Ethena，USDH和USDTB：超流利的Stablecoin攤牌

Ethena Labs VIES控制了Hyperliquid的USDH Stablecoin，並在激烈的競爭中支持BlackRock的USDTB。發現主要參與者，建議和Defi的未來。

The race to control Hyperliquid's USDH stablecoin is heating up, with Ethena Labs emerging as a strong contender. Backed by BlackRock's USDtb, Ethena's proposal promises revenue sharing, migration support, and robust security measures. Let's dive into the key developments and what they mean for the future of DeFi.

控制Hypliquid的USDH Stablecoin的競賽正在加熱，Ethena Labs成為強大的競爭者。在貝萊克（Blackrock）的USDTB的支持下，埃塞納（Ethena）的提案承諾收入共享，移民支持和強大的安全措施。讓我們深入了解關鍵的發展及其對Defi的未來意味著什麼。

Ethena's Bold Bid for USDH

Ethena大膽競標USDH

Ethena Labs, known for its fast-growing stablecoin USDe, is throwing its hat into the ring to issue Hyperliquid’s upcoming USDH stablecoin. This move is supported by a partnership with BlackRock’s BUIDL fund through USDtb, a token issued with Anchorage Digital Bank.

Ethena Labs以其快速增長的Stablecoin USDE而聞名，他正在將其帽子戴在戒指上，以發行Hyperliquid即將推出的USDH Stablecoin。這一舉動得到了與BlackRock的Buidl Fund通過USDTB建立合作夥伴關係的支持，USDTB是由Anchorage Digital Bank發行的代幣。

Hyperliquid, a leading decentralized exchange, is preparing to launch USDH as its native stablecoin. With significant stakes involved—Hyperliquid processed around $400 billion in perpetuals trading volume in August and has a stablecoin market cap of over $5.7 billion—the competition for the mandate is fierce.

高流動性是一種領先的分散交易所，正準備推出USDH作為本地Stablecoin。涉及大量賭注 - 八月份的Hypreperliquid在永久性交易量中處理了約4000億美元，並且穩定的市值超過57億美元，這項授權的競爭是激烈的。

Key Proposals and Incentives

關鍵建議和激勵措施

Ethena is offering a package designed to appeal to both Hyperliquid validators and its community. A central part of its proposal is a pledge to redirect 95% of net USDH reserve revenues back to the ecosystem through the purchase and distribution of HYPE tokens, validator rewards, and ecosystem development funding.

Ethena提供了一個旨在吸引超流動驗證者及其社區的包裝。提案的一個核心部分是通過購買和分發炒作令牌，驗證者獎勵和生態系統開發資金將95％的USDH儲備金收入的95％重定向到生態系統。

To jumpstart adoption, Ethena has earmarked $75 million in incentives, potentially expanding to $150 million, to support market development under the HIP-3 proposal. This incentive program would fund new markets, front-end integrations, and liquidity initiatives that tie together USDH, USDe, and hUSDe.

為了開始採用，Ethena已指定7500萬美元的激勵措施，可能擴大到1.5億美元，以支持HIP-3提案下的市場發展。這項激勵計劃將資助將USDH，USDE和HUSDE將新市場，前端整合和流動性計劃提供資金。

Security and Governance

安全與治理

Security is another pillar of Ethena's plan. They propose introducing a guardian network of Hyperliquid validators, including infrastructure partners like LayerZero, to oversee USDH operations. This approach aims to avoid a single point of failure and ensure transparent governance of the new stablecoin.

安全是Ethena計劃的另一個支柱。他們建議介紹超流利驗證器的監護網絡，包括諸如lyezero之類的基礎架構合作夥伴，以監督USDH操作。這種方法旨在避免單點失敗，並確保新Stablecoin的透明治理。

Ethena also plans to integrate with Securitize to enable tokenization of real-world assets and bring USDtb onto HyperEVM. This integration would allow for seamless minting and redemption flows, giving institutional users a clearer path to tap into Hyperliquid’s ecosystem.

Ethena還計劃與證券化集成，以實現現實世界中資產的令牌化，並將USDTB帶入HypereVM。這種集成將允許無縫的鑄造和救贖流，從而為機構用戶提供了更清晰的途徑，可以利用超流動性的生態系統。

The Competitive Landscape

競爭格局

Ethena’s bid brings it into a crowded field of suitors. Paxos, Frax, Agora, Native Markets, and Sky are also vying for control, each with unique proposals.

Ethena的出價將其帶入了一個擁擠的求婚者領域。 Paxos，Frax，Agora，本地市場和天空也都在爭奪控制，每個人都有獨特的建議。

The outcome will be decided by Hyperliquid’s validators. Winning the mandate could solidify Ethena’s position as a major player in the stablecoin market.

結果將由Hyplliquid的驗證器決定。贏得任務可以鞏固Ethena在Stablecoin市場中的主要參與者的地位。

Strategic Investments and Partnerships

戰略投資和合作夥伴關係

Ethena Labs has also made a strategic investment of millions of dollars in Based, a key participant in the Hyperliquid ecosystem. This partnership aims to promote the adoption of USDe, USDtb, and other unreleased Ethena products on Hyperliquid. Based plans to support USDe and USDtb as payment options on its debit card and embed savings functionality.

Ethena Labs還進行了數百萬美元基礎的戰略投資，這是超流動生態系統的關鍵參與者。該合作夥伴關係旨在促進在超流動性上使用USDE，USDTB和其他未發行的Ethena產品。基於支持USDE和USDTB作為其借記卡和嵌入儲蓄功能的付款選項的計劃。

Final Thoughts

最後的想法

The battle for USDH is more than just a competition for a ticker; it's a fight for the future of stablecoins and DeFi. With Ethena's robust proposal and strategic partnerships, the stakes are high, and the outcome will undoubtedly shape the landscape of decentralized finance for years to come. So, grab your popcorn and enjoy the show—it's gonna be wild!

USDH的戰鬥不僅僅是股票的競爭。這是為Stablecoins和Defi的未來而戰。憑藉Ethena的強大提議和戰略合作夥伴關係，股份很高，毫無疑問，結果將在未來幾年內塑造分散融資的景觀。因此，抓住您的爆米花並享受節目 - 它會變得瘋狂！