Hyperliquid's AQAv2 generates $24.78M, 27% of protocol revenue
- —AQAv2 has earned $24.78M since August 26 — 26.96% of Hyperliquid's total revenue
- —It is the second-largest revenue source after synthetic trading fees (66%+)
- —Stablecoin issuers route 90% of reserve yield to the protocol
- —The protocol uses the full amount to buy back and burn HYPE
Why it matters: AQAv2's growing revenue share strengthens deflationary pressure on HYPE through recurring buybacks and burns.
Source: TokenPost