Louie

With the market heating up again and participants going risk-on, attention—like clockwork—is once again shifting toward memecoins as on-chain season kicks off. This has reignited the familiar question: "Is Solana anything more than a memecoin casino?" Those who know me already know my stance. This piece explores why I believe the ecosystem is destined for something more. louieajacob.substack.com/p/beyond-the-c…

@zoomerfied Hyperliquid

[ ZOOMER ] THE CFTC APPROVES PERPS TO OPERATE AND BE OFFERED TO US USERS: FILING

Markets do not stop moving when legacy exchanges close, and end users from airlines to manufacturers want more price discovery, not less. Hyperliquid is a preview of where market structure is going: 24/7, transparent and global.

Hyperliquid stats 2 hours post-listing vs Lighter 9 days in

@zoomerfied nervous? hyperliquid.

[ ZOOMER ] CME AND NYSE ARE PUSHING THE US TO REGULATE HYPERLIQUID, DUE TO CONCERNS ABOUT MARKET MANIPULATION AND SANCTIONS EVASION: BBG

@Yaugourt Hyperliquid.

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.

Coinbase becoming main treasury supplier of USDC is extremely bullish for Hyperliquid, not only adds ~$150M of yearly recurring revenue on the $5B in stables on the platform, but CB has a lot of what Hyperliquid needs to scale longterm, US regulatory wise & distribution wise

@waleswoosh @xixswago what are your targets ser?

@xixswago Holding unless my targets are reached, then I'm planning to sell my initials first

MegaETH TGE tomorrow. What are you planning to do with your ICO allocation? Be honest

GMega. Check out the ecosystem here: @megaeth @megamafia @Mega_Ecosystem @hotpot_dao @NamikMuduroglu @bread_ @Euphoria_fi @stompdotgg @smasherdotfun @hitdotone @kumbaya_xyz @brix_money @TryNectarAI etc.

imagine they just decide to become a HIP-4 deployer

@ShantikiranC what are ya'll waiting for then

Once you realize Hyperliquid is building the everything exchange, and cross-margin brings it all together, you realize that every other competitor is playing a much narrower, far less defensible game. On Hyperliquid, perps, spot, options, predictions, RWAs, and related markets are not separate products so much as expressions of a single, unified trading experience powered by a shared risk engine. At scale, the resulting liquidity and capital-efficiency flywheel should produce a winner-take-most market structure, leaving those who didn’t see the bigger picture fighting for scraps in siloed markets. Excerpt below on the approaching $HYPE endgame over the coming years.

POV: Trump regime

"I don’t think we’re seeing a linear trend, I think this goes 10x or 100x in the next year." While traditional exchanges sleep, Hyperliquid just cleared $1.3 billion in commodity open interest. Santiago’s "long volatility" thesis suggests we are on the verge of a 10x or 100x explosion in volume over the next 12 months as the world's smartest macro traders realize they can hedge commodities 24/7.

HIP-3 metrics consistently hitting new ATHs during a bear market: $5.93B in daily volume, now accounting for 46% of all trading on Hyperliquid

You can now enable Claude to use your computer to complete tasks. It opens your apps, navigates your browser, fills in spreadsheets—anything you'd do sitting at your desk. Research preview in Claude Cowork and Claude Code, macOS only.

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.