"HYPE surged 17% to $46.93 after Coinbase committed to staking the token to activate AQAv2 on the protocol. Hyperliquid will replace USDH with USDC to consolidate liquidity and share yield revenue with the L1 network. The Hyper Foundation is providing grants to HIP-3 and HIP-1 builders to support migration over the next few months."
"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."
"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."
"Hyperliquid explained that part of the reason for the decision was feedback from users and builders suggesting that fragmentation was degrading the experience. It said that while the plan is to sunset USDH markets over time, they remain fully functional in the meantime. The stablecoin itself remains fully backed, with feeless conversions to USDC and fiat available to users during this transition."
HYPE surged 17% to $46.93, reaching its highest level this year, after Coinbase committed to staking HYPE to activate AQAv2 on Hyperliquid. The move reversed a prior decline from about $44 on May 9 to under $39 by May 14. Hyperliquid also announced a stablecoin shift, replacing USDH with USDC to consolidate liquidity and align yield distribution with the L1 network. Coinbase will gain rights to purchase USDH brand assets, and USDC will become the most aligned stablecoin on Hyperliquid. Canonical outcome markets will use USDC as the quote asset in a future network upgrade. Hyperliquid plans to sunset USDH markets gradually while keeping them fully functional, with stablecoin conversions remaining fully backed and available during the transition. Hyper Foundation grants will support HIP-3 and HIP-1 migration over the coming months.
Read at news.bitcoin.com
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