USDH治理攤牌：投票，驗證者和defi中的價值捕獲

Hyproliquid的本地Stablecoin Ticker的USDH競賽正在加熱！驗證者正在宣布投票，而大型球員正在爭奪一塊defi派。這是低點。

USDH Governance Showdown: Votes, Validators, and Value Capture in DeFi

USDH治理攤牌：投票，驗證者和defi中的價值捕獲

The buzz around USDH, Hyperliquid's native stablecoin ticker, is reaching a fever pitch! With validators publicly declaring their intended votes and governance proposals flying thick and fast, it's a crucial moment for decentralized finance.

超級流動性的本地stablecoin ticker周圍的嗡嗡聲正在發燒！驗證者公開宣布他們的預期選票和治理提案迅速而迅速，這是分散財務的關鍵時刻。

The USDH Stakes: More Than Just a Ticker

USDH賭注：不僅僅是一個股票

Hyperliquid, a major player in the DeFi perpetual futures market, is looking to keep yield within its ecosystem by auctioning off the right to issue USDH. Currently dominating 75% of the DeFi perpetual futures market, it uses around $5.6 billion in stablecoin liquidity, 95% of which is USDC. That translates to roughly 10% of Circle’s business, which is about $200 million in annual revenue. The fight for USDH isn't just about a ticker; it's about controlling a vital component of Hyperliquid's on-chain economy—operating as a margin, pricing unit, and liquidity center.

超級流動性是Defi Perpetual Futures Market的主要參與者，他希望通過拍賣發行USDH的權利來將產量保持在其生態系統之內。目前，它佔據了75％的永久期貨市場，使用約56億美元的Stablecoin流動性，其中95％是USDC。這大約是Circle業務的10％，年收入約為2億美元。 USDH的鬥爭不僅僅是一個股票。這是關於控制Hyproliquid上鍊經濟的重要組成部分 - 作為邊緣，定價單元和流動性中心的運營。

The Contenders: Who's in the Running?

競爭者：誰在跑步？

The competition is fierce, with heavyweights like Ethena, Paxos, Sky (formerly MakerDAO), and Frax Finance throwing their hats in the ring. Each contender brings a unique value proposition:

比賽非常激烈，重量級人物等重量級人物，例如Ethena，Paxos，Sky（以前是Makerdao）和Frax Finance，將帽子扔進了戒指。每個競爭者都帶來一個獨特的價值主張：

• Ethena: Backed by BlackRock, Ethena proposes using its USDtb stablecoin collateralized via BlackRock’s BUIDL fund, pledging 95% of revenue to Hyperliquid.
• Paxos: Emphasizing regulatory pedigree, Paxos is pledging a larger share of reserve yield to Hyperliquid’s Assistance Fund and deferring any issuer take until the product scales past $1 billion.
• Native Markets: The current frontrunner, pitching a GENIUS-compliant USDH managed through Bridge, with reserves in cash and Treasuries overseen by BlackRock off-chain and Superstate on-chain.
• Sky (MakerDAO): As the originator of decentralized stablecoins, DAI launched by MakerDAO pioneered the paradigm of over-collateralized minting.
• Frax Finance: Proposes pegging USDH with frxUSD at a 1:1 ratio, backed by BlackRock's yield-based BUIDL on-chain treasury bond fund.

Governance in Action: Validators and Votes

行動中的治理：驗證者和投票

Hyperliquid's governance model is putting decentralized voting to the test. Validators are crucial, and community members are delegating their votes to align with their preferred candidates. As Kirby Ong from HypurrCollective points out, validator support determines the valid candidates. Ultimately, anyone can help to decide and set the direction for USDH by staking their weight and making their votes known by delegating to the validator that best matches their vote.

Hyperliquid的治理模型正在將分散投票投票參加測試。驗證者至關重要，社區成員正在委派其選票，以與他們的首選候選人保持一致。正如來自hydurCollective的Kirby Ong指出的那樣，驗證器支持確定了有效的候選人。最終，任何人都可以通過將自己的體重放置並委派授權給驗證者，以最能與他們的投票相匹配，從而幫助決定並為USDH設定指導。

The Bigger Picture: DeFi Stablecoins and the Future of Value

更大的前景：defi stablecoins and Value的未來

The USDH bidding war highlights a crucial shift in the DeFi landscape. The key lies not in the ability to issue, but in the transaction and application scenarios. Put bluntly, whether it's overcollateralized or fully backed, issuing a stablecoin pegged to the US dollar is no longer a difficult task. The real challenges lie in "what can it be used for? Who will use it? Where can it circulate?"

USDH競標戰爭突出了Defi景觀的關鍵轉變。關鍵在於發行的能力，而在於交易和應用程序方案。直言不諱，無論是過度的還是完全支持的，發出與美元掛鉤的穩定幣不再是一項艱鉅的任務。真正的挑戰在於“它可以使用什麼？將使用它？它可以在哪裡流通？”

Wrapping Up: Keep Your Eyes on the Ball

總結：盯著球

Whether it favors Native Markets, Paxos, Ethena, or another contender, Hyperliquid’s experiment has already reshaped the conversation around stablecoins, governance, and value capture in DeFi. So, buckle up, DeFi enthusiasts! The next few days promise to be a wild ride as the USDH governance process unfolds. And hey, maybe we'll all be using USDH to buy virtual lattes in the metaverse soon. Who knows? The future is decentralized!

無論是偏愛本地市場，Paxos，Ethena還是另一個競爭者，Hyperliquid的實驗都已經重塑了defi中穩定的對話，治理和價值捕獲。所以，扣緊，defi愛好者！隨著USDH的治理過程的展開，接下來的幾天有望成為狂野的旅程。嘿，也許我們所有人都會盡快使用USDH在Metaverse中購買虛擬拿鐵。誰知道？未來是分散的！