當地市場為超流動性的Stablecoin贏得了USDH股票：一個新時代嗎？

本地市場贏得了超級流動性的Stablecoin的USDH股票，引發了有關Stablecoin商品化和選擇過程公平性的辯論。

The race for Hyperliquid's native stablecoin, USDH, has concluded with Native Markets securing the ticker. This victory marks a significant step in Hyperliquid's ecosystem, but also ignites discussions about the future of stablecoins.

超級流動性的本地Stablecoin USDH的競賽已經與當地市場確保了股票。這一勝利標誌著超流動性生態系統的重要一步，但也引發了關於Stablecoins未來的討論。

Native Markets Secures USDH: The Endgame

本地市場確保USDH：最終遊戲

Native Markets officially claimed the USDH ticker for Hyperliquid's stablecoin following a community governance vote, winning against big names like Paxos and Ethena. Max Fiege, founder of Native Markets, announced the upcoming deployment of the USDH HIP-1 and ERC-20 token.

在社區治理投票之後，當地市場正式聲稱Hyplliquid的Stablecoin股票代表了USDH股票，並以Paxos和Ethena等知名人士贏得了勝利。本地市場的創始人Max Fiege宣布了即將部署USDH HIP-1和ERC-20代幣。

Rollout Plan

推出計劃

Native Markets plans a phased rollout, starting with a testing phase limiting mints and redeems to $800 per transaction for a select user group. Following successful testing, a USDH/USDC spot order book will launch, eventually leading to uncapped mints and redeems.

本地市場計劃分階段推出，從測試階段限制薄荷糖開始，兌換至每筆交易的$ 800，對於選定的用戶組。成功測試後，USDH/USDC現貨訂單訂單將推出，最終導致薄荷糖和贖回。

The Bidding War: More Than Meets the Eye?

競標戰爭：不僅僅是眼睛嗎？

The USDH bidding war attracted significant attention, but not without controversy. Dragonfly's Haseeb Qureshi labeled the RFP process a "farce," alleging validators favored Native Markets from the start. While Native Markets gained credibility from backers with experience at Uniswap Labs, Paradigm, and Polychain, the criticism raises questions about fairness in decentralized governance.

USDH競標戰爭引起了重大關注，但並非沒有爭議。 Dragonfly的Haseeb Qureshi將RFP流程標記為“鬧劇”，指控驗證者從一開始就偏愛本地市場。儘管本地市場獲得了在Uniswap Labs，Paradigm和Polychain經驗的支持者的信譽，但批評引發了有關分散治理中公平性的問題。

Paxos's Bold Moves

Paxos的大膽動作

Paxos made a strong push, offering zero-cost on/off-ramps and a $20 million incentive plan. They proposed directing all USDH revenue to Hyperliquid's growth until it reached $1 billion TVL. Despite these efforts, Paxos couldn't secure enough validator support.

Paxos強烈推動，提供了零成本的/外坡道和2000萬美元的激勵計劃。他們提議將所有USDH收入指導到超級流動性的增長，直到達到10億美元的TVL。儘管做出了這些努力，Paxos仍無法獲得足夠的驗證器支持。

The Future of Stablecoins: Commoditization?

Stablecoins的未來：商品化？

Helius CEO Mert Mumtaz suggested the bidding war highlighted the commoditization of stablecoins. He speculated that exchanges might abstract away different stablecoin tickers, displaying only a generic "USD" to users and handling swaps in the backend.

Helius首席執行官Mert Mumtaz提出，競標戰爭強調了穩定的商品化。他推測，交易所可能會抽像不同的Stablecoin訴訟，僅向用戶顯示通用的“美元”並在後端處理掉期。

Native Markets' Strategy: A Blend of Old and New

土著市場的策略：新舊的融合

Native Markets pitched a reserve strategy blending off-chain and on-chain assets. BlackRock will manage cash and US Treasuries off-chain for security, while Superstate and Stripe's Bridge handle on-chain tokenized assets. All reserve yield will be split between Hyperliquid's Assistance Fund and ecosystem growth.

土著市場製定了一種儲備策略，融合了脫鍊和鍊鍊資產。貝萊德（BlackRock）將為安全管理現金和美國國債，而Susperstate和Stripe的橋樑手柄鍊鍊令牌資產。所有儲備金的收益率將在超級流動性的援助基金和生態系統增長之間分配。

So, What's Next?

那麼，下一步是什麼？

The Native Markets win signals a potential shift in the stablecoin landscape. Will their blended approach set a new standard? Only time will tell. But one thing's for sure: the race for USDH has sparked crucial conversations about decentralization, competition, and the evolving nature of digital money. Keep your eyes peeled, folks, because this is just the beginning!

本地市場贏得了穩定景觀的潛在轉變。他們的混合方法會設定新標準嗎？只有時間會證明。但是可以肯定的是：USDH的比賽引發了有關權力下放，競爭和數字資金不斷發展的性質的關鍵對話。伙計們，請保持眼睛剝皮，因為這只是開始！