Yesterday, the 24-hour handling fee of Hyperliquid was only about $230000, reaching a new low But in 8 days, there will be $6 billion in USDC on the chain, which may start contributing another daily cash flow of about $470000 HYPE is still strong, is it the advantage of early trading? Yesterday we discussed how Hyperliquid revenue has fallen to a recent low In the past 24 hours, the transaction fee income was only about 220000 to 240000 US dollars, which is almost 10% lower than the long-term average of about 2.08 million US dollars per day The weekend market closure, decreased market volatility, and diversion of trading volume due to point based activities, coupled with the fact that HIP-3 is still heavily discounted in the market, have collectively lowered agreement revenue But just as transaction fees hit a low point, Hyperliquid, another cash flow that does not directly rely on transaction volume, is about to start accruing According to AQAv2 arrangements, starting from August 26th, the reserve income generated by USDC on the Hyperliquid chain will begin to accumulate according to new rules. The first fund is expected to enter the aid fund on October 3rd, and then be settled on a periodic basis thereafter Here we need to explain first: After users deposit USDC into Hyperliquid, they will not directly receive this reserve income Circle is responsible for the technical deployment of USDC, while Coinbase serves as the deployment party for the vault. After USDC generates profits from reserve assets, the deployment party will allocate approximately 90% of the cost adjusted profits to the Hyperliquid protocol This 90% is not 90% of the USDC principal, nor is it an annualized rate of return of 90%. It refers to approximately 90% of the USDC reserve income after deducting related costs These funds will eventually enter the aid fund for the continued purchase of HYPE If estimated based on the approximately $6 billion USDC on the Hyperliquid chain and Circle's recently disclosed reserve income level, this cash flow could reach around $13.5 million to $14 million per month Converted to approximately 450000 to 470000 US dollars per day on average What is this concept? Yesterday, the low point of Hyperliquid's transaction fee income was only about $230000 That is to say, under the current estimation, the daily average size of USDC reserve income may reach about twice yesterday's fee income Of course, the two cannot be compared completely together Transaction fees are generated daily and vary based on trading activity The USDC reserve income is accumulated on a cyclical basis, and the first payment will not enter the aid fund until October 3rd, not every day starting from August 26th But the biggest difference between them is even more important: The handling fee depends on whether the user has made a transaction, and the USDC reserve income mainly depends on how much USDC is stored on the chain, as well as the level of market interest rates When the market is active, Hyperliquid can earn income through transaction fees; When the market is sluggish and there are fewer traders, as long as a large amount of USDC remains on the chain, reserve returns can continue to accumulate This is equivalent to adding a HYPE purchase funding source that is not entirely dependent on the trading cycle for the aid fund HIP-3 mature market begins to adjust handling fees, USDC reserve income enters aid funds, HLP idle funds enter native lending, stock spot, portfolio margin, and lending markets continue to expand USDC demand These changes are all trying to reduce Hyperliquid's single dependence on transaction fees People consider Hyperliquid to be a cryptocurrency application, just as they once thought Amazon was a bookstore HYPE Hyperliquid USDC DeFi