USDC is becoming the standard across crypto markets.
Coinbase is deploying USDC on @HyperliquidX to help grow the ecosystem and scale how capital moves.
Hyperliquid.
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Is $HYPE consensus?
"HYPE is consensus" assumes the buyer pool is saturated.
I've seen a lot of suggestion on CT that HYPE can't possibly be like $SOL last cycle because everyone owns HYPE and thinks it is going to do well.
Is this actually true though?
Thought it could be interesting to compare the holder base of HYPE right now to SOL in Q1 2023 to see how it stacks up.
The cleanest cut of the data is native stakers on both sides.
HYPE has 48,800 stakers on HyperCore right now (HypurrScan, live). SOL had 557,906 average delegators in Q1 2023 (Messari's State of Solana Q1 2023 report).
That's an 11.4x gap.
And 558k was a bear-market low. SOL's delegator count had fallen from 892k in Q1 2022 through the crypto bear market. Meaning even at Solana's worst, lowest-engagement quarter in its post-launch history, it had 10x more skin-in-the-game participants than HYPE does today.
Total holder base tells the same story directionally, but the data is a bit messier, and more of an extrapolation.
HYPE's full ecosystem holder base, HyperCore spot (232k) plus HyperEVM positions (WHYPE and the LSTs), deduplicated, sits around 260-280K.
SOL's total ≥0.1 SOL wallet count grew to 11.44M by mid 2025 per Glassnode, and reverse-engineering to Q1 2023 puts the base in the low millions, which also roughly matches the number of Phantom MAU users at the time.
Roughly a 6-10x gap in total holders.
SOL ran 1,000%+ over the next two years, and the holder count 6x'd alongside it, from low millions to 11.4M by mid 2025. Holders follow price, not the other way around.
The "consensus" framing assumes the buyer pool is exhausted. Onchain, HYPE is held by a small, highly sophisticated cohort airdrop recipients, DeFi power users, and institutional treasuries.
The standard counter is that Hyperliquid's TAM is narrower than Solana's, a trading venue with an EVM attached, not a general-purpose L1, so holder growth is unlikely to match.
Solana grew massively because it had retail distribution. The question is whether Hyperliquid can replicate that.
The bull argument for HYPE holder growth would be that HIP-3 put the S&P 500, silver, and other TradFi instruments onchain as perps, which is seeing massive adoption. HIP-4 opens prediction markets, which is a category that went mainstream with Polymarket's election cycle and is already a multi-billion dollar behaviour.
And a wave of retail-friendly front-ends is building directly on Hyperliquid's liquidity. Phantom alone has generated $1.6M+ in builder fees routing flow into the venue in under two months, and that's one app.
None of that looked like the TAM two years ago. It does now.
A chain that's becoming the settlement layer for perps, prediction markets, and TradFi assets, with retail distribution handled by wallets and apps people already use, has a holder ceiling that looks a lot more like SOL's imo, although it's not the perfect comparison.
Hyperliquid also has geo-restriction, which permanently suppresses its holder base, that can get unlocked with regulatory clarity or a US-market frontend.
Grayscale filed for a HYPE ETF in March 2026. Institutional onboarding is ongoing and not by any means completed.
260K holders is a long way from any defensible saturation point for an asset capturing that surface area.
@0xguelfi Eu já estava testando isso de forma “improvisada” algumas semanas atrás e, cara... é simplesmente bizarro. Consegui vibecodar um painel que filtra mercados específicos da Polymarket sem estar na frente do PC, apenas instruindo o agente pelo Telegram. Fora que ele aposta sozinho😮