Hyperliquid’s AQAv2 Generates $24.78 Million in Cumulative Revenue

AQAv2 has generated $24.78 million in cumulative revenue for Hyperliquid since Aug. 26, making the stablecoin revenue-sharing mechanism the protocol’s second-largest source of income at 26.96% of total revenue.

Perpetual trading fees remain the largest source, accounting for more than 66% of Hyperliquid’s revenue.

Under AQAv2, stablecoin deployers allocate 90% of reserve yield to the Hyperliquid protocol. The protocol uses 100% of that income to buy back and burn HYPE tokens.