Hyperliquid的USDH Stablecoin：本地市場是中心舞台

當地市場上的USDH Stablecoin在超液體上推出了一個Defi Battleground，Circle的USDC爭奪主導地位。 HypereVM的新時代！

Hyperliquid's USDH Stablecoin: Native Markets Take Center Stage

Hyperliquid的USDH Stablecoin：本地市場是中心舞台

Hyperliquid's been buzzing lately with the introduction of USDH, a new stablecoin issued by Native Markets. This move has major implications for the platform and the broader DeFi landscape, setting the stage for some serious competition.

最近，Hyperliquid在引入USDH（由本地市場發行的新的Stablecoin引入）中引起了轟動。這一舉動對平台和更廣泛的Defi景觀具有重大影響，為激烈的競爭奠定了基礎。

The Rise of USDH

USDH的興起

Native Markets snagged the win in a community-led bid to launch USDH, Hyperliquid’s very own USD stablecoin. They beat out some heavy hitters like Paxos and Frax. Native Markets emphasized reserve management across both on- and off-chain assets, with yields aimed at HYPE token buybacks and boosting USDH distribution.

本地市場以社區為主導的競標贏得了勝利，以推出超級流動器自己的美元Stablecoin的USDH。他們擊敗了一些重型擊球手，例如Paxos和Frax。本地市場強調了跨鍊和鍊鍊資產的儲備管理，其收益率旨在炒作代幣回購併提高USDH分配。

Circle Enters the Fray

圈子進入競爭

Not one to be left out, Circle—the folks behind USDC—quickly launched native USDC on HyperEVM. Talk about a strategic countermove! This ensures USDC remains a strong contender, especially since it's being positioned as collateral for perpetual contracts and a quote asset for spot pairs.

沒有一個被排除在外的人，在USDC背後的人圈子Quiplly在HypereVM上推出了本地USDC。談論戰略性的反擊！這樣可以確保USDC仍然是強大的競爭者，尤其是因為它被定位為永久合同的抵押品和現貨對的報價資產。

What's the Big Deal?

有什麼大不了的？

Hyperliquid is handling some serious volume—around $150 billion in monthly derivatives. That makes it a prime spot for stablecoin issuers to battle it out. Circle's proactive move and USDH's arrival are intensifying competition, boosting HyperEVM's liquidity, and solidifying Hyperliquid's spot as a DeFi powerhouse.

Hyperliquid正在處理一些嚴重的量 - 每月衍生品1500億美元。這使其成為Stablecoin發行人對其進行戰鬥的典範。 Circle的主動舉動和USDH的到來正在加劇競爭，增強了HypereVM的流動性，並鞏固了Hyperliquid作為Defi Powerhouse的位置。

Transparency and Governance

透明度和治理

There have been questions raised about the voting process that led to Native Markets' victory. Some folks are calling for clearer governance, emphasizing that without transparency, stablecoins risk becoming interchangeable. The upcoming Hyperliquid Improvement Proposal will be key in outlining rules for upgrades, permissions, and security.

關於導致本地市場胜利的投票過程提出了一些疑問。有些人呼籲更明確的治理，強調沒有透明度，穩定的風險就可以互換。即將進行的超流動改進建議將是概述升級，權限和安全性規則的關鍵。

The Road Ahead

前面的道路

USDH is rolling out in stages, starting with limited testing before broader access. Meanwhile, Circle is solidifying its commitment by investing in HYPE tokens and expanding USDC to HyperCore. The coexistence of USDH and USDC on HyperEVM is setting up a high-stakes rivalry. Hyperliquid seems to be playing it neutral, but USDH's integration into governance gives it a structural edge.

USDH正在分階段推出，從有限的測試開始，然後再進行更廣泛的訪問。同時，Circle通過投資炒作代幣並將USDC擴大到HyperCore來鞏固其承諾。 USDH和USDC在HypereVM上的共存正在建立高風險的競爭。超級流動似乎在中立，但是USDH在治理中的整合使其具有結構性優勢。

Final Thoughts

最後的想法

The launch of USDH and Circle's swift response highlights Hyperliquid's growing importance in the DeFi world. It's like watching a high-stakes poker game where everyone's trying to outsmart each other. Buckle up, because this is gonna be one wild ride!

USDH和Circle的迅速響應的推出突出了超流動性在Defi世界中的重要性。這就像觀看一個高風險的撲克遊戲，每個人都在試圖互相競爭。扣緊，因為這將是一次狂野的旅程！