Two independent buyback routes
AQAv2 allows the Hyperliquid protocol to take the USDC it holds as reserve yields and use that capital to repurchase HYPE tokens from the market. Those tokens are then burned, permanently removing them from circulation. This runs alongside the buyback and burn program that already operates on trading fees, giving the protocol two separate funding sources for the same supply-reduction tool.
The activation took effect on Wednesday. The framework is now live, so the
