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Coinbase Officially Takes Over USDC Treasury of Hyperliquid, HYPE Token Price Rises 12%
Coinbase officially takes over the management of the USDC treasury of the decentralized exchange Hyperliquid on Monday (6/8). This process is executed through the implementation of the AQAv2 framework by assigning two dedicated wallet addresses to manage the platform's asset reserves.
Coinbase's entry is expected to increase Hyperliquid's annual revenue to over $200 million. Since this protocol has a rule to use 99% of their revenue for token buybacks via the Assistance Fund feature, the profits from treasury management will automatically cycle back to boost purchase volume in the market.
This strategic move is also supported by the platform's solid fundamental conditions. Hyperliquid has just recorded a weekly revenue of $24.07 million solely from transaction fees. Although its performance is healthy, market participants remain cautious of some external risks, especially warnings from the UK Financial Conduct Authority and potential selling pressure from upcoming key token unlock schedules.
The combination of strong fundamentals and the sentiment of treasury acquisition immediately had a positive impact on the movement of its underlying asset. The HYPE token price increased by 12% and stabilized again around $64, after previously being dragged down to the $57 level due to market correction.