HYPE, reached a yearly high of $46.93, soaring 17% in 24 hours following news that Coinbase will stake HYPE to activate AQAv2.
HYPE, the utility token of the decentralized exchange and layer 1 protocol Hyperliquid, surged to $46.93 on Friday, its highest point this year. The rally followed an announcement by Coinbase that it will commit to staking HYPE to activate AQAv2. HYPE’s sharp climb reversed a downward trend that had seen the token slide from around $44 on May 9 to just under $39 by May 14 morning.
Although it had retreated to $45.68 at the time of writing (4:40 a.m. EDT), it was still up by more than 17% in 24 hours. The climb also saw HYPE’s market cap rise to just over $10 billion, shy of the $11 billion mark. In a statement on X explaining the Coinbase and Circle collaboration, Hyperliquid said Native Markets, which built the first network-integrated stablecoin for its protocol, has agreed to terms granting Coinbase the right to purchase the USDH brand assets. It added:
“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.”
