超流動性，USDH Stablecoin和Defi Growth：一個新時代？

探索超流動性的USDH Stablecoin發射，其對DEFI的影響以及該平台在分散的交換環境中的令人印象深刻的增長。

Hyperliquid, USDH Stablecoin, and DeFi Growth: A New Era?

超流動性，USDH Stablecoin和Defi Growth：一個新時代？

Hyperliquid's potential USDH stablecoin is poised to shake up DeFi, promising benefits and competition. Let's dive in!

Hyperliquid的潛在USDH Stablecoin準備好動搖Defi，有希望的好處和競爭。讓我們潛入！

Hyperliquid's USDH Stablecoin: A Game Changer?

Hyperliquid的USDH Stablecoin：改變遊戲規則的人？

Hyperliquid, a decentralized perpetuals exchange, is gearing up to launch its native stablecoin, USDH. The move, announced in early September, has the crypto world buzzing. USDH is touted as a "Hyperliquid-first and compliant" stablecoin, pegged to the U.S. dollar. But unlike traditional stablecoin launches, Hyperliquid is opening up the development process to competition. Validators will vote on the best team to build USDH, and even then, the chosen team must win a gas auction. It's a wild west of DeFi innovation!

超級流動性是一種分散的永久性交易所，正準備推出其本地stablecoin USDH。這一舉動於9月初宣布，引起了加密世界的嗡嗡聲。 USDH被吹捧為“超級典型和兼容”的穩定股，與美元掛鉤。但是，與傳統的Stablecoin發射不同，Hyproliquid正在開放競爭的開發過程。驗證者將對最佳的團隊投票，以建造USDH，即使到那時，選定的團隊也必須贏得汽油拍賣。這是Defi Innovation的野外！

Impact on DeFi and Stablecoin Dominance

對Defi和Stablecoin優勢的影響

This launch could significantly impact existing stablecoin providers, particularly Circle's USDC, which currently dominates derivatives trading on Hyperliquid. With billions in USDC deposits on the platform, a migration to USDH could generate substantial annualized revenue for HYPE token holders. Of course, that would mean a revenue cut for Circle and a reduction in USDC's outstanding supply. Competition is fierce in the stablecoin arena, with Tether's USDT currently holding a dominant market share. The total stablecoin market capitalization is growing, driven by institutional adoption and clearer regulation.

該發布可能會嚴重影響現有的Stablecoin提供商，尤其是Circle的USDC，該公司目前在超流動性上占主導地位。該平台上有數十億美元的USDC存款，向USDH遷移可能會為炒作令牌持有人帶來大量的年度收入。當然，這將意味著減少圈子的收入，並減少USDC的未償還供應。 Stablecoin競技場的競爭激烈，Tether的USDT目前擁有主要的市場份額。由機構採用和更清晰的法規驅動，總穩定市值正在增長。

Hyperliquid's Growth Trajectory

超流動的生長軌跡

Hyperliquid has been on a roll, capturing a significant share of the decentralized perpetual derivatives market. The platform boasts impressive daily trading volume and total value locked (TVL). Its fully on-chain order book and low-latency finality have allowed it to rival centralized exchanges. The native HYPE token has mirrored this momentum, reaching record highs. Hyperliquid's success is attributed to its focus on on-chain liquidity and builder-first incentives.

超流動性一直在卷中，捕獲了分散的永久衍生品市場的很大一部分。該平台擁有令人印象深刻的日常交易量和總價值鎖定（TVL）。它的完全鏈訂單和低延遲的終結性使其可以與集中交易所相抗衡。本地炒作令牌已經反映了這一勢頭，達到了創紀錄的高點。 Hyperliquid的成功歸因於其專注於鏈上流動性和建造者優先的激勵措施。

Other Key Upgrades and Innovations

其他關鍵升級和創新

Alongside the USDH stablecoin launch, Hyperliquid is also implementing other upgrades to improve trading efficiency. These include reducing fees and rebates for spot pairs involving two quote assets, aiming to deepen liquidity and lower barriers for traders. The platform also plans to expand access to spot quote assets, making them permissionless, starting on the testnet. These measures are designed to align user incentives while decentralizing participation in the exchange.

除了USDH Stablecoin的發布之外，Hyproliquid還正在實施其他升級以提高交易效率。其中包括減少涉及兩個報價資產的現貨對的費用和回扣，旨在加深流動性和較低的交易者障礙。該平台還計劃擴大對現場報價資產的訪問，從而從測試網上開始，使其無權許可。這些措施旨在使用戶激勵措施保持一致，同時分散參與交易所。

The Future of Hyperliquid and DeFi

超流動和defi的未來

Hyperliquid's strategic moves, including the USDH stablecoin launch and other platform upgrades, position it as a major player in the evolving DeFi landscape. The platform's growth, driven by innovation and a focus on user incentives, is a testament to the potential of decentralized exchanges. While risks and challenges remain, Hyperliquid's trajectory suggests a bright future for the platform and the broader DeFi ecosystem.

Hyperliquid的戰略舉動，包括USDH Stablecoin發布和其他平台升級，將其定位為不斷發展的Defi景觀中的主要參與者。該平台的增長是由創新和關注用戶激勵措施驅動的，這證明了分散交流的潛力。儘管仍然存在風險和挑戰，但Hyperliquid的軌跡表明平台和更廣泛的Defi生態系統的前途光明。

Personal Take: Bullish on USDH and Hyperliquid

個人看法：看漲USDH和超流動

Okay, let's be real. I'm pretty bullish on Hyperliquid and USDH. The governance-driven launch is innovative, and the competition among development teams should lead to a robust and reliable stablecoin. Plus, the potential for HYPE token holders to benefit from USDH adoption is a major win. Of course, nothing in crypto is guaranteed, but Hyperliquid's track record and strategic approach make it a project worth watching closely.

好吧，讓我們成為現實。我對超流動和USDH的看法很看好。以治理為導向的推出具有創新性，開發團隊之間的競爭應導致強大而可靠的Stablecoin。另外，大肆宣傳令牌持有人從USDH採用中受益的潛力是一項重大勝利。當然，保證了加密貨幣中的任何內容，但是Hyplliquid的往績和戰略方法使它成為一個值得關注的項目。

Final Thoughts

最後的想法

So, will Hyperliquid's USDH stablecoin dethrone USDC? Will Hyperliquid continue its reign in the decentralized derivatives market? Only time will tell. But one thing is for sure: the DeFi space is about to get a whole lot more interesting. Buckle up, buttercups! It's gonna be a wild ride!

那麼，Hyperliquid的USDH Stablecoin Dethrone USDC會嗎？超流動性會繼續在分散的衍生品市場中繼續統治嗎？只有時間會證明。但是可以肯定的是：Defi空間將變得更加有趣。係好，毛cup！這將是一個瘋狂的旅程！