Hyperliquid Secures First $14.58 Million USDC Reserve Income, Annualized at Approximately $193 Million

On October 3, Hyperliquid's AQAv2 treasury wallet completed its first reserve payment of $14.58 million USDC, which will be used to purchase HYPE. This mechanism allows users to bridge USDC to Hyperliquid, where Circle mints the corresponding assets on HyperEVM and charges daily, settling every 30 days. Coinbase and Circle each staked 500,000 HYPE, and if payments are not made on time, Coinbase could lose 2% of its staked amount daily. Hyperliquid's previous revenue primarily came from trading fees, and AQAv2 enables the platform to generate income from margin deposits. The first payment covers the period from August 26 to September 24, with an implied average fee rate of approximately 3.14%, estimating an annualized revenue of about $193 million based on current scale. From January 1 to September 30, 2023, Hyperliquid's open contracts increased from $7.72 billion to $16.4 billion, while platform margin rose from $4.34 billion to $7.22 billion, with perpetual contracts totaling approximately $2 trillion in trading volume, generating $493.3 million in fees, equivalent to about 2.46 basis points per dollar of trading volume. It is expected that by the end of 2030, the protocol's annual revenue will increase from the current approximately $1.11 billion to $2.4 billion.

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