sum

eternally curious @sentralcash

[sum @sumfxn]

https://t.co/P7XqHYWk7l

[sum @sumfxn]

@HyperliquidFR @LilianAliaga_ @Ledger @OAK_Res @HyperliquidR more of the same 🤝

[sum @sumfxn]

ok, they weren’t lying about workflows

tokens are burning like hell

[Claude @claudeai]

Introducing Claude Opus 4.8: it builds on Opus 4.7 with sharper judgment, more honesty about its own progress, and the ability to work independently for longer than its predecessors.

Available today at the same price.

[Yaugourt.hl @Yaugourt]

$1.18B in lifetime protocol revenue. $1.55M per day average over the last 30 days.

Stablecoin supply on Hyperliquid: $2.12B. Up 67.81% in 30 days. Capital is flowing in fast.

AQAv2 yield hasn't even started yet.

Hyperliquid.

[sum @sumfxn]

@davewardonline nice one, relevant and well articulated

[Yaugourt.hl @Yaugourt]

Everyone is arguing about $USDH dying. They're missing the point entirely. What happened today is the single most important business move in Hyperliquid's history.

Let me explain. Revenue, liquidity, politics, lobby, and what it means for the USDH vote debate.

Coinbase is now the official treasury deployer of $USDC on Hyperliquid under AQAv2. Circle handles the technical side (CCTP, cross-chain infra). Both are staking hyperliquid:native. Native Markets agreed to sell the USDH brand assets to Coinbase.

$USDH is sunsetting. But the mechanics it pioneered are not. They just got applied to a $4.7B asset instead of a $100M one.

Let's break down why this is a win on every single front.

LIQUIDITY

The biggest complaint from traders and builders for months: fragmentation. $USDH had the alignment but not the liquidity. $USDC had the liquidity but not the alignment. You had to choose.

That choice is gone. One stablecoin. One orderbook per pair. No split liquidity. No confusion for HIP-3 deployers picking a quote asset. No friction for new users bridging in.

$4.7B in USDC on Hyperliquid, 2x year over year. That is the base generating yield now, not $100M.

REVENUE

Under AQAv2, the treasury deployer shares 90% of the reserve yield revenue with the protocol. Run the numbers on the current $USDC supply:

$4.7B at 3.8% interest rate, 90% shared with the Assistance Fund = $160M+ per year flowing directly into HYPE buybacks. That is $440K per day. Every day.

For context, USDH at peak supply was generating a fraction of this on $100M. The AQA model worked. It just needed to be applied at the right scale.

POLITICS AND LOBBYING

This is the angle most people are sleeping on. Coinbase is the largest publicly traded crypto company in the US. They spent over $100M on crypto lobbying and political action in the last cycle. They are the single most powerful voice for crypto regulation in Washington.

The CLARITY Act markup is happening today. Coinbase has been one of its strongest advocates. Having them financially aligned with Hyperliquid, staking HYPE, operating as treasury deployer, is not just a liquidity play. It is a regulatory shield.

Every conversation about "is Hyperliquid a US regulatory risk" just got a lot harder to make when Coinbase is literally staked into the network.

Circle staking 500K HYPE and moving toward becoming a validator. Jeremy Allaire posting "Hyperliquid." That is institutional endorsement at the highest level.

THE USDH QUESTION

"Was USDH a failure?" "Was the vote theater?" "Did Native Markets just flip an asset?"

No. USDH was a weapon. It was a credible threat that proved a protocol can demand yield sharing from stablecoin issuers. Before USDH, Hyperliquid had $5B+ in USDC generating $150-200M/year for Circle and Coinbase. The protocol saw none of it.

USDH launched. The AQA model proved that yield can be redirected onchain, transparently, back to the protocol. It only reached $100M in supply but that was never the point. The point was forcing incumbents to the table.

Basit said it best: the entire lifecycle of USDH from launch to sunset should be studied. Coinbase didn't come to Hyperliquid out of goodwill. They came because USDH proved they would lose the venue if they didn't align.

"But Paxos offered better economics during the vote." Maybe on paper. But 95-100% of a stablecoin that might have also struggled to reach $100M in supply is still less revenue than 90% of $4.7B. The vote was never about picking the best yield split on a small asset. It was about creating the leverage to capture yield on the dominant one.

