Ethena Labs，Hypliquid USDH和Polymarket Traders：Stablecoin景观的转变

Ethena Labs退出了超级流动性的USDH竞标，使本地市场的领先优势。 Polymarket Traders赌大了，这表明了Stablecoin空间中以社区为导向的转变。

Ethena Labs, Hyperliquid USDH, and Polymarket Traders: A Shift in the Stablecoin Landscape

Ethena Labs，Hypliquid USDH和Polymarket Traders：Stablecoin景观的转变

The dynamics surrounding Hyperliquid's USDH stablecoin are heating up! Ethena Labs has stepped back from the issuer bid, with Polymarket traders now heavily favoring Native Markets. Let's dive into what's happening and why it matters.

围绕Hyproliquid的USDH Stablecoin的动力正在加热！ Ethena Labs已从发行人出价退后一步，而Polymarket Traders现在非常喜欢本地市场。让我们深入了解正在发生的事情以及为什么重要的事情。

Ethena Labs Exits the USDH Race

Ethena Labs退出了USDH比赛

Ethena Labs, initially a contender to issue Hyperliquid's USDH stablecoin, has officially withdrawn its bid. According to a recent X post by Ethena founder Guy Young, this decision was influenced by feedback from community members and validators. The concerns revolved around Ethena not being a native Hyperliquid project and its broader ambitions extending beyond just USDH.

Ethena Labs最初是发行Hyperliquid的USDH Stablecoin的竞争者，已正式撤回其出价。根据Ethena创始人Young的最新X帖子，该决定受社区成员和验证者的反馈影响。这些担忧围绕着Ethena并不是一个本地超级流动性项目，其更广泛的野心超越了USDH。

Native Markets Gains Momentum

本地市场获得势头

With Ethena Labs out of the picture, Native Markets has emerged as the frontrunner. Polymarket traders are placing their bets, giving Native Markets a whopping 91% chance of winning the validator vote. This surge in support seems to stem from Native Markets' strong community backing, especially after the Hyperliquid Foundation announced it would align its validator vote with the team garnering the most non-foundation support.

随着Ethena Labs的了解，本地市场已成为领先者。多聚市场交易者正在下注，使土著市场赢得验证者投票的机会高达91％。这种支持的激增似乎源于本地市场的强大社区支持，尤其是在超流动基金会宣布将其验证者的投票与获得最无基调支持的团队保持一致之后。

Young even addressed critics, highlighting that Native's success reflects Hyperliquid's community-driven ethos, where size and resources don't guarantee victory.

扬甚至对批评者讲话，强调了当地人的成功反映了超流动的社区驱动的精神，在那里规模和资源并不能保证胜利。

What's Next for Ethena Labs?

Ethena Labs的下一步是什么？

Even though Ethena Labs won't be issuing USDH, they're not leaving the Hyperliquid ecosystem. They plan to focus on developing new products, including synthetic dollar instruments (hUSDe), USDe-powered savings and card products, and hedging flows designed for Hyperliquid markets. This also includes reward-bearing collateral and modular prime broking.

即使Ethena Labs不会发行USDH，但他们不会离开过度流动的生态系统。他们计划专注于开发新产品，包括合成美元仪器（HUSDE），USDE驱动的储蓄和卡产品，以及为超流油市设计的对冲流。这还包括奖励抵押品和模块化的素数。

The Bigger Picture

更大的图片

This whole situation highlights a significant trend in the crypto space: the increasing importance of community-driven decision-making. Hyperliquid's validator vote, scheduled for September 14, exemplifies a level playing field where new entrants can gain credibility through grassroots support. The eventual winner will oversee a substantial $5.9 billion stablecoin reserve, currently dominated by Circle’s USDC pairs.

整个情况凸显了加密货币领域的一个重大趋势：社区驱动决策的重要性越来越重要。 Hyperliquid的验证者的投票定于9月14日，体现了一个公平的竞争环境，新进入者可以通过基层支持获得信誉。最终的获胜者将监督59亿美元的Stablecoin储备金，目前由Circle的USDC Pairs主导。

Kraken also intends to list USDH alongside HYPE, which could further boost adoption by increasing the token's visibility.

Kraken还打算将USDH与Hype一起列出，这可以通过提高令牌的知名度来进一步提高采用。

My Take

我的看法

It's refreshing to see a project like Hyperliquid prioritize community input. Ethena Labs' decision to step aside demonstrates a respect for this ethos. Native Markets' potential victory signifies a shift towards more decentralized and community-governed stablecoin initiatives. While it's a bummer for Ethena to step aside, their decision to refocus on other innovative products within the ecosystem feels like a solid pivot.

看到像超级流动性优先确定社区输入这样的项目令人耳目一新。 Ethena Labs决定抛在一边的决定表明了对这种精神的尊重。当地市场的潜在胜利意味着向更加分散和社区的稳定倡议的转变。虽然这是埃特纳（Ethena）不得不抛弃的令人沮丧的，但他们决定将生态系统中其他创新产品重新关注的决定感觉就像是一个坚实的枢轴。

Plus, with Arthur Hayes buying more ENA tokens, the excitement around this stablecoin launch is palpable!

另外，随着亚瑟·海斯（Arthur Hayes）购买更多的ENA代币，对此Stablecoin发射的兴奋是显而易见的！

Wrapping Up

总结

The Hyperliquid USDH saga is far from over, but one thing's clear: the community is speaking, and the crypto world is listening. Will Native Markets deliver the goods? Only time will tell. But for now, grab your popcorn and enjoy the show! It's gonna be wild.

超流动的USDH传奇还远远没有结束，但是一件事很明显：社区正在说话，加密货币世界正在倾听。本地市场会运送商品吗？只有时间会证明。但是现在，抓住您的爆米花并享受节目！会很疯狂。