超流動，USDH Stablecoin和本地市場：一個新時代？

當地市場贏得了發行Hyplliquid的USDH Stablecoin的競標，引發了辯論並標誌著Defi治理的轉變。獲取內部勺子！

Hyperliquid, USDH Stablecoin, and Native Markets: A New Era?

超流動，USDH Stablecoin和本地市場：一個新時代？

Hold onto your hats, DeFi enthusiasts! The race to issue Hyperliquid's USDH stablecoin has concluded, and the results are raising eyebrows. Native Markets, a newcomer, snagged the coveted role, signaling a potential shift in how decentralized finance operates.

戴上帽子，defi愛好者！發行超流動性的USDH Stablecoin的競賽已經得出結論，結果正在引起眉毛。新來者本地市場抓住了令人垂涎的角色，這表明了分散的金融運作方式的潛在轉變。

Native Markets Secures USDH Ticker: A DeFi Upset?

本地市場確保USDH股票：一種不適的煩惱？

In a competition that drew heavyweights like Paxos and Frax, Native Markets, backed by co-founder Max Fiege and DeFi veterans, emerged victorious. This win grants them exclusive control over USDH, a stablecoin poised to inject billions in liquidity into the Hyperliquid exchange. It's like a David-and-Goliath story, but with more blockchain.

在一場吸引了由Paxos和Frax等重量級人物的比賽中，由聯合創始人Max Fiege和Defi退伍軍人支持的本地市場取得了勝利。這場胜利使他們對USDH的獨家控制權，這是一個準備向超流動交易所注入數十億美元的流動性的穩定幣。這就像一個大衛和戈利亞的故事，但有更多區塊鏈。

The USDH Proposal: What's the Plan?

USDH提案：計劃是什麼？

Native Markets plans to issue USDH directly on HyperEVM, splitting reserves between on-chain partners like Superstate and off-chain custodians like BlackRock. A savvy move? Half of the reserve yield will fund HYPE token buybacks, while the other half supports ecosystem development. Analysts are buzzing about the potential to generate hundreds of millions annually, benefiting both the exchange community and Native Markets.

土著市場計劃直接在HypereVM上發布USDH，在諸如Superstate之類的鏈上合作夥伴和貝萊德（Blackrock）等鏈託管人等鏈上的儲備之間進行拆分。精明的舉動？儲備收益率的一半將資助炒作令牌回購，而另一半則支持生態系統的發展。分析師嗡嗡作響，每年產生數億美元的潛力，從而使交易所和本地市場受益。

Controversy and Community Reaction: Was It a Fair Fight?

爭議和社區反應：這是一場公平的戰鬥嗎？

Not everyone's popping champagne. Dragonfly's Haseeb Qureshi and others voiced concerns that the vote favored Native Markets despite stronger bids from established institutions. Whispers of validator concentration and potential backroom deals circulated. However, Ethena founder Guy Young defended the outcome, calling it a true reflection of Hyperliquid's grassroots governance.

並非每個人都在彈出香檳。 Dragonfly的Haseeb Qureshi和其他人表示擔心，儘管既定機構的出價更強，但投票支持本地市場。驗證者集中註意力和潛在的倒地交易的耳語流傳。然而，埃塞納（Ethena）創始人楊（Guy Young）為結果辯護，稱其為超流動性基層治理的真正反映。

Native Markets' Next Steps: Deployment and Testing

本地市場的下一步：部署和測試

Native Markets isn't resting on its laurels. Fiege announced the imminent deployment of both HIP-1 and ERC-20 versions of USDH. Initial testing will involve capped mint and redeem transactions of $800, followed by a USDH/USDC spot market. Circle, feeling the heat, has already announced native USDC deployment on Hyperliquid. Talk about competition!

本地市場並沒有依靠桂冠。 Fiege宣布了USDH的HIP-1和ERC-20版本即將部署。初步測試將涉及造成薄荷和贖回交易的$ 800，然後是USDH/USDC現貨市場。 Circle感受到熱量，已經宣布了在Hyperliquid上的本地USDC部署。談論比賽！

A Turning Point for Hyperliquid and DeFi

超流動和defi的轉折點

This ruling marks a pivotal moment for Hyperliquid, aiming to reduce reliance on traditional stablecoin issuers and internalize yield. For DeFi, it showcases the power of validator-led governance, even amidst decentralization and fairness debates. As Mert Mumtaz, the CEO of Helius, suggested, this may also signal a commoditization of stablecoins, where tickers become abstracted, and exchanges handle the backend swaps.

這項裁決標誌著超流動性的關鍵時刻，旨在減少對傳統的穩定發行人的依賴並內在化的產量。對於Defi，它展示了驗證者主導的治理的力量，甚至在權力下放和公平辯論中。正如Helius的首席執行官Mert Mumtaz所建議的那樣，這也可能表明stablecoins的商品化，在該商品中，股票者被抽象而來，並且交換處理後端掉期。

My Take: A Bold Move with Potential Pitfalls

我的看法：大膽的舉動，潛在的陷阱

While Native Markets' win is undoubtedly exciting, execution is everything. The DeFi space is littered with ambitious projects that fizzled out due to security vulnerabilities, regulatory hurdles, or simply failing to deliver on promises. Native Markets needs to address the decentralization concerns head-on and ensure the stability and security of USDH to gain long-term trust.

儘管本地市場的勝利無疑令人興奮，但執行卻是一切。 Defi空間散佈著雄心勃勃的項目，這些項目由於安全漏洞，監管障礙或僅僅沒有兌現承諾而導致的。當地市場需要正面解決權力問題，並確保USDH的穩定性和安全性獲得長期信任。

The Future of USDH and Hyperliquid

USDH和超流動的未來

Hyperliquid's gamble on Native Markets and USDH could pay off big time, fostering independence and driving innovation. Or, it could become a cautionary tale. Only time will tell. But one thing's for sure: the world of DeFi just got a whole lot more interesting.

Hyperliquid在本地市場上的賭博和USDH可以償還大量時間，促進獨立並推動創新。或者，它可能成為一個警示性的故事。只有時間會證明。但是可以肯定的是：Defi的世界變得更加有趣。

So, what do you think? Is this the start of a beautiful friendship between Hyperliquid and Native Markets? Or will the USDH ticker become a symbol of unrealized potential? Let me know in the comments!

那麼，您怎麼看？這是超級流動和本地市場之間美麗友誼的開始嗎？還是USDH股票將成為未實現潛力的象徵？在評論中讓我知道！