Hyperliquid has just added a second buyback engine for HYPE — and it changes the token’s mechanics.
Until now, buybacks mainly depended on trading fees: more volume = more HYPE bought back.
With AQAv2, ~90% of the return generated by the 6.74 Md$ de USDC reserves now also feeds into buybacks.
The difference is significant: this new engine depends on reserves and rates, not on trading activity.
➡️ Hyperliquid therefore moves from a cyclical buyback model to a two-source demand model.
Until now, buybacks mainly depended on trading fees: more volume = more HYPE bought back.
With AQAv2, ~90% of the return generated by the 6.74 Md$ de USDC reserves now also feeds into buybacks.
The difference is significant: this new engine depends on reserves and rates, not on trading activity.
➡️ Hyperliquid therefore moves from a cyclical buyback model to a two-source demand model.
