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Hyperliquid received its first reserve income of 14.58 million USDC, with an annualized amount of approximately 193 million dollars based on the current scale

Hyperdash co-founder Hans stated that Hyperliquid's AQAv2 mechanism has formed a new source of revenue. The AQAv2 treasury wallet completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days. The related funds will enter the aid fund for purchasing HYPE.According to this mechanism, after users bridge USDC to Hyperliquid, Circle will mint corresponding assets on HyperEVM and charge daily for the treasury balance, settling every 30 days. Coinbase and Circle each staked 500,000 HYPE; if payments are not made on time, Coinbase could lose 2% of its staked amount daily. Hans mentioned that Hyperliquid's previous revenue mainly came from trading fees, while AQAv2 allows the platform to earn revenue from the margin deposits themselves, regardless of whether the related funds participate in trading.The first payment covers the period from August 26 to September 24, with an implied average rate of about 3.14%, estimating an annualized revenue of approximately $193 million based on current scale. From January 1 to September 30 this year, Hyperliquid's open contracts increased from $7.72 billion to $16.4 billion, and the platform's margin rose from $4.34 billion to $7.22 billion. During the same period, perpetual contracts accumulated a trading volume of about $2 trillion, and the protocol earned $493.3 million in fees, equivalent to about 2.46 basis points charged per dollar of trading volume. Based on this year's average trading speed and current AQAv2 rates, each $1 of margin can contribute about 15.4 cents in revenue to the protocol annually, with approximately 12.5 cents coming from trading fees and about 2.8 cents from AQAv2. Hans expects that under the baseline scenario of a 20% annual growth in stablecoin scale and Hyperliquid maintaining its current market share of about 8.7%, the protocol's annual revenue could increase from the current approximately $1.11 billion to $2.4 billion by the end of 2030.

Pump.fun adjusts the Callout reward mechanism: high-frequency releases lead to diminishing marginal returns, with rewards placing greater emphasis on content quality

Alon, co-founder of Pump.fun, stated that two months after the launch of the platform's $15 million Callout reward program, it was found that the initial mechanism inadvertently incentivized undesirable behavior, leading to a flood of low-quality content and weakening users' willingness to continuously create high-quality content.Pump.fun subsequently adjusted the reward algorithm to place greater emphasis on content quality rather than the quantity of posts. According to the new mechanism, the more Callouts a user posts each day, the lower the marginal returns from the new content. Alon mentioned that the reward mechanism is still undergoing iterations, but there is still a lot of work to be done to ensure that a large number of users can sustainably produce high-quality content over the long term.He also stated that the rewards currently cover both top accounts and accounts with fewer than 10 followers, with no favoritism or preferential treatment. Alon suggested that users focus on recommending quality tokens, building trader trust through content, and earning rewards based on the trading volume generated by their Callouts. He emphasized that simply flooding the platform with Callouts or dumping tokens to followers will not yield sustainable returns.
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