Coinbase is now the official deployer of @HyperliquidX's USDC treasury wallet.
We will be activating AQAv2 from the two addresses below:
0x4E5319dEb1072B01439EE674db5C321d11fd96F8
0xc20699185c15D0a2fD65779BB5d69f5b0B113c00
🆕 Grayscale Research: Hyperliquid is the breakout success story of modern digital assets.
↳ ~$800M in 2025 revenue
↳ 8th largest crypto asset by market cap
↳ No VC backing
↳ Still geoblocked in the U.S.
Our latest report unpacks how it happened, and what's next.
Hyperliquid.
https://t.co/bS3TGy42U5
Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.
Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid - USDC delivers exactly that.
Alongside this, we’ve also significantly increased our position of staked HYPE.
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.
User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment.
The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2.
The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and alignment.
Our industry will face adversity as we continue to grow. It gives me hope seeing titans of the industry come together to build for users and bring all of finance onchain.
Congratulations to Phantom on reaching $20M in builder code revenue on Hyperliquid in under a year. Users can trade 200+ markets in the Phantom app, including crypto, indices, commodities, and more.
To date, 100+ teams have integrated via builder codes, earning a share of fees on every trade their users make.
Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume.
When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.
Growth Mode Activated.
Trading fees on all XYZ assets have been reduced by 90%. The highest fee tier is now less than 0.009%.
A new user trading $1,000 of any XYZ asset will pay ~9 cents as a taker and less than ~3 cents as a maker.
XYZ assets are now the cheapest way to access equity perps, any place, anytime.
Introducing Felix Exchange
At Felix, our core goal since inception has been to create ways to enhance the trader experience on Hyperliquid and deliver Hyperliquid to more people globally. Through our money market products, the core use case has always been to open access to liquidity in order to trade more on HL. Now with Felix Exchange, we are bringing new markets to more current and future Hyperliquid power users
Via Felix Exchange and our HYPE stake backers @HyperionDeFi + @smartestmoney, we will be deploying markets on Hyperliquid’s HIP-3 infrastructure to continue to drive HL expansion. These markets will be denominated in the Hyperliquid-native stablecoin USDH, which will drive further value back to Hyperliquid and allow cost reductions for traders
Serve the Hyperliquid trader; Bring Hyperliquid to the masses. gFelix
To support builders in the @HyperliquidX ecosystem, we've launched a Chainlink-grade RPC endpoint for the HyperEVM testnet as a public good.
If you are building around HIP-3, vaults, LSTs, spot deployments, or other innovative solutions on Hyperliquid, we are here to support you.
With Chainlink Data Streams and CCIP already live on HyperEVM mainnet, builders have the infra they need to build the future of finance.
Hyperliquid.
Hypurr NFTs have been deployed on the HyperEVM.
Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the Hyperliquid L1. The HyperEVM is not a standalone EVM. Rather, it allows developers to trustlessly tap into the liquidity on HyperCore. Read precompiles allow smart contracts on the HyperEVM to read L1 state, and the CoreWriter contract allows HyperEVM smart contracts to send actions on HyperCore. This two-way communication between Core and EVM secured by the same HyperBFT consensus protocol unlocks powerful new primitives. Many novel applications have been built on the HyperEVM exploring these possibilities, including LSTs, lending, and vault tokenization protocols.
The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr.
There are a total of 4,600 NFTs in the collection. 4,313 NFTs went to Genesis Event participants, 144 went to the Hyper Foundation, and 143 went to core contributors, including Hyperliquid Labs, NFT artists, and other contributors.
Ownership and use of Hypurr NFTs are subject to the Hypurr NFT Terms and License available here: https://t.co/6oHgPdf7G9. Participants who opted in to receive a Hypurr NFT as part of the Genesis Event were screened according to the Foundation's risk-based program. In addition, clustering analysis was conducted to protect against sybil behavior and cap the total number of NFTs received by any given user.
Contract address: 0x9125E2d6827a00B0F8330D6ef7BEF07730Bac685.
To be clear: No action is required. You do not need to mint. The NFT collection has already been distributed. As always, beware of scams and impersonations.
Native Markets has staked and locked 200k HYPE for 3 years, making USDH the first permissionless spot quote asset to be added on @HyperliquidX
HYPE / USDH is now live for trading.