Hyperliquid received its first $14.58M USDC payment under AQAv2 framework, funding HYPE token buybacks from reserve yield.
DeFi & Yields ·
Hyperliquid has begun receiving funds under the AQAv2 framework, with its first disbursement totaling $14.58 million in USDC. This payment marks a new revenue stream dedicated to acquiring HYPE tokens, supplementing the protocol's existing buyback mechanisms that rely on trading fee revenue.
The AQAv2 structure directs roughly 90% of yield generated from USDC reserves—after cost adjustments—to Hyperliquid, which then channels these proceeds into its Assistance Fund to execute token purchases. The initial $14.58 million payment represents yield accumulated over a 30-day period, establishing a regular cadence for future disbursements under the framework.
The mechanism represents a shift in how the protocol funds token acquisition, moving beyond fee-derived buybacks to incorporate yield from reserve management. Whether additional payments will match or exceed the first tranche, and how this arrangement evolves with fluctuating reserve yields, remains to be seen.