I am very optimistic about HYPE, but how much are you willing to buy it for? Waiting for it to fall back to $60? $50？ Or $30? Or wait until he reaches $100, $300, or even higher before chasing after him? Yesterday, AQAv2 officially began to accrue profits From this day on, for the first time, Hyperliquid's purchase of HYPE has an additional cash flow that is not entirely dependent on transaction volume As we mentioned before, according to the AQAv2 arrangement, starting from August 26th, the reserve income generated by USDC on the Hyperliquid chain will accumulate according to the new rules. The first fund is expected to enter the aid fund on October 3rd, and then be settled on a periodic basis thereafter Now, the timing for purchasing this new engine has started However, the first real funds are expected to enter the aid fund on October 3rd This mechanism is managed by Circle for the technical deployment of USDC, with Coinbase serving as the deployment party for the vault. Both parties pledge 500000 HYPE coins each After the USDC reserve assets generate profits, about 90% of the cost adjusted profits will go to Hyperliquid and enter the aid fund to purchase HYPE. 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 reserve income after deducting related costs So, how big is this newly added cash flow? At present, there is approximately $6.748 billion in USDC on the Hyperliquid chain. If estimated based on a reference yield of 3.87%, it would be $6.748 billion x 3.87% x 90% Corresponding to an annualized income of approximately $235 million, with an average of approximately $19.32 million per 30 days, equivalent to approximately $644000 per day However, 3.87% is not a fixed interest rate. If calculated at a more conservative 3%, AQAv2 may still contribute approximately $182 million annually, equivalent to approximately $499000 per day Therefore, based on the current USDC scale, a reasonable estimate range for this cash flow is approximately $500000 to $640000 per day, $15 to $19.3 million per month, and $182 million to $235 million per year What is this concept? Hyperliquid's protocol revenue in the past 7 days is approximately $21.51 million, equivalent to approximately $3.07 million per day This part of the income is mainly generated through the continuous purchase of HYPE through the aid fund. AQAv2 is expected to add an additional $500000 to $640000 per day, which is equivalent to an increase of about 16% to 21% beyond the existing purchasing power of transaction fees Combined, the theoretical operating speed could reach $3.57 million to $3.71 million per day Of course, this is only a static calculation based on the current USDC stock, interest rates, and recent 7-day agreement income. Transaction fees will vary with market conditions, and USDC yields will also adjust with interest rate environments. These numbers cannot be directly used as future fixed income But the most important aspect of AQAv2 is not simply increasing the purchase amount by one-fifth, but it has changed the revenue structure of Hyperliquid's purchase of HYPE In the past, aid funds mainly relied on transaction fees. The greater the market volatility and the more active the traders, the more agreement income and HYPE purchase funds there were. When the market was quiet, the trading volume decreased and the purchase scale also decreased synchronously AQAv2 is different, as long as a large amount of USDC remains in Hyperliquid, reserve earnings will continue to accumulate. Even if there is no sharp market trend on the day, users do not frequently open positions, and the stock and commodity markets are closed, this portion of income can still be generated, and transaction fees are more like a cyclical income The USDC reserve income adds a relatively stable basic cash flow to Hyperliquid, and this cash flow has very direct scalability According to the current interest rate assumption, for every additional $1 billion USDC, theoretically, it can increase annualized returns by approximately $27 million to $35 million, equivalent to approximately $74000 to $95000 per day of HYPE purchase funds The future HIP-4 and the perpetual market operated by validators also require the use of AQAv2 for their quoted assets If the demand for USDC continues to expand in the stock spot market, portfolio margin, lending, and more perpetual markets, every dollar of stablecoin entering Hyperliquid may simultaneously serve two functions: one as a user trading and margin asset, and the other as a reserve income to provide funds for the aid fund to purchase HYPE So, back to the question at the beginning: I am very optimistic about HYPE. How much are you willing to buy it for? This short-term price actually doesn't make much sense What really needs to be answered is: How many times are you willing to pay for Hyperliquid's current cash flow valuation? Can transaction fees continue to increase? Can HIP-3 convert trading volume into revenue after increasing rates? Can the USDC on the chain remain above 6.7 billion US dollars? How much profit can AQAv2 contribute after the interest rate drops? Will the future new income continue to enter the aid fund to purchase HYPE? How much will there be in terms of team token redemption and new market supply? These variables collectively determine how much HYPE is worth, rather than just saying 'wait a minute' HYPE Hyperliquid USDC AQAv2 DeFi