Your $BASED and $HYPE are now spendable. Both tokens are accepted directly on Based Cards. Move them into your card account and spend them anywhere, no swaps, no off-ramp, no friction. Holding the token and using it are no longer two separate things. Cards: based.one/cards The future is Based.

关于 Hyperliquid 的这篇公告，很多人把这事写成了“Coinbase 收购 USDH”，但这句话其实漏掉了很多细节和有意思的地方，简单聊聊。 「一」 Coinbase 买的不是 @nativemarkets，而是 USDH 这个资产品牌/Ticker；真正发生的是 Hyperliquid 把原生稳定币实验升级成 USDC 的 AQAv2。 说人话就是 USDC 取代 USDH 成为平台主导稳定币（虽然此前 USDH 也算不上主导，但按此前规划演进路径是这样的），同时 Coinbase 作为 Treasury Deployer 将把绝大部分储备收益率收入与协议共享，这里的“绝大部分”甚至高达 90%，远高于 USDH 当时的 50%。 这意味着什么？以当前 Hyperliquid 上大约 50 亿 USDC 供应 + 国债收益率估算，协议每年可获 1.37-1.6 亿美元储备收益，预计使 Hyperliquid 整体协议收入提升 20%+，其中绝大部分用于 $HYPE 回购和生态 Grant。 这里额外科普一下 AQA，AQA 是 Hyperliquid 独创的“网络集成稳定币”机制：原生稳定币可享受更低 Taker 费、更高 Maker 返佣、交易量放大等特权，并将储备收益（国债利息等）分享给协议，USDH 首次生产级实现了这一模式。现在 Coinbase 把 USDC 升级到 AQAv2，同时将收入分享比例进一步提升（50% → 90%）。根据公告，Coinbase 和 Circle 均已承诺将质押数千万美元 $HYPE 以激活 AQAv2。 「二」 Native Markets 和 USDH 算不上失败。 它首先证明了 AQA 机制的可行性和有效性：稳定币不只是报价资产，还能把储备收益回流给协议。从这个角度甚至可以说是一次非常成功的尝试，USDH 验证机制，USDC 继承并放大。 另一方面，Native Markets 团队将继续保持独立运营。回顾来时路，从早期的与 Hyperliquid 生态深度绑定到 2025 年通过 Validator 投票击败 Paxos、Ethena、Frax、Sky、Agora 等赢得 USDH 发行权（当时承诺 50% 储备收益分享）。再到现在他们把品牌卖掉，但继续保持独立运营，帮助迁移，并表示会支持其他自定义稳定币项目。 这更像是一次“战略退出 + 为生态让路”，而非失败。向 @fiege_max 致敬🫡 补充一点关于 USDH 逐步退场（Sunset）的相关信息： ▷ 新发行于 5 月 19 日停止（有限流动性例外） ▷ 现有持有人可在未来数月通过 USDH Dashboard / usdh.com 零手续费兑换为 USDC 或法币。 ▷ USDH 储备 1:1 充分抵押，仍持续公布审计报告。 「三」 这是一个多方共赢的局面。 Hyperliquid 生态：流动性高度集中，交易体验大幅提升（无需在 USDC/USDH 间切换），协议收入增加 → HYPE 回购 + 生态扩张 → 强化其在 Onchain Perps 领域的霸主地位的飞轮进一步得到强化。 Coinbase：获得新收益率来源（与 Hyperliquid 交易量直接挂钩），USDC 使用场景进一步扩张，同时通过质押 $HYPE 深度绑定生态。 USDC / Circle：结合其跨链基础设施（CCTP）在高活跃链上进一步巩固“事实标准”地位。 用户与交易者：更低摩擦成本、更深流动性、潜在间接收益（协议收入反哺生态）。持有 USDC 在 Hyperliquid 上可能不再是“零收益”资产。 总体而言，这是一次典型的“流动性与资本效率”战胜“原生情怀”的务实整合，短期利好 $HYPE 和 USDC，中长期强化 Hyperliquid 作为链上资本市场基础设施的地位。对普通用户来说，最直接感受就是以后在 Hyperliquid 交易基本只用 USDC 就够了，体验更加丝滑。后续可以重点关注一下 USDH 迁移完成进度和 $HYPE 回购数据。 超牛子液体牛逼。 Hyperliquid.

Funding has been the most-watched number in crypto for a decade. No desk has ever been able to trade it. That is about to change. Together with Nunchi, we are bringing the first funding rate perps to Hyperliquid. BTCSWP is a perp on the BTC funding rate itself, long if you think funding accelerates, short if it compresses. An entire asset class moves from watched to traded. Live on testnet now, mainnet coming soon. Try it: testnet.based.one/yex:BTCSWP The future is Based.

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.

牛逼 Coinbase 已宣布计划将 AQAv2 作为 USDC 的 treasury deployer 激活，Circle 则担任 technical deployer，负责 CCTP 和原生跨链基础设施。Coinbase 和 Circle 均已承诺质押 HYPE 以激活 AQAv2 作为此次过渡的一部分，Native Markets 已同意相关条款，授予 Coinbase 购买 USDH 品牌资产的权利。Coinbase 作为 treasury deployer，将把绝大部分储备收益率收入与协议共享，这将使 USDC 成为 Hyperliquid 上最对齐的稳定币。因此，在未来的网络升级中，canonical outcome（HIP-4）市场将使用 USDC 作为报价资产 用户和 builder 的反馈一直很明确：碎片化会导致体验下降。现在，社区不再需要在流动性和协议对齐之间做出选择。 Native Markets 率先推出 USDH，作为首个生产级稳定币以纯链上方式直接与协议共享收益，正是他们的开创性工作让 AQAv2 成为可能。USDH 所开创的经验和机制将在 AQAv2 中继续存在 Hyper Foundation 将向符合条件的 HIP-3 deployer、HIP-1 deployer 以及集成过 USDH 的 builder 提供 grants，在未来几个月支持团队完成迁移。这些 grants 体现了 Hyperliquid 对选择在平台上构建并与协议对齐的团队的持续承诺 USDH 市场目前仍完全正常运行，但将逐步 sunset。USDH 始终保持全额支持，在过渡期间，用户可随时 feeless 兑换为 USDC 或提现为法币

Something is changing in how people trade. Over the past few months, more capital and more traders have been moving into tradfi assets on-chain, not just crypto. In the last 24 hours, half of the top 10 assets traded on Hyperliquid by volume were tradfi instruments. Some users download @BasedOneX and never touch a crypto perp. They only trade oil and equities. This makes sense. The infrastructure to trade global markets from anywhere has existed in pieces for years. It just wasn't assembled into a product anyone could actually use. When it is, people use it for what they actually want, which is access to the assets they couldn't get before. The default expectation becomes that any person with a phone can trade any liquid asset on Earth, at fair prices, without asking permission from a broker, a bank, or a government. National market infrastructure stops being a moat and starts being a legacy detail. Capital formation, price discovery, and savings stop being downstream of where you were born. There's room for Based to be the product that is key to this paradigm shift. We've spoken to many traders actively using Based. Many of them have never touched crypto before, which means the product isn't yet good enough for them. Over the next few weeks, we will be: - Redesigning the discovery surface so tradfi assets are easier to find and trade - Adding fiat rails so users can deposit USD by bank transfer at low fees - Tightening spreads and execution on tradfi assets so Based is competitive with the platforms people are leaving The next wave of Based users will not look like the last one. They will not come for crypto. They will come because they want to trade SK Hynix, or Brent, or Intel, and Based is the only place they can. But once they are in, it has never been easier to access any crypto assets that is also conveniently located in the same platform.