Ethena，Hyproliquid和USDH：制作中的Stablecoin传奇

深入研究围绕Hyperliquid的USDH Stablecoin，Ethena令人惊讶的退出以及当地市场的兴起的戏剧。

The Hyperliquid ecosystem is buzzing with activity, and at the center of it all is the quest for a native stablecoin, USDH. It's been a wild ride, with unexpected twists and turns that have everyone on the edge of their seats. Let's break down what's been happening.

超流动生态系统正在嗡嗡作响，而这一切都是对本机稳定的USDH的追求。这是一次疯狂的旅程，出乎意料的曲折，使每个人都坐在座位的边缘。让我们分解发生的事情。

Ethena's Exit: Community Over Corporate Power

Ethena的退出：社区对公司权力

Ethena Labs, initially a strong contender in the USDH race, made a surprising move by withdrawing its proposal. This decision came after the Hyperliquid community voiced concerns about Ethena's non-native status and broader ambitions beyond just USDH. Guy Young, Ethena's founder, acknowledged these concerns, highlighting the importance of community alignment within the Hyperliquid ecosystem. This shows how much decentralized governance values community input, even over well-funded proposals.

Ethena Labs最初是USDH竞赛中强大的竞争者，他撤回其提议做出了令人惊讶的举动。这项决定是在超流动社区对Ethena的非本地地位和更广泛的野心表示关注之后。埃塞纳（Ethena）的创始人盖伊·杨（Guy Young）承认了这些担忧，强调了社区在超流动生态系统中的重要性。这表明了分散的治理价值社区的投入，甚至超过了资金充足的建议。

Native Markets Takes the Lead

土著市场领先

With Ethena stepping aside, Native Markets, led by Stripe, has emerged as the frontrunner. Their focus on building specifically within the Hyperliquid ecosystem resonated with validators, leading to a significant lead in validator support. Native Markets proposes using Stripe's Bridge infrastructure for USDH issuance, with revenue split between HYPE token buybacks and ecosystem growth. While some criticize their proposal of allocating only 50% of yield back to the community (compared to the 95% offered by others), their 'native' approach appears to have struck a chord.

随着Ethena抛弃，由Stripe领导的本地市场已成为领先者。他们专门针对在超流动生态系统中引起验证器共鸣的专门构建，从而在验证器支持方面具有很大的领先优势。本地市场建议使用Stripe's Bridge基础设施进行USDH发行，并在炒作代币回购与生态系统增长之间分配收入。尽管有些人批评他们仅将收益率的50％分配给社区的提议（与其他人提供的95％相比），但他们的“本地”方法似乎引起了和弦。

The Stakes Are High

赌注很高

The USDH contest is about more than just a ticker symbol. Hyperliquid holds a massive $5.5 billion in USDC deposits, representing a significant chunk of the total USDC in circulation. The winner of the USDH race could potentially capture an estimated $220 million in annual treasury yield, benefiting the Hyperliquid ecosystem and HYPE token holders.

USDH竞赛不仅仅是一个股票符号。 Hyperliquid拥有55亿美元的USDC存款，这占流通总额的很大一部分。 USDH竞赛的获胜者可能有可能获得约2.2亿美元的年度财政收益率，从而使超流动生态系统和大肆宣传令牌持有人受益。

Controversy and Community Skepticism

争议和社区怀疑论

Despite Native Markets' lead, the process hasn't been without its critics. Some have questioned the team's experience and the speed at which they gained validator support, suggesting a potentially rushed vote. Others argue that proposals from Paxos and Ethena offered more attractive terms. However, as Guy Young of Ethena pointed out, the situation exemplifies the ethos of Hyperliquid: a fair playing field where new players can win the community's favor.

尽管当地市场的领先地位，但没有批评家的过程。有些人质疑球队的经验以及他们获得验证者支持的速度，暗示可能急于投票。其他人则认为，来自Paxos和Ethena的建议提供了更具吸引力的术语。但是，正如埃塞纳（Ethena）的盖伊·杨（Guy Young）指出的那样，这种情况例证了超流动的精神：一个公平的竞争环境，新球员可以赢得社区的青睐。

Hyperliquid's Future

超流动的未来

Regardless of who ultimately wins the USDH race, the competition has highlighted Hyperliquid's commitment to community-driven governance and its ambition to reduce reliance on bridged assets. The outcome will significantly impact Hyperliquid's risk profile and growth trajectory for years to come.

无论谁最终赢得了USDH比赛，比赛都强调了超流动性对社区驱动治理的承诺及其对减少对桥接资产的依赖的雄心。该结果将在未来几年内显着影响超流动性的风险概况和增长轨迹。

My Two Satoshis

我的两个satoshis

While Native Markets'

而本地市场