Coinbase Wrapped HYPE (cbHYPE) is a token on the Base network that represents Hyperliquid (HYPE) held by Coinbase. Each cbHYPE is backed 1:1 by HYPE in Coinbase custody, allowing users to use HYPE in DeFi apps on Base. Coinbase allows eligible customers to send wrapped versions of certain cryptocurrencies to wallet addresses on supported blockchains, enabling customers to transact on multiple networks while maintaining a single, unified balance of the native tokens in their Coinbase accounts. Each wrapped asset is backed 1:1 by its original cryptocurrency.