Hans says Hyperliquid’s AQAv2 has opened a new revenue stream

Hyperdash co-founder Hans said Hyperliquid’s AQAv2 mechanism has started generating a new source of revenue beyond trading fees. The AQAv2 treasury wallet has completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days, with the proceeds set to flow into an assistance fund used to buy HYPE. Under the mechanism, when users bridge USDC to Hyperliquid, Circle mints the corresponding assets on HyperEVM, charges the treasury balance daily, and settles every 30 days. Coinbase and Circle have each staked 500,000 HYPE, while a missed payment could cost Coinbase 2% of its staked amount per day. Hans said Hyperliquid previously relied mainly on trading fees, but AQAv2 allows the platform to earn from margin deposits themselves, whether or not those funds are actively traded. Based on the first payment period and current scale, he estimated implied annualized AQAv2 revenue at about $193 million.