WHAT THIS MEANS FOR BUILDERS

USDC becomes the canonical quote asset for HIP-4 outcome markets. No more guessing which stablecoin to build around. Hyper Foundation is issuing grants to HIP-3 and HIP-1 deployers who integrated USDH to cover migration costs. Feeless conversions from USDH to USDC during the transition.

For HIP-3 deployers running equity perps, commodity perps, outcome markets: one liquidity pool, one collateral asset, deeper books.

SECOND ORDER EFFECTS

Coinbase operating perps through Hyperliquid via builder codes? Not confirmed, but now structurally possible. Their existing perp product is weak. Hyperliquid's infrastructure is the best in crypto. The incentive alignment is there.

Tether now has a clear path to compete. AQAv2 is an open spec. Any stablecoin issuer can stake 500K HYPE and share yield to become an aligned quote asset. Competition is good.

AQAv2 becomes a blueprint for every other chain. Hyperliquid just proved that a protocol can force the largest stablecoin issuers in crypto to share revenue at the protocol level. No one has done this before.

Hyperliquid.

[sum @sumfxn]

what is AQAv2?

AQAv2 is @HyperliquidX's updated aligned quote asset spec for stablecoins that aren't exclusive to HL.

it has no trading fee discount, no maker rebate boost, and no extra volume contribution, unlike v1.

the alignment is now much more direct:

if a stablecoin wants to be used as a quote asset on future HIP-4 and validator-operated perp markets, ~90% of the cost-adjusted reserve yield revenue from its HL supply flows back to the protocol.

the deployer role is also split:

- treasury deployer stakes 500k hyperliquid:native and handles the yield/revenue side
- technical deployer stakes 500k hyperliquid:native and handles mint, redemption, and cross-chain transfer infra
- treasury stake is slashable if revenue can’t be deducted

AQAv2 will be required for those future quote asset listings.

other quote assets will still be supported for spot and HIP-3 perps.

so the point is pretty simple:

HL can support external stables like @USDC without giving them free distribution.

the stablecoin keeps the user-facing liquidity.
hyperliquid captures most of the yield generated by the balances held on its venue.

[sum @sumfxn]

@Yaugourt @HyperliquidX @tradexyz price discovery be like

[sum @sumfxn]

people will call this usdh losing to usdc

i think that misses the point

usdh proved hyperliquid could make stablecoin liquidity compete for distribution

usdc brings ~$5b already sitting on hl, cleaner us regulatory cover, and turns the yield on those balances into protocol revenue through aqa

same playbook, much larger balance sheet

[sum @sumfxn]

@fiege_max @MSilb7 everything aligning for the better

thank you max

[sum @sumfxn]

@Yaugourt @nativemarkets usdh stack shaping up nicely

[sum @sumfxn]

@shaundadevens greatly illustrative thanks for your work!

[sum @sumfxn]

@imliterallyaman future is so bright thank you 🫶

[sum @sumfxn]

@Yaugourt @liquidterminal chef is cooking

[sum @sumfxn]

i keep coming back to the same idea: the best financial products make things easier on both sides

usdh-kit is for the builders who need better rails

@sentralcash is for everyone who should never have to think about them

waitlist: https://t.co/iJc0JWnezR

[Yaugourt.hl @Yaugourt]

HIP-4 is live. Every outcome market on Hyperliquid is tradeable in $USDH from @nativemarkets.

Shipped something with @sumfxn today for every team that wants to integrate USDH without writing the action layer themselves. Quote, swap, bridge, React widget. A few lines and your users are in.

Free, maintained, MIT license. More features shipping fast.

https://t.co/hVKsn4wQy9 to try the swap live. https://t.co/N6xiUBwLcP for the SDK. https://t.co/I1Ettlm11O for the source.

USDH is native to Hyperliquid, fully reserved, and routes 50% of reserve revenue to the Assistance Fund. Every HIP-4 deployer that integrates it gives their traders a structural fee advantage.

@sumfxn has been building quietly on Hyperliquid for a long time. Some of it is starting to surface with @sentralcash. It brings a lot of pieces together.

Hyperliquid.

[sum @sumfxn]

@nativemarkets this is so good

[sum @sumfxn]

@Yaugourt great resume
hyperliquid

[trade.xyz @tradexyz]

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.

For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes.

The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale. 

SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain.

Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

[Jay Yu 🐟 @0xfishylosopher]

https://t.co/CUVPOihevV

[sum @sumfxn]

@emilylai except that the only important thing is the retail not noticing these changes, because they'll end up using them anyways