Defi Stablecoins：USDH，Fulcrum和爭取統治之戰

探索不斷發展的Defi Stablecoins的世界，專注於USDH，成功的支點以及Ethena，Frax和Paxos等主要參與者爭奪主導地位。

DeFi Stablecoins: USDH, Fulcrum, and the Battle for Dominance

Defi Stablecoins：USDH，Fulcrum和爭取統治之戰

The race for DeFi stablecoin supremacy is heating up, with HyperLiquid's USDH at the center. Issuance is no longer the key; it's about utility, liquidity, and sustainable returns.

Defi Stablecoin至高無上的競賽正在加熱，而Hyperliquid的USDH位於中心。發行不再是關鍵；這是關於公用事業，流動性和可持續回報。

The Allure of DeFi Stablecoins

Defi Stablecoins的魅力

While centralized stablecoins like USDT and USDC still dominate, DeFi native stablecoins are gaining traction. These coins champion decentralization, censorship resistance, and transparency. For protocols with billions in daily trading volume, native stablecoins are invaluable. They act as core pricing and settlement units, reducing reliance on external options and locking value within their ecosystems. Think of USDH on HyperLiquid: it aims to be the protocol's 'heart,' functioning as margin, pricing unit, and liquidity hub.

儘管USDT和USDC（USDC）等集中式Stablecoin仍然佔據主導地位，但Defi Native Stablecoins仍在獲得吸引力。這些硬幣擁護下放，審查制度和透明度。對於每日交易量數十億美元的協議，本地穩定的穩定性是無價的。它們充當核心定價和結算單元，減少對外部選項的依賴和鎖定價值。想想超級流動性上的USDH：它的目的是作為協議的“心臟”，起源於保證金，定價單元和流動性中心。

The Paradigm Struggle: DAI, GHO, crvUSD, and frxUSD

範式鬥爭：dai，gho，crvusd和frxusd

The evolution of DeFi protocol stablecoins is a battleground of scenarios, mechanisms, and efficiency. DAI, the original decentralized stablecoin, pioneered over-collateralized minting. Aave's GHO mirrors DAI's logic, using aTokens as collateral. Curve's crvUSD supports various mainstream assets and boasts a unique LLAMMA liquidation mechanism. Frax Finance, after a stability crisis, pivoted to a fully collateralized model and strategically entered the LSD arena.

Defi協議Stablecoins的演變是場景，機制和效率的戰場。 Dai是原始的分散穩定的，率先劃定了過度的鑄造。 Aave的GHO反映了Dai的邏輯，將Atokens用作抵押品。 Curve的CRVUSD支持各種主流資產，並具有獨特的Llamma清算機制。在穩定危機之後，Frax Finance與完全抵押的模型樞紐，並從戰略上進入了LSD競技場。

From Issuance to Transaction: Finding the Fulcrum

從發行到交易：找到支點

Stablecoins are essential for DeFi protocols transitioning from tools to systems. The focus has shifted from simply issuing a stablecoin to ensuring its utility and circulation. It's not about how to issue, but what it can be used for, who will use it, and where it can circulate. Serving the HyperLiquid ecosystem and ensuring compliance are now paramount.

穩定劑對於從工具到系統過渡的FEFI協議至關重要。重點已經從簡單地發布穩定的轉變為確保其效用和流通。這不是關於如何發行的，而是關於它可以使用的，誰將使用它以及它可以散發的地方。現在，服務超流動生態系統並確保合規性至關重要。

Hayes' Bet on Ethena

海耶斯對埃塞納的賭注

Arthur Hayes, former BitMEX CEO, made a significant move by accumulating nearly $1 million worth of Ethena (ENA) tokens. This coincided with Ethena's bid to issue Hyperliquid’s native stablecoin using USDtb collateralized through BlackRock’s BUIDL fund. His aggressive buying suggests confidence in Ethena's proposal, which includes a revenue-sharing model with Hyperliquid.

前BITMEX首席執行官Arthur Hayes通過積累了近100萬美元的Ethena（ENA）代幣採取了重大舉動。這與Ethena的競標相吻合，使用BlackRock的Buidl Fund使用USDTB來發行Hyplliquid的本地Stablecoin。他的積極購買表明，對埃塞納（Ethena）的提議有信心，其中包括與超流動性的收入分享模式。

The Competitive Landscape

競爭格局

The USDH race is fierce. Paxos revised its proposal with PayPal integration and significant ecosystem incentives. Sky Protocol promised high yields and substantial ecosystem development funding. Native Markets led the prediction market, while Frax Finance pitched frxUSD backing through BlackRock’s BUIDL fund. Ethena, however, brings institutional credibility with its BlackRock partnership and proven track record.

USDH比賽很激烈。 Paxos通過貝寶集成和重要的生態系統激勵措施修改了其提案。天空協議承諾將高收益和大量生態系統發展資金。當地市場領導了預測市場，而Frax Finance通過BlackRock的Buidl基金提供了Frxusd的支持。然而，埃特納（Ethena）通過其貝萊德（BlackRock）合作夥伴關係和驗證的往績帶來了機構的信譽。

The Future of DeFi Stablecoins

Defi Stablecoins的未來

The winning DeFi stablecoins will be those 'super assets' offering the most robust application scenarios, deepest liquidity, and sustainable returns. They'll be more than just a currency. The real fulcrum lies not in issuance, but in making them frequently traded and used.

獲勝的Defi Stablecoins將是那些提供最強大的應用程序方案，最深的流動性和可持續回報的“超級資產”。它們不僅僅是一種貨幣。真正的支點不在於發行，而是在使其經常交易和使用。

So, buckle up, crypto enthusiasts! The DeFi stablecoin saga is just getting started. Who will emerge victorious in this high-stakes game of digital finance? Only time (and maybe a few strategic token purchases) will tell!

因此，搭扣，加密愛好者！ Defi Stablecoin Saga剛剛開始。在這個高風險的數字金融遊戲中，誰會取得勝利？只有時間（也許還有一些戰略代幣購買）才能說明！