Sky，Makerdao和USDH Stablecoin Saga：Defi Power Play

Sky（以前是Makerdao）參加了競賽，為超級流動性的USDH Stablecoin提供動力，引發了激烈的競爭，並可能重塑了Defi景觀。

The DeFi world is currently witnessing a high-stakes competition, with Sky (formerly MakerDAO) throwing its hat into the ring to power Hyperliquid's new USDH stablecoin. This move has major implications for the stablecoin market and could shift the balance of power.

Defi世界目前正在目睹一場高風險的比賽，Sky（以前是Makerdao）將其帽子扔進了戒指，以推動Hyperliquid的新USDH Stablecoin。這一舉動對穩定市場具有重大影響，並可能改變權力的平衡。

Sky Enters the USDH Fray

天空進入USDH Fray

Sky's proposal to power USDH is a bold move. Rune Christensen, co-founder of Sky, highlights the natural alignment between Sky and Hyperliquid, emphasizing their shared focus on real profits and building decentralized infrastructure. Sky's offer includes 4.85% returns on all USDH held in Hyperliquid, a rate higher than current Treasury bill yields. This money will go towards buying back HYPE tokens and the platform’s Assistance Fund.

Sky向USDH供電的提議是一個大膽的舉動。 Sky的聯合創始人符文·克里斯滕森（Rune Christensen）強調了天空與超流動性之間的自然對齊，強調了他們共同關注真正的利潤和建立分散的基礎設施。 Sky的報價包括在超級流動性中持有的所有USDH的4.85％回報率，高於目前的國庫賬單收益率。這筆錢將用於回購炒作令牌和平台的援助基金。

Sky's plan also boasts $2.2 billion in instant redemption liquidity through its Peg Stability Module, enabling large traders to quickly convert USDH at scale. The firm also intends to invest $25 million in "Hyperliquid Genesis Star" to boost DeFi development on the platform and move its buyback engine, generating over $250 million annually, to Hyperliquid.

Sky的計劃還通過其PEG穩定性模塊擁有22億美元的即時贖回流動性，使大型交易者能夠迅速按大規模轉換USDH。該公司還打算將2500萬美元投資於“超流動的創世紀之星”，以在平台上提高Defi開發，並將其回購引擎移動，每年產生超過2.5億美元的價格，以達到超流利。

A Crowded Field of Contenders

擁擠的競爭者領域

Sky faces stiff competition from other protocols vying for the USDH issuance, including Paxos, Frax, Agora, and Native Markets. Each contender is offering attractive terms: Paxos promising 95% of reserved earnings and zero fees for USDC migration, Agora pledging 100% of net revenue for HYPE buybacks, Native Markets offering a share of reserve proceeds to Hyperliquid’s Assistance Fund, and Frax Finance presenting a community-based model returning 100% of treasury profits to users. The Hyperliquid community will decide the winner via an on-chain vote on September 14, 2025.

Sky面臨著其他協議的激烈競爭，這些協議爭奪USDH發行，包括Paxos，Frax，Agora和本地市場。每個競爭者都提供有吸引力的術語：Paxos有望獲得保留收入的95％，USDC遷移的零費用，Agora保證炒作回購的淨收入100％，本地市場為超流利品的援助基金提供了儲備金的一部分，以及呈現基於社區的Frax Finance的型號，向用戶提供了100％的基於社區的型號。超流動社區將通過2025年9月14日的鏈投票決定獲勝者。

Circle's Dominance Under Threat

圈子的統治地位受到威脅

The introduction of USDH poses a potential challenge to Circle and its USDC stablecoin. Hyperliquid accounts for a substantial portion of USDC's market capitalization. If USDH gains traction, Circle could lose a significant portion of its transaction-driven revenue. Circle is taking defensive measures, including rolling out CCTPv2 and the Circle Payment Network (CPN) to enhance USDC's speed, cost-effectiveness, and interoperability.

USDH的引入對Circle及其USDC Stablecoin構成了潛在的挑戰。超流動性佔USDC市值的很大一部分。如果USDH獲得了吸引力，Circle可能會失去其交易驅動的收入的很大一部分。 Circle正在採取防禦措施，包括推出CCTPV2和Circle支付網絡（CPN），以提高USDC的速度，成本效益和互操作性。

Looking Ahead

展望未來

The race to power USDH is more than just a competition between protocols; it's a battle for influence in the stablecoin market. Sky's entry, with its significant balance sheet and attractive terms, adds another layer of complexity. The outcome of the September 14 vote will have far-reaching implications for the future of DeFi.

為USDH競爭不僅僅是協議之間的競爭；這是在Stablecoin市場中爭取影響力的戰鬥。 Sky的進入，具有重要的資產負債表和有吸引力的術語，增加了另一層複雜性。 9月14日投票的結果將對Defi的未來產生深遠的影響。

It’s an exciting time in the crypto world, folks! Grab your popcorn and get ready to witness who will win this stablecoin showdown. Will it be Sky, or will another contender steal the crown? Only time will tell!

伙計們，這是一個令人興奮的時刻！抓住你的爆米花，準備見證誰將贏得這場穩定的攤牌。是天空，還是另一個競爭者偷王冠？只有時間會證明！