A post by @WuBlockchain on X.
Hyperliquid Q3 Protocol Revenue Hits $190.9M, With USDC Reserve Yield Accounting for Nearly Half of Revenue Growth
@WuBlockchain on X
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Hyperliquid's Q3 protocol revenue reached $190.9 million, up 21.7% quarter-over-quarter but down 36.5% year-over-year, according to the Hyperliquid Research Collective. Yield on the protocol's USDC reserves accounted for nearly half of the sequential revenue growth, underscoring the growing contribution of stablecoin-related income to the platform's economics. The quarter marked the highest revenue level cited in the report, though the annual decline signals that activity remains below the prior year's peak. The mix shift toward reserve yield matters because it ties Hyperliquid's top line more closely to interest rates and stablecoin balances rather than trading activity alone. What to watch next is whether USDC reserve income keeps offsetting any softness in core trading revenue in the coming quarters.
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Hyperliquid (HYPE), USDC, Hyperliquid Research Collective, Wu Blockchain
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