Hyperliquid Reaps $193 Million Annualized Income with AQAv2 Mechanism

Hyperliquid has received its first payment of $14.58 million in USDC reserves under its AQAv2 mechanism, generating an annualized income of approximately $193 million based on current scale.

The payout covers a period from August 26 to September 24, with an implied average fee rate of 3.14%.

Hyperliquid's joint founder Hans stated that the AQAv2 mechanism has created a new source of revenue for the platform, allowing it to earn income from collateral deposits regardless of their involvement in trading.

The payment is the first under the AQAv2 mechanism, which charges Circle daily fees on HyperEVM and settles once every 30 days. Coinbase and Circle have each pledged $500,000 worth of HYPE tokens as collateral for the mechanism.

According to Hans, the platform's previous income primarily came from trading fees. He predicts that with a 20% annual growth in stablecoin volume and Hyperliquid maintaining its current market share of approximately 8.7%, the protocol will reach an annual income of $240 million by the end of 2030.