Hyperliquid Activates AQAv2, Second HYPE Buyback Engine

This marks a deliberate shift in Hyperliquid's revenue model, moving beyond trading fees to monetize idle stablecoin reserves. The 90% yield share creates a direct, recurring link between protocol usage and token buybacks, which could make HYPE's supply dynamics more predictable over time. The key question is whether the projected $150-200 million annual yield materializes at current reserve levels and whether this diversification reduces the protocol's sensitivity to trading volume swings. For market observers, the first buyback cycle in early October will be the initial test of whether this mechanism operates as designed and whether it changes the token's market behavior.