Hyperliquid Activates AQAv2 for HYPE Buybacks

Hyperliquid officially activates AQAv2 to buy back and burn HYPE with USDC reserve yield

Hyperliquid has activated its Aligned Quote Asset v2 (AQAv2) framework starting August 26, channeling yield from over 5 billion in USDC reserves held on the platform into programmatic market buybacks and permanent burns of the native HYPE token. Circle serves as technical deployer, with Coinbase managing the treasury; a 1:9 ratio between the linked contract and treasury address is maintained automatically on every HyperEVM block. Roughly 90% of reserve yield flows to the protocol after cost adjustment, transferred in 30-day cycles to the Assistance Fund — the on-chain wallet that executes HYPE buybacks — with yield accrual beginning August 26 and the inaugural payout scheduled for October 3.

The framework follows a validator vote that passed on June 12 with 19 of 26 validators voting yes at 69.08%, clearing the 66.67% threshold. Analysts estimate AQAv2 adds roughly 135-160M in annual buyback pressure on top of the ~771M already generated from trading fees, pushing Hyperliquid's combined buyback engine toward 900M+ per year and creating a second, volume-independent revenue stream for token repurchases.

See announcement: https://x.com/HyperliquidNews/status/2065385488412807309

BitGo completes acquisition of NYDIG institutional trading business

BitGo has completed its acquisition of NYDIG's institutional trading business and related assets, folding NYDIG's derivatives, structured products, financing and capital markets operations into BitGo's existing custody, settlement and wallet infrastructure. Roughly 30 NYDIG employees and related institutional client relationships moved to BitGo as part of the deal, which closed in two steps at a price of approximately ＄42.5 million in cash and stock — ＄7 million in cash plus about ＄35.5 million in BitGo shares. The transaction value was not otherwise disclosed. With the trading business carved out, NYDIG will focus on power, bitcoin mining and HPC data center operations, and currently has a development pipeline exceeding 3GW, with more than 1GW slated for delivery between 2027 and 2028.

See announcement: https://x.com/BitGo/status/2093087655047344453

Lido adjusts EarnETH Vault fee structure toward performance-linked model

Lido has announced a change to the fee structure of its EarnETH Vault, lowering the fixed management fee and raising the portion tied to the vault's actual yield performance. Previously, EarnETH charged a flat "1% AUM management fee plus 10% performance fee"; the revised framework is now floating and tilted toward performance-based incentives, capped at 0.5% AUM management fee plus 20% performance fee, with the initial standard set at 0.2% AUM management fee plus 15% performance fee. Lido says cutting the base AUM fee from 1% to 0.2% for the first phase reduces the fixed cost of holding EarnETH during low-yield periods, while the higher performance fee aligns protocol revenue more closely with users' actual investment returns.

Our estimation - at roughly 5% expected annualized return on ETH wealth management, investor cost drops from around 1.5% previously to about 1%, and would return to roughly 1.5% if the 0.5% AUM plus 20% performance fee cap were applied.

See announcement: https://x.com/LidoFinance/status/2092941459762606424

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