本地市場，超級流動和USDH：穩定的新時代？

當地市場贏得了USDH股票方面的票價，這標誌著Stablecoin治理和競爭的轉變。這對Stablecoins的未來意味著什麼？

The race for the USDH ticker on Hyperliquid has concluded, and Native Markets has emerged victorious. This win signals a potentially significant shift in the stablecoin landscape, with implications for decentralized exchange governance and the broader crypto ecosystem. Let's dive into what this means.

超級流動性的USDH股票競賽已經得出結論，而本地市場也取得了勝利。這次勝利標誌著Stablecoin景觀的潛在重大轉變，對分散的交換治理和更廣泛的加密生態系統產生了影響。讓我們深入了解這意味著什麼。

Native Markets Secures USDH: A Win for the Underdog

本地市場確保USDH：失敗者的勝利

Native Markets, a relatively new player, secured the USDH ticker on Hyperliquid after a competitive bidding process. This victory is particularly noteworthy because they outmaneuvered established stablecoin issuers like Ethena Labs and Paxos. The Hyperliquid community, through its validator vote, chose Native Markets, highlighting a growing desire for native solutions within the ecosystem.

一位相對較新的球員本地市場在競爭激烈的競標過程後確保了USDH股票的股票。這次勝利尤其值得注意，因為他們超過了Ethena Labs和Paxos等建立的Stablecoin發行人。超流動性社區通過其驗證者的投票選擇了本地市場，強調了對生態系統中本土解決方案的日益增長的渴望。

Hyperliquid's Validator-Driven Governance: A Game Changer

Hyperliquid的驗證者驅動治理：改變遊戲規則的人

Hyperliquid's approach to selecting its stablecoin issuer is revolutionary. By allowing its validators to directly choose, it's democratizing stablecoin governance, reducing reliance on centralized decision-making. This process attracted significant attention, with various proposals offering different liquidity commitments, revenue-sharing arrangements, and ecosystem incentives. The move signifies a growing trend towards decentralized governance in the crypto space.

Hyperliquid選擇其Stablecoin發行人的方法是革命性的。通過允許其驗證者直接選擇，它使穩定的治理民主化，從而減少了對集中決策的依賴。這個過程引起了極大的關注，各種建議提供了不同的流動性承諾，收入分享安排和生態系統激勵措施。此舉意味著在加密貨幣領域的分散治理的增長趨勢。

USDH: A Native Stablecoin for Hyperliquid

USDH：超流動的本地穩定劑

Native Markets' proposal emphasized a native alignment with Hyperliquid, focusing on cash reserves and U.S. Treasuries managed off-chain by BlackRock. Tokenized reserves will be handled on-chain by Superstate through Bridge, Stripe's stablecoin infrastructure provider. This issuer-agnostic approach via Bridge differentiates it from competitors that offered traditional fiat-backed or collateralized debt position models. The team also pledged to split all reserve yield equally between Hyperliquid’s Assistance Fund and ecosystem growth.

當地市場的提議強調了與超流動性的土著對齊，重點是貝萊德（Blackrock）管理的現金儲備和美國國庫。 Superstate將通過Stripe的Stablecoin基礎設施提供商Bridge橋樑在鍊子上處理標記的儲量。這種通過橋樑的發行人不知所措使IT與提供傳統的菲亞大學支持或抵押債務狀況模型的競爭對手區分開來。該團隊還承諾將所有儲備金的收益平均分配在Hypliquid的援助基金和生態系統增長之間。

Challenges Ahead: Breaking Through the Dominance of USDC and USDT

未來的挑戰：突破USDC和USDT的主導地位

While Native Markets has secured the USDH ticker, its biggest challenge lies ahead: competing with the established dominance of USDC and USDT. As Vincent Liu, chief investment officer at Kronos Research, pointed out, adoption and liquidity remain king. Transparency around reserves and strong, unified governance will be crucial for USDH to gain lasting trust and prove its ability to compete while maintaining stability.

儘管本地市場已經獲得了USDH股票，但其最大的挑戰在於：與USDC和USDT的既定統治地位競爭。正如Kronos Research首席投資官Vincent Liu指出的那樣，收養和流動性仍然是國王。儲備金和強大的統一治理周圍的透明度對於USDH獲得持久的信任至關重要，並證明其在保持穩定性的同時競爭能力。

Criticism and Commoditization: The Future of Stablecoins

批評和商品化：Stablecoins的未來

The USDH bidding war wasn't without its critics. Some industry executives voiced concerns about a potentially rigged selection process. Mert Mumtaz, the CEO of Helius, even speculated that stablecoin tickers might become abstracted away in the future, with exchanges handling the swapping of different stablecoins behind the scenes. This highlights a potential trend towards the commoditization of stablecoins.

USDH的競標戰爭並非沒有批評家。一些行業高管對潛在的選擇過程表示擔憂。 Helius的首席執行官Mert Mumtaz甚至推測Stablecoin Tickers將來可能會抽像出來，交易所處理在幕後交換不同的Stablecoins。這凸顯了穩定蛋白商品化的潛在趨勢。

The Road Ahead for USDH

USDH的前進道路

Native Markets plans a phased rollout for USDH, starting with a Hyperliquid Improvement Proposal (HIP) and a capped testing phase. Once initial checks are complete, the USDH/USDC spot order book will open on Hyperliquid, followed by full minting and redemption functionality for all users. It's going to be interesting to watch how they navigate the challenges and opportunities ahead.

本地市場計劃從USDH進行分階段推出，從超流動的改進建議（HIP）和限制的測試階段開始。一旦完成初始檢查，USDH/USDC點訂單訂單簿將在Hyperliquid上打開，然後為所有用戶提供完整的鑄造和贖回功能。觀察他們如何應對未來的挑戰和機遇將很有趣。

So, will USDH become a major player in the stablecoin game? Only time will tell. But one thing's for sure: the competition is heating up, and Hyperliquid's innovative approach is shaking things up. Buckle up, folks, it's gonna be a wild ride!

那麼，USDH會成為Stablecoin遊戲的主要參與者嗎？只有時間會證明。但是可以肯定的是：競爭正在加熱，超級流動性的創新方法正在震撼。搭扣，伙計們，這將是一個瘋狂的旅程！