cbhype went live on base yesterday. 1:1 backed by hype sitting in coinbase custody, live day one on aerodrome, 1inch, matcha, kyber.
the cbbtc version of this made obvious sense. bitcoin has no native yield, so wrapping is pure addition. the underlying gives up nothing because it wasn't doing anything.
hype isn't that. it already has a chain, it already has defi, and over 400 million of it is staked to validators right now.
cbeth handled this by being a ctoken. the conversion rate rises as staking rewards accrue, so holders keep the yield. cbbtc has none to keep.
cbhype is the first one where the answer isn't obvious, and coinbase's announcement doesn't say whether the custodied hype is staked. neither does the wrapped assets page.
until it is, the trade is native staking for aerodrome pairs. that's fine. it's just a trade, not free composability.
cbZEC and cbHYPE are live on Base
Now you can unlock liquidity and put your ZEC and HYPE to work across Base's DeFi ecosystem