本地市場，Stablecoin和Hyproliquid：一個新時代？

當地市場上的USDH贏得了超液體的勝利，這表明了Stablecoin競爭的轉變，挑戰了既定的球員，並強調了協議本地團隊的力量。

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

本地市場，Stablecoin和Hyproliquid：一個新時代？

The 'Native Markets, Stablecoin, Hyperliquid' landscape is heating up! Native Markets' USDH win on Hyperliquid signals a shift in stablecoin competition, challenging established players and highlighting the power of protocol-native teams.

“本地市場，Stablecoin，超流動性”景觀正在加熱！當地市場上的USDH贏得了超液體的勝利，這表明了Stablecoin競爭的轉變，挑戰了既定的球員，並強調了協議本地團隊的力量。

USDH Triumphs: A Native Markets Victory

USDH的勝利：當地市場胜利

Native Markets, a Hyperliquid ecosystem team, clinched the USDH stablecoin ticker after a community vote, besting bids from crypto giants like Paxos, BitGo, Ethena, and Frax. This victory, Hyperliquid’s first major governance contest, wasn't without its critics. Some industry observers questioned the fairness of the process, suggesting a pre-arranged outcome. Haseeb Qureshi of Dragonfly Capital, for instance, called the request-for-proposal “a bit of a farce.”

一支超流動性生態系統團隊本地市場在社區投票後贏得了USDH Stablecoin Ticker，擊敗了Paxos，Bitgo，Ethena和Frax等加密巨頭的出價。這次勝利是超級流動性的首場重大治理大賽，並非沒有批評者。一些行業觀察家質疑該過程的公平性，表明預先安排的結果。例如，Dragonfly Capital的Haseeb Qureshi稱之為“請求”“有點鬧劇”。

Despite the skepticism, the Hyperliquid validator community overwhelmingly supported Native Markets. The win underscores the growing power of protocol-native teams with strong validator backing to outmaneuver established stablecoin players in governance battles.

儘管懷疑了，但超流動驗證者社區壓倒性地支持了當地市場。這場胜利強調了協議本機團隊的不斷增長的力量，並在Outmaneuver上提供了強有力的驗證者，在治理鬥爭中建立了Stablecoin球員。

What’s the Deal with USDH?

USDH有什麼關係？

Native Markets plans to launch USDH on Hyperliquid’s HyperEVM, with reserves fully backed by cash and U.S. Treasuries. BlackRock will manage the off-chain reserves, while Superstate will handle the on-chain assets via Stripe-owned Bridge. This launch marks Hyperliquid’s first natively issued dollar stablecoin, aiming to rival Circle’s USDC, which currently dominates the platform with nearly $6 billion in reserves.

當地市場計劃在Hyperliquid的HypereVM上推出USDH，並以現金和美國國債的完全支持。貝萊德將管理鏈儲備，而Sustertate將通過Stripe擁有的橋處理鏈的資產。此發射標誌著超流動性的首個本地發行的美元穩定幣，旨在與Circle的USDC競爭，該公司目前以近60億美元的儲備金主導該平台。

Stablecoin Wars: A Changing Landscape

Stablecoin戰爭：不斷變化的景觀

The USDH race reflects broader shifts in the stablecoin sector. Some argue that stablecoins are becoming commoditized, with exchanges potentially abstracting away tickers and simply displaying a generic “USD.” If this happens, differentiation will depend more on liquidity, compliance, and integration with major platforms.

USDH種族反映了Stablecoin行業的更廣泛的轉變。一些人認為，穩定的人正在商品化，交易所可能會抽像出股票者，並只是展示通用的“美元”。如果發生這種情況，差異化將更多地取決於流動性，合規性和與主要平台的集成。

For Hyperliquid, securing native issuance could solidify its position as a leading decentralized derivatives exchange. For competitors like Circle, USDH represents a direct challenge in DeFi’s rapidly growing market.

對於超流布，確保本地發行可以鞏固其作為領先的分散衍生物交換的地位。對於像Circle這樣的競爭對手，USDH代表了Defi快速增長的市場的直接挑戰。

Pump.fun's Rise and the Meme Coin Factor

泵。

Interestingly, the rise of platforms like Pump.fun highlights the continuing importance of community-driven and cultural narratives in crypto. Pump.fun even outperformed Hyperliquid in revenue at one point, proving the power of meme coins and easy-to-use platforms, especially within vibrant ecosystems like Solana.

有趣的是，諸如Pump.Fun之類的平台的興起突出了加密貨幣中社區驅動和文化敘事的持續重要性。泵。在某一時刻，即使在收入方面超過了超流利，證明了模因硬幣和易於使用的平台的力量，尤其是在索拉納（Solana）等充滿活力的生態系統中。

Final Thoughts

最後的想法

The 'Native Markets, Stablecoin, Hyperliquid' situation is an interesting one, right? So, what does this all mean? Native Markets' USDH victory signals a potential power shift in the stablecoin world. It shows that being native to a platform and having strong community support can be a game-changer, even against industry giants. Keep an eye on Hyperliquid and how USDH plays out – it could be the start of something big. Who knows, maybe we'll all be using USDH to buy our morning coffee soon! (Okay, maybe not, but it's fun to think about.)

“本土市場，穩定，超流利”的情況是一個有趣的情況，對嗎？那麼，這全是什麼意思？當地市場的USDH勝利標誌著Stablecoin世界的潛在權力轉移。它表明，即使是針對行業巨頭，也可以改變平台並獲得強有力的社區支持。請密切關注超流動性以及USDH的發揮作用 - 這可能是大事物的開始。誰知道，也許我們所有人都會盡快使用USDH購買早晨的咖啡！ （好吧，也許不是，但是考慮一下很有趣。）