Hyperliquid Aligned Quote Assets and Yield-Sharing Rules
Summary
The document explains two Hyperliquid aligned quote asset specifications. AQAv1 links a stablecoin’s onchain supply to protocol revenue sharing and offers trading incentives when the asset is used for eligible spot pairs or HIP-3 perpetual markets. Its requirements cover staking, reserve backing and redemption, native issuance, issuer independence, and validator oversight of offchain conditions. The document says validators report rates and that an onchain mechanism reflects minted balances for fee sharing.
AQAv2 broadens eligibility to stablecoins that are not exclusive to Hyperliquid and focuses on sharing cost-adjusted reserve yield. It describes separate technical and treasury deployers, their stake and operating commitments, revenue deductions, and validator approval. A dated example illustrates how balances and rates accumulate across 30-day periods before payment. AQAv2 is stated to be required for certain future quote asset markets and does not provide AQAv1’s fee or volume benefits. These are protocol specifications and stated requirements, not evidence of adoption, stablecoin safety, or trading performance; some activation details depend on future upgrades and validator decisions.
Key ideas
- AQAv1 shares a portion of an aligned stablecoin’s reference yield with the protocol and grants trading incentives in specified markets.
- AQAv1 requires staking, reserve and redemption conditions, native HyperEVM issuance, and validator oversight.
- AQAv2 permits nonexclusive stablecoins and assigns technical and treasury deployers distinct responsibilities.
- AQAv2 yield deductions are calculated from balances and published rates over 30-day intervals, with delayed transfers to the Assistance Fund.
- The document describes protocol rules and proposed market eligibility, not measured adoption or investment returns.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.