HYPE rose to $59.06, nearly matching its Sept. 18, 2025 all-time high of $59.33, and posted about 20% daily gains. Weekly gains approached 50% and market capitalization briefly exceeded $14 billion. The rally triggered $36.5 million in liquidations of short positions, while long positions were wiped out by about $1.4 million. Hyperliquid’s AQAv2 framework aligns USDC as the quote asset and uses Coinbase for treasury deployment, with Circle handling cross-chain transfer logistics. The architecture ties revenue to user deposits rather than trading volumes, aiming to reduce buyback sensitivity during market downturns. Near-term yield-sharing revenue is projected at $135M–$160M, with upside to $300M–$500M if asset balances grow.
"HYPE surged to $59.06 on Thursday morning, putting the token just cents away from its 2025 all-time high. The new AQAv2 framework ties Hyperliquid revenue to deposits, aiming for $135M to $160M near term. Critics warn of a bubble ahead of Hyperliquid unlocking 2.54% of the token supply for its dev team."
"Market data shows that HYPE surged to $59.06, its highest mark so far this year and a few cents shy of its Sept. 18, 2025, record high of $59.33. The price action drove HYPE's daily gains to approximately 20%, making it one of only two high-capitalization altcoins to post double-digit gains within a 24-hour period; the privacy coin zcash was the other. Meanwhile, HYPE's latest rally pushed its weekly gains close to 50% and briefly lifted its market capitalization above $14 billion, toppling WBT as the 11th-ranked cryptocurrency."
"The surge triggered the liquidation of $36.5 million in short bets, compared to approximately $1.4 million in wiped-out long positions. Despite later retreating to just under $59, HYPE's multi-week upward momentum appears to validate Hyperliquid's strategic shift to establish USDC as its official aligned quote asset and Coinbase as its treasury deployer. As recently reported by Bitcoin.com News, Coinbase stepped in under a new framework called AQAv2, placing the exchange at the center of USDC reserve management on the platform, while Circle handles the technical logistics via its Cross-Chain Transfer Protocol."
"Market analysts note that this architecture links Hyperliquid's revenue to user deposits rather than volatile trading volumes, insulating token buybacks during broader market downturns. Near-term yield-sharing revenue is projected to hit between $135 million and $160 million, with a potential upside of $300 million to $500 million if asset balances expand. Beyond the Coinbase integration, demand for HYPE has"
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