Hyperliquid “would take 108 years to finish buying back $HYPE ” — the math checks out. At $2 million a day and an $84 billion FDV, it works out to over a century.

But that assumes revenue doesn’t grow. On October 3, AQAv2’s first 14.58 million $USDC went into the Assistance Fund, annualizing to about $177 million—equivalent to roughly 24% more buyback capital.

The source changed from “fees only” to “fees + reserve yield.” That’s not enough to make the valuation cheaper, but buyers do have another leg to stand on.

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