Hyperliquid’s HYPE token is nearing $73 as its fee-burning system expands ahead of the planned Aug. 26 AQAv2 upgrade. The protocol has repurchased and burned 462 million HYPE worth about $1.27 billion since November 2024, with roughly 99% of protocol fees used for buybacks. AQAv2, or Aligned Quote Asset v2, is expected to direct about 90% of the yield generated by more than $5 billion in USDC reserves to Hyperliquid’s Assistance Fund, with the first payment due Oct. 3. Market participants estimate the mechanism could add $135 million to $160 million in annual HYPE buybacks. Coinbase and Circle, designated in May as Hyperliquid’s official USDC fund deployers, have committed to stake substantial amounts of HYPE to help launch it. Separately, USDC supply on Hyperliquid rose by $249 million and $151 million, a combined $400 million increase, according to monitoring by HyperliquidNews cited by Odaily. Trader Pentosh1 said the expanded fee-burn mechanism could support HYPE’s performance in the next bull market.