Onchain Daily™️

unfortunately BTC is pulling down the only crypto worth investing in need $HYPE to completely decorrelate asap

In a bear market, everything becomes an increasingly difficult PvP match. Unless you have edge, you are better off staying sidelined until things turn PvE again. And what could be more PvE than a daily 8 figure bid from TradFi on a reflexive asset making new ATHs? Hyperliquid

Hyperliquid has no future. $HYPE dumped from $450 -> $380. It’s over. ~ someone on CT in 2028 Gm

The digital divide has reversed. Digital is cheap, ubiquitous, often fake. Physical is the premium product now.

Near(ai-privacy) narrative

when you’ve been trading equity perps on tradexyz, it’s really hard to go back to IBKR TradFi UX feels prehistoric

$near added

$hype to $150 coded Hyperliquid

As soon as Binance’s grip on Crypto loosens you’re going to see this industry transform in ways you cannot even imagine. Hyperliquid

@CryptoTeluguO @variational_io Snapshot happens on wednesday every week,so todays activity will be accounted for next week harsha

👀Today is good day to farm @variational_io 💱I did ~$1M volume today 👇Reason 📊Weekly volume was ~$12B in Jan 📉Weekly volume down by 60% 💱This week volume is only $4B ⏰Weekly Points snapshot ends in 16hrs 🤔So this week I earn ~2.5X more points for same volume which I did in January 🤷Obviously tomorrow onwards everyone will focus & we may see spike in weekly volumes again because of new funding 😁So if u planning to grind volume, do it today 🔗omni.variational.io/?ref=OMNITELUGU 🎟️Code - OMNITELUGU 📸If u already started this week, post volume screenshot 💙Like 🔁RT

Interesting Hyperliquid

@ElNachoCrypto @variational_io Appreciate the effort ser nacho. But since youre an og whats the closest figure you get in your mind. i heard some peeps calling for 6-7$ points

@seeking_crypto @variational_io var can launch between $1-3b fdv, but there are a lot of variables which make a concrete points prediction a little redundant

think of @variational_io omni as a liquidity aggregator, connecting all markets globally into one universal broker when you internalise this, something clicks. only then do you realise just how big this can be 'thousands of listings', piped into one venue. imagine how much volume and revenue that could amount to and that's just omni gvar

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.

price discovery for the largest AI tech IPO of the year happened on crypto rails through a decentralized perpetuals platform & gave retail an entry -50% lower than what it is going to open at on the Nasdaq

Have gotten 4 different calls today from funds who are watching CBRS trade on @tradexyz for price discovery, pretty surreal

Price discovery happens on Hyperliquid

Cerebras ($CBRS) can be traded on Hyperliquid as Pre-IPO Perpetual (IPOP) where it's currently trading around $300/share, implying a mid-$80B valuation. app.hyperliquid.xyz/trade/xyz:CBRS On Friday, Bloomberg reported that Cerebras is seeking to raise up to $4B in its IPO at roughly a $40B valuation. Traders on Hyperliquid are pricing it at 2x what bankers are reportedly targeting. Is this about to become one of the most successful IPOs of 2026?

HYPE is up 4% on a 25% revenue increase.