
Promether
3.3K posts



Cerebras was a test. When SpaceX, Anthropic, OpenAI, and every other major company IPOs, the whole world will be watching Hyperliquid.




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.









If you are a HIP-3 project today and wanted to stand out from the competition (typically @tradexyz which holds 90% of the market share), you need to be focus on one or two very specific niches. There’s no sense in buying the same stock tickers that TradeXYZ already has. They have the best product and users will naturally go to them. You’ll just be spending too much time and hyperliquid:native. Their strategy is actually quite simple to understand. Their goal is to bring major financial stocks on-chain like the GAFAM companies, big tech firms or even companies that are in the media spotlight. In short, they’re focusing on large-cap companies, simply because these are the ones most likely to attract the largest audience, generate the highest trading volume and therefore the biggest fees. But who will bring small-cap companies on chain? Car manufacturers? Luxury groups? Pharmaceutical companies? Biotech firms? Renewable energy companies? Commodity firms? Food companies? In short, the list could be endless and when you think about it, the possibilities are almost limitless. The world of TradFi isn't limited to trading large-cap stocks or the most well-known companies. There are still a large number of traders out there who don't yet have a solution for on-chain trading. But when you add up all these niches, they represent far more people than you might think. I know it’s probably really easy to say this in a single post on X, but I feel like there’s clearly not enough competition or differentiation among the various HIP-3 builders right now (@felixprotocol, @hyenatrade, @Dreamcash, @Markets_xyz, @ventuals). If you ask me, the only way to survive against a player like @tradexyz is to target very specific niches and offer something different that will attract a new kind of TradFi traders to your product. I think we’re underestimate the race for tickers that will take place if we truly want to have The House of All Finance on Hyperliquid. Hyperliquid




