本地市場，超流動和USDH：新的Stablecoin競爭者？

當地市場贏得了競標，以推出超級流動性的USDH，並承諾將獲得美國國庫和創新產量共享支持的新穩定。

The buzz around stablecoins just got a whole lot louder. Native Markets has snagged the coveted USDH ticker on Hyperliquid, paving the way for a new native stablecoin. Let's dive into what this means for the future of decentralized finance.

Stablecoins周圍的嗡嗡聲大聲越來越大。本地市場已經在Hyperliquid上吸引了令人垂涎的USDH股票，為新的本地Stablecoin鋪平了道路。讓我們深入了解這對分散財務的未來意味著什麼。

USDH: A Fresh Face in the Stablecoin Arena

USDH：Stablecoin競技場的新鮮面孔

Hyperliquid's validators voted in favor of Native Markets, granting them the USDH ticker. Max Fiege, co-founder of Native Markets, announced the victory, thanking HYPE stakers and validators for their support. This win came after a fierce competition against major players like Ethena and Paxos, who offered aggressive revenue-sharing models. Native Markets stood out with its detailed reserve structure, compliance measures, and deep understanding of the Hyperliquid ecosystem.

Hyperliquid的驗證者投票贊成本地市場，授予他們USDH股票。土著市場聯合創始人Max Fiege宣布了勝利，感謝Hype Stakers和驗證者的支持。在與Ethena和Paxos等主要球員的激烈競爭之後，這場胜利是在提供了積極的收入分享模型之後進行的。本地市場以其詳細的儲備結構，合規性措施以及對超流利生態系統的深刻了解而脫穎而出。

Why Native Markets?

為什麼要原生市場？

Native Markets was created specifically to tackle the $200 million annual value leakage faced by the Hyperliquid protocol. Their proposal involves issuing USDH directly on Hyperliquid’s HyperEVM network, with reserves fully backed by U.S. Treasuries and cash. Superstate will manage on-chain assets through Bridge, while BlackRock will initially handle off-chain reserves. This setup aims to provide a secure and compliant framework for USDH.

原始市場是為了解決超流利協議面臨的2億美元的年度價值洩漏而創建的。他們的建議涉及直接在Hyperliquid的HypereVM網絡上發行USDH，並在美國國庫和現金中完全支持儲備。 Suerstate將通過橋樑管理鏈資產，而BlackRock最初將處理鏈儲備。該設置旨在為USDH提供安全和合規的框架。

The Road Ahead for USDH

USDH的前進道路

According to Fiege, the team is committed to deploying both the HIP-1 version of USDH and an ERC-20 token. The rollout will begin with a capped testing phase, allowing traders to mint and redeem tokens in transactions up to $800. Once the trials are complete, the USDH/USDC spot order book will open, and unlimited mints and redemptions will be enabled. Native Markets also plans to make its API available for large-volume traders during testing, ensuring robust liquidity and smooth integration into Hyperliquid’s trading environment.

根據Fiege的說法，該團隊致力於部署HIP-1版本的USDH和ERC-20令牌。推出將從上限的測試階段開始，使交易者可以在最高800美元的交易中造成和贖回令牌。試驗完成後，USDH/USDC現貨訂單將打開，並將啟用無限制的薄荷和贖回。當地市場還計劃在測試過程中為大容易員提供其API，以確保流動性和平穩整合到Hyperliquid的交易環境中。

Paxos and Ethena: The Competition

Paxos和Ethena：比賽

Paxos, despite failing to gain validator support, revised its proposal to include deeper PayPal and Venmo integration, even offering a $20 million incentive plan. Ethena withdrew from the race due to community concerns about its non-native infrastructure. These developments highlight the intense competition and strategic considerations involved in launching a successful stablecoin.

儘管沒有獲得驗證者支持，但Paxos還是修改了其包括更深層次的PayPal和Venmo集成的提議，甚至提供了2000萬美元的激勵計劃。由於社區對其非本地基礎設施的擔憂，埃塞納（Ethena）退出了比賽。這些事態發展凸顯了推出成功的穩定的激烈競爭和戰略考慮因素。

Criticism and Scrutiny

批評和審查

Not everyone is thrilled about the process. Haseeb Qureshi from Dragonfly VC called the RFP “a bit of a farce,” suggesting that validators were always leaning towards Native Markets. This raises questions about the fairness and transparency of the selection process.

並不是每個人都對這個過程感到興奮。來自Dragonfly VC的Haseeb Qureshi稱RFP為“有點鬧劇”，這表明驗證者總是傾向於本地市場。這引發了有關選擇過程的公平性和透明度的疑問。

The Big Picture

大局

The launch of USDH is a significant step for Hyperliquid, aiming to strengthen its position in the competitive stablecoin market. While it might compete with Circle’s USDC, Hyperliquid has stated it will continue to support USDC and other dollar-pegged assets that meet specific requirements. Kraken has also announced plans to list USDH and the native HYPE token, adding to the bullish outlook.

USDH的推出是超級流動性的重要一步，旨在加強其在競爭性穩定市場中的地位。雖然它可能與Circle的USDC競爭，但Hyperliquid表示，它將繼續支持USDC和其他滿足特定要求的Dollar Pegggggggggggggggggg。 Kraken還宣布了列出USDH和本地炒作令牌的計劃，這增加了看漲的前景。

My Take

我的看法

The success of USDH hinges on its ability to maintain its peg, build trust, and offer tangible benefits to the Hyperliquid ecosystem. The backing by U.S. Treasuries and the involvement of established firms like BlackRock and Superstate provide a solid foundation. However, the team must address concerns about the selection process and ensure transparency to foster long-term confidence. It's also critical to have robust security measures in place. As the recent YU stablecoin depegging event illustrates, vulnerabilities in minting functions can undermine even Bitcoin-backed stablecoins, regardless of the amount of collateral held in reserve. The YU depegging serves as a reminder of the potential risks inherent in stablecoins and underscores the need for stringent security measures and transparent governance.

USDH的成功取決於其維持釘子，建立信任並為超流液生態系統帶來切實的好處的能力。美國國債的支持以及貝萊德和超級巨星等知名公司的參與為堅實的基礎提供了堅實的基礎。但是，團隊必須解決對選擇過程的擔憂，並確保透明度促進長期信心。採取強大的安全措施也至關重要。正如最近的Yu Stablecoin Depegging事件所說明的那樣，鑄造功能中的脆弱性甚至可能破壞比特幣支持的穩定的穩定性，而不管儲備中持有的抵押品數量如何。 Yu Depegging提醒您，穩定劑固有的潛在風險，並強調了對嚴格的安全措施和透明治理的需求。

Overall, USDH has the potential to become a key player in the Hyperliquid ecosystem, but it will require careful execution and a commitment to transparency and security.

總體而言，USDH有可能成為超流動生態系統的關鍵參與者，但是它需要仔細執行以及對透明度和安全性的承諾。

Final Thoughts

最後的想法

So, will USDH become the next big thing in stablecoins? Only time will tell. But one thing's for sure: the race is on, and it's going to be an exciting ride. Keep your eyes peeled, folks!

那麼，USDH會成為Stablecoins的下一個大事嗎？只有時間會證明。但是可以肯定的是：比賽正在進行中，這將是一次令人興奮的旅程。伙計們，睜大眼睛！