 26 validators, and the relevant mechanism is expected to officially start accruing yields on August 26. Meanwhile, Circle has transferred approximately $4.4 billion USDC to Coinbase via the AQAv2 mechanism on HyperEVM, setting a record for the largest single USDC transfer on HyperEVM.If everything proceeds as planned, the yields generated by AQAv2 will begin accruing on August 26, with the first payment expected to enter the Assistance Fund on October 3. AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May this year, allowing stablecoins, including USDC, which are not exclusively issued by Hyperliquid, to qualify as "Aligned." According to public information, most of the stablecoin yields from AQAv2 will be returned to the Hyperliquid ecosystem, with 90% of the yields allocated to the relevant mechanism, and subsequently, 100% used for the buyback and destruction of HYPE tokens.Coinbase has been designated as the fund deployment party, while Circle is responsible for technical deployment, and both parties will also stake HYPE to participate in the mechanism. The mechanism previously required stablecoins to be exclusive assets of Hyperliquid, but AQAv2 has removed this restriction and will focus on the HIP-4 standardized market and the perpetual contract market operated by validators. According to relevant public disclosures, AQAv2 is expected to generate up to approximately $200 million in revenue and further enhance token value capture through the HYPE buyback and destruction mechanism.