Hyperliquid Flips Coinbase - A DeFi Victory
Level 4 - Turbo Autist
Welcome Avatar!
What a difference a week makes: Hyperliquid is up over 30% since capturing nearly all yield from USDC deposited on the platform (see our recent coverage). Bitwise and 21Shares also launched spot HYPE ETFs this month.
The fully diluted value of the top decentralized exchange’s HYPE token has now flipped the equity value of Coinbase stock COIN 2.38%↑ (~$60B vs $51B).
It’s time for a victory lap. A DeFi product built from the wreckage of the FTX collapse - when DeFi was declared dead - has now exceeded the value of its largest US-listed competitor. And for many of our readers Hyperliquid has special significance due to our early participation in the points farming program and the record breaking airdrop.