Ethena的Stablecoin提款：這對超流油意味著什麼

Ethena Labs在社區問題中退出了Hyplliquid的USDH Stablecoin種族，為本地市場鋪平了道路。獲取有關含義的內部勺子。

Ethena's Stablecoin Withdrawal: What It Means for Hyperliquid and You

Ethena的Stablecoin提款：這對超流油意味著什麼

The 'Ethena, stablecoin, withdrawal' saga continues! Ethena Labs has pulled out of the race to issue Hyperliquid’s USDH stablecoin. Here's a breakdown of what happened and why it matters.

'ethena，stablecoin，撤回''傳奇繼續！ Ethena Labs已退出比賽，發行了Hyperliquid的USDH Stablecoin。這是發生的事情及其為什麼重要的細分。

Why Ethena Stepped Aside

為什麼埃塞娜暫時拋開

On September 11, 2025, Ethena Labs announced its withdrawal from Hyperliquid’s USDH stablecoin bidding race. After community feedback questioning whether Ethena was the right fit for the ecosystem, Guy Young, Ethena’s founder, decided to step aside rather than fight the community’s concerns. The conversations with validators raised three main points: Ethena is not a native Hyperliquid team, it operates several products outside USDH, and its broader ambitions go beyond one exchange partnership.

2025年9月11日，Ethena Labs宣布退出Hypliquid的USDH Stablecoin競標競賽。在社區反饋質疑Ethena是否適合生態系統之後，Ethena的創始人Guy Young決定辭職，而不是與社區的關切抗爭。與驗證者的對話提出了三個要點：Ethena不是一個本地超級流動的團隊，它在USDH之外運營了多種產品，並且其更廣泛的野心超出了一種交流夥伴關係。

Native Markets Takes the Lead

土著市場領先

With Ethena out, Native Markets has emerged as the frontrunner. They already had significant validator support and seem to align more closely with Hyperliquid’s ecosystem-first approach. This highlights a key trend: decentralized governance values community-driven solutions over external corporate partnerships.

隨著Ethena的淘汰，本地市場已成為領先者。他們已經獲得了大量的驗證器支持，並且似乎與Hyperliquid的生態系統優先方法更緊密地保持一致。這突出了一個關鍵趨勢：分散的治理價值社區驅動的解決方案而不是外部公司合作夥伴關係。

The Bigger Picture: What's at Stake?

更大的景象：危及什麼？

Hyperliquid's USDH initiative is a big deal. It’s about reducing reliance on bridged assets like USDC. Hyperliquid currently holds $5.5 billion in USDC deposits, representing about 7.5% of all USDC in circulation. The winner of the USDH contest could capture an estimated $220 million in annual Treasury yield that currently flows to external stablecoin issuers like Circle. This revenue would instead benefit the Hyperliquid ecosystem and HYPE token holders through buyback programs.

Hyperliquid的USDH倡議很重要。這是關於減少對USDC等橋接資產的依賴。 Hyperliquid目前持有55億美元的USDC存款，約佔所有流通公司的7.5％。 USDH競賽的獲勝者可能會捕獲大約2.2億美元的年度財政收益，目前流向諸如Circle之類的外部Stablecoin發行人。相反，這項收入將通過回購計劃受益於超流動生態系統和炒作令牌持有者。

Ethena's Future Plans

Ethena的未來計劃

Even though Ethena withdrew from the USDH race, the company maintains its commitment to building on Hyperliquid. They're still planning on synthetic dollar products, USDe-powered savings tools, and exploring new market opportunities within the ecosystem. Young outlined plans to prioritize products such as synthetic dollars (hUSDe), USDe-powered savings and card products, and hedging flows designed for Hyperliquid markets.

即使Ethena退出了USDH Race，該公司仍保持著對超流動性建設的承諾。他們仍在計劃合成美元產品，美國USD驅動的儲蓄工具以及探索生態系統中的新市場機會。 Young概述了諸如合成美元（HUSDE），USDE驅動的儲蓄和卡產品以及為超流油市設計的對沖流等產品的優先級計劃。

My Take: Community Wins

我的看法：社區勝利

This situation really underscores the power of community in the decentralized world. Ethena had a strong proposal, but Hyperliquid prioritized a native solution. It shows that even with the best intentions and resources, you can't always win against a strong, aligned community. It proves that it is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.

這種情況確實強調了社區在分散世界中的力量。乙烯提出了強有力的建議，但是越來越多的液體優先考慮本地解決方案。它表明，即使有最佳的意圖和資源，您也不能總是與一個堅強，一致的社區贏得勝利。它證明這是一個公平的競爭環境，新興的球員可以贏得社區的心，並在成功的情況下獲得公平的投籃。

Looking Ahead

展望未來

The final decision for USDH will be made through an on-chain validator vote on September 14, 2025. Regardless of the outcome, this bidding war has set a new precedent for community involvement in protocol decisions. It's a wild ride, but that's crypto for ya!

USDH的最終決定將通過2025年9月14日的鏈上驗證者投票做出。不管結果如何，這場競標戰爭為社區參與協議決策的新先例樹立了新的先例。這是一次瘋狂的旅程，但這是您的加密貨幣！