According to Wu Blockchain citing data from the Hyperliquid Research Collective (HRC), Hyperliquid's protocol revenue in the third quarter reached $190.9 million, up 21.7% quarter-on-quarter (QoQ) and down 36.5% year-on-year (YoY), marking the highest single-quarter revenue since 2026. Among this, USDC reserve yield—counted starting from August 27—contributed $17.3 million, accounting for nearly half of the quarter's QoQ revenue increase. The post also noted that its assistance fund spent approximately $149 million on HYPE buybacks during the quarter. The figures mentioned above represent protocol revenue and capital utilization data rather than net profit; the comparison regarding the reserve yield's share is based on revenue growth.