Ethena，Hyproliquid和USDH：製作中的Stablecoin傳奇

深入研究圍繞Hyperliquid的USDH Stablecoin，Ethena令人驚訝的退出以及當地市場的興起的戲劇。

The Hyperliquid ecosystem is buzzing with activity, and at the center of it all is the quest for a native stablecoin, USDH. It's been a wild ride, with unexpected twists and turns that have everyone on the edge of their seats. Let's break down what's been happening.

超流動生態系統正在嗡嗡作響，而這一切都是對本機穩定的USDH的追求。這是一次瘋狂的旅程，出乎意料的曲折，使每個人都坐在座位的邊緣。讓我們分解發生的事情。

Ethena's Exit: Community Over Corporate Power

Ethena的退出：社區對公司權力

Ethena Labs, initially a strong contender in the USDH race, made a surprising move by withdrawing its proposal. This decision came after the Hyperliquid community voiced concerns about Ethena's non-native status and broader ambitions beyond just USDH. Guy Young, Ethena's founder, acknowledged these concerns, highlighting the importance of community alignment within the Hyperliquid ecosystem. This shows how much decentralized governance values community input, even over well-funded proposals.

Ethena Labs最初是USDH競賽中強大的競爭者，他撤回其提議做出了令人驚訝的舉動。這項決定是在超流動社區對Ethena的非本地地位和更廣泛的野心表示關注之後。埃塞納（Ethena）的創始人蓋伊·楊（Guy Young）承認了這些擔憂，強調了社區在超流動生態系統中的重要性。這表明了分散的治理價值社區的投入，甚至超過了資金充足的建議。

Native Markets Takes the Lead

土著市場領先

With Ethena stepping aside, Native Markets, led by Stripe, has emerged as the frontrunner. Their focus on building specifically within the Hyperliquid ecosystem resonated with validators, leading to a significant lead in validator support. Native Markets proposes using Stripe's Bridge infrastructure for USDH issuance, with revenue split between HYPE token buybacks and ecosystem growth. While some criticize their proposal of allocating only 50% of yield back to the community (compared to the 95% offered by others), their 'native' approach appears to have struck a chord.

隨著Ethena拋棄，由Stripe領導的本地市場已成為領先者。他們專門針對在超流動生態系統中引起驗證器共鳴的專門構建，從而在驗證器支持方面具有很大的領先優勢。本地市場建議使用Stripe's Bridge基礎設施進行USDH發行，並在炒作代幣回購與生態系統增長之間分配收入。儘管有些人批評他們僅將收益率的50％分配給社區的提議（與其他人提供的95％相比），但他們的“本地”方法似乎引起了和弦。

The Stakes Are High

賭注很高

The USDH contest is about more than just a ticker symbol. Hyperliquid holds a massive $5.5 billion in USDC deposits, representing a significant chunk of the total USDC in circulation. The winner of the USDH race could potentially capture an estimated $220 million in annual treasury yield, benefiting the Hyperliquid ecosystem and HYPE token holders.

USDH競賽不僅僅是一個股票符號。 Hyperliquid擁有55億美元的USDC存款，這佔流通總額的很大一部分。 USDH競賽的獲勝者可能有可能獲得約2.2億美元的年度財政收益率，從而使超流動生態系統和大肆宣傳令牌持有人受益。

Controversy and Community Skepticism

爭議和社區懷疑論

Despite Native Markets' lead, the process hasn't been without its critics. Some have questioned the team's experience and the speed at which they gained validator support, suggesting a potentially rushed vote. Others argue that proposals from Paxos and Ethena offered more attractive terms. However, as Guy Young of Ethena pointed out, the situation exemplifies the ethos of Hyperliquid: a fair playing field where new players can win the community's favor.

儘管當地市場的領先地位，但沒有批評家的過程。有些人質疑球隊的經驗以及他們獲得驗證者支持的速度，暗示可能急於投票。其他人則認為，來自Paxos和Ethena的建議提供了更具吸引力的術語。但是，正如埃塞納（Ethena）的蓋伊·楊（Guy Young）指出的那樣，這種情況例證了超流動的精神：一個公平的競爭環境，新球員可以贏得社區的青睞。

Hyperliquid's Future

超流動的未來

Regardless of who ultimately wins the USDH race, the competition has highlighted Hyperliquid's commitment to community-driven governance and its ambition to reduce reliance on bridged assets. The outcome will significantly impact Hyperliquid's risk profile and growth trajectory for years to come.

無論誰最終贏得了USDH比賽，比賽都強調了超流動性對社區驅動治理的承諾及其對減少對橋接資產的依賴的雄心。該結果將在未來幾年內顯著影響超流動性的風險概況和增長軌跡。

My Two Satoshis

我的兩個satoshis

While Native Markets'

而本地市場