Ethena Labs，Hypliquid USDH和Polymarket Traders：Stablecoin景觀的轉變

Ethena Labs退出了超級流動性的USDH競標，使本地市場的領先優勢。 Polymarket Traders賭大了，這表明了Stablecoin空間中以社區為導向的轉變。

Ethena Labs, Hyperliquid USDH, and Polymarket Traders: A Shift in the Stablecoin Landscape

Ethena Labs，Hypliquid USDH和Polymarket Traders：Stablecoin景觀的轉變

The dynamics surrounding Hyperliquid's USDH stablecoin are heating up! Ethena Labs has stepped back from the issuer bid, with Polymarket traders now heavily favoring Native Markets. Let's dive into what's happening and why it matters.

圍繞Hyproliquid的USDH Stablecoin的動力正在加熱！ Ethena Labs已從發行人出價退後一步，而Polymarket Traders現在非常喜歡本地市場。讓我們深入了解正在發生的事情以及為什麼重要的事情。

Ethena Labs Exits the USDH Race

Ethena Labs退出了USDH比賽

Ethena Labs, initially a contender to issue Hyperliquid's USDH stablecoin, has officially withdrawn its bid. According to a recent X post by Ethena founder Guy Young, this decision was influenced by feedback from community members and validators. The concerns revolved around Ethena not being a native Hyperliquid project and its broader ambitions extending beyond just USDH.

Ethena Labs最初是發行Hyperliquid的USDH Stablecoin的競爭者，已正式撤回其出價。根據Ethena創始人Young的最新X帖子，該決定受社區成員和驗證者的反饋影響。這些擔憂圍繞著Ethena並不是一個本地超級流動性項目，其更廣泛的野心超越了USDH。

Native Markets Gains Momentum

本地市場獲得勢頭

With Ethena Labs out of the picture, Native Markets has emerged as the frontrunner. Polymarket traders are placing their bets, giving Native Markets a whopping 91% chance of winning the validator vote. This surge in support seems to stem from Native Markets' strong community backing, especially after the Hyperliquid Foundation announced it would align its validator vote with the team garnering the most non-foundation support.

隨著Ethena Labs的了解，本地市場已成為領先者。多聚市場交易者正在下注，使土著市場贏得驗證者投票的機會高達91％。這種支持的激增似乎源於本地市場的強大社區支持，尤其是在超流動基金會宣布將其驗證者的投票與獲得最無基調支持的團隊保持一致之後。

Young even addressed critics, highlighting that Native's success reflects Hyperliquid's community-driven ethos, where size and resources don't guarantee victory.

揚甚至對批評者講話，強調了當地人的成功反映了超流動的社區驅動的精神，在那裡規模和資源並不能保證勝利。

What's Next for Ethena Labs?

Ethena Labs的下一步是什麼？

Even though Ethena Labs won't be issuing USDH, they're not leaving the Hyperliquid ecosystem. They plan to focus on developing new products, including synthetic dollar instruments (hUSDe), USDe-powered savings and card products, and hedging flows designed for Hyperliquid markets. This also includes reward-bearing collateral and modular prime broking.

即使Ethena Labs不會發行USDH，但他們不會離開過度流動的生態系統。他們計劃專注於開發新產品，包括合成美元儀器（HUSDE），USDE驅動的儲蓄和卡產品，以及為超流油市設計的對沖流。這還包括獎勵抵押品和模塊化的素數。

The Bigger Picture

更大的圖片

This whole situation highlights a significant trend in the crypto space: the increasing importance of community-driven decision-making. Hyperliquid's validator vote, scheduled for September 14, exemplifies a level playing field where new entrants can gain credibility through grassroots support. The eventual winner will oversee a substantial $5.9 billion stablecoin reserve, currently dominated by Circle’s USDC pairs.

整個情況凸顯了加密貨幣領域的一個重大趨勢：社區驅動決策的重要性越來越重要。 Hyperliquid的驗證者的投票定於9月14日，體現了一個公平的競爭環境，新進入者可以通過基層支持獲得信譽。最終的獲勝者將監督59億美元的Stablecoin儲備金，目前由Circle的USDC Pairs主導。

Kraken also intends to list USDH alongside HYPE, which could further boost adoption by increasing the token's visibility.

Kraken還打算將USDH與Hype一起列出，這可以通過提高令牌的知名度來進一步提高采用。

My Take

我的看法

It's refreshing to see a project like Hyperliquid prioritize community input. Ethena Labs' decision to step aside demonstrates a respect for this ethos. Native Markets' potential victory signifies a shift towards more decentralized and community-governed stablecoin initiatives. While it's a bummer for Ethena to step aside, their decision to refocus on other innovative products within the ecosystem feels like a solid pivot.

看到像超級流動性優先確定社區輸入這樣的項目令人耳目一新。 Ethena Labs決定拋在一邊的決定表明了對這種精神的尊重。當地市場的潛在勝利意味著向更加分散和社區的穩定倡議的轉變。雖然這是埃特納（Ethena）不得不拋棄的令人沮喪的，但他們決定將生態系統中其他創新產品重新關注的決定感覺就像是一個堅實的樞軸。

Plus, with Arthur Hayes buying more ENA tokens, the excitement around this stablecoin launch is palpable!

另外，隨著亞瑟·海斯（Arthur Hayes）購買更多的ENA代幣，對此Stablecoin發射的興奮是顯而易見的！

Wrapping Up

總結

The Hyperliquid USDH saga is far from over, but one thing's clear: the community is speaking, and the crypto world is listening. Will Native Markets deliver the goods? Only time will tell. But for now, grab your popcorn and enjoy the show! It's gonna be wild.

超流動的USDH傳奇還遠遠沒有結束，但是一件事很明顯：社區正在說話，加密貨幣世界正在傾聽。本地市場會運送商品嗎？只有時間會證明。但是現在，抓住您的爆米花並享受節目！會很瘋狂。