CBHYPE Token Unveiled: Coinbase's Wrapped Hyperliquid Token Explained

Coinbase Wrapped HYPE (CBHYPE) is a token on the Base network that represents Hyperliquid (HYPE) held by Coinbase. Each CBHYPE token is backed 1:1 by HYPE in Coinbase custody, allowing users to use HYPE in DeFi apps on Base.

This means that CBHYPE enables customers to transact on multiple networks while maintaining a single, unified balance of the native tokens in their Coinbase accounts.

The tokenomics of CBHYPE describe its economic model, including supply, distribution, and utility within the ecosystem. Factors such as total supply, circulating supply, and token allocation play a major role in shaping its market behavior.