Ethena的Stablecoin提款：这对超流油意味着什么

Ethena Labs在社区问题中退出了Hyplliquid的USDH Stablecoin种族，为本地市场铺平了道路。获取有关含义的内部勺子。

Ethena's Stablecoin Withdrawal: What It Means for Hyperliquid and You

Ethena的Stablecoin提款：这对超流油意味着什么

The 'Ethena, stablecoin, withdrawal' saga continues! Ethena Labs has pulled out of the race to issue Hyperliquid’s USDH stablecoin. Here's a breakdown of what happened and why it matters.

'ethena，stablecoin，撤回''传奇继续！ Ethena Labs已退出比赛，发行了Hyperliquid的USDH Stablecoin。这是发生的事情及其为什么重要的细分。

Why Ethena Stepped Aside

为什么埃塞娜暂时抛开

On September 11, 2025, Ethena Labs announced its withdrawal from Hyperliquid’s USDH stablecoin bidding race. After community feedback questioning whether Ethena was the right fit for the ecosystem, Guy Young, Ethena’s founder, decided to step aside rather than fight the community’s concerns. The conversations with validators raised three main points: Ethena is not a native Hyperliquid team, it operates several products outside USDH, and its broader ambitions go beyond one exchange partnership.

2025年9月11日，Ethena Labs宣布退出Hypliquid的USDH Stablecoin竞标竞赛。在社区反馈质疑Ethena是否适合生态系统之后，Ethena的创始人Guy Young决定辞职，而不是与社区的关切抗争。与验证者的对话提出了三个要点：Ethena不是一个本地超级流动的团队，它在USDH之外运营了多种产品，并且其更广泛的野心超出了一种交流伙伴关系。

Native Markets Takes the Lead

土著市场领先

With Ethena out, Native Markets has emerged as the frontrunner. They already had significant validator support and seem to align more closely with Hyperliquid’s ecosystem-first approach. This highlights a key trend: decentralized governance values community-driven solutions over external corporate partnerships.

随着Ethena的淘汰，本地市场已成为领先者。他们已经获得了大量的验证器支持，并且似乎与Hyperliquid的生态系统优先方法更紧密地保持一致。这突出了一个关键趋势：分散的治理价值社区驱动的解决方案而不是外部公司合作伙伴关系。

The Bigger Picture: What's at Stake?

更大的景象：危及什么？

Hyperliquid's USDH initiative is a big deal. It’s about reducing reliance on bridged assets like USDC. Hyperliquid currently holds $5.5 billion in USDC deposits, representing about 7.5% of all USDC in circulation. The winner of the USDH contest could capture an estimated $220 million in annual Treasury yield that currently flows to external stablecoin issuers like Circle. This revenue would instead benefit the Hyperliquid ecosystem and HYPE token holders through buyback programs.

Hyperliquid的USDH倡议很重要。这是关于减少对USDC等桥接资产的依赖。 Hyperliquid目前持有55亿美元的USDC存款，约占所有流通公司的7.5％。 USDH竞赛的获胜者可能会捕获大约2.2亿美元的年度财政收益，目前流向诸如Circle之类的外部Stablecoin发行人。相反，这项收入将通过回购计划受益于超流动生态系统和炒作令牌持有者。

Ethena's Future Plans

Ethena的未来计划

Even though Ethena withdrew from the USDH race, the company maintains its commitment to building on Hyperliquid. They're still planning on synthetic dollar products, USDe-powered savings tools, and exploring new market opportunities within the ecosystem. Young outlined plans to prioritize products such as synthetic dollars (hUSDe), USDe-powered savings and card products, and hedging flows designed for Hyperliquid markets.

即使Ethena退出了USDH Race，该公司仍保持着对超流动性建设的承诺。他们仍在计划合成美元产品，美国USD驱动的储蓄工具以及探索生态系统中的新市场机会。 Young概述了诸如合成美元（HUSDE），USDE驱动的储蓄和卡产品以及为超流油市设计的对冲流等产品的优先级计划。

My Take: Community Wins

我的看法：社区胜利

This situation really underscores the power of community in the decentralized world. Ethena had a strong proposal, but Hyperliquid prioritized a native solution. It shows that even with the best intentions and resources, you can't always win against a strong, aligned community. It proves that it is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.

这种情况确实强调了社区在分散世界中的力量。乙烯提出了强有力的建议，但是越来越多的液体优先考虑本地解决方案。它表明，即使有最佳的意图和资源，您也不能总是与一个坚强，一致的社区赢得胜利。它证明这是一个公平的竞争环境，新兴的球员可以赢得社区的心，并在成功的情况下获得公平的投篮。

Looking Ahead

展望未来

The final decision for USDH will be made through an on-chain validator vote on September 14, 2025. Regardless of the outcome, this bidding war has set a new precedent for community involvement in protocol decisions. It's a wild ride, but that's crypto for ya!

USDH的最终决定将通过2025年9月14日的链上验证者投票做出。不管结果如何，这场竞标战争为社区参与协议决策的新先例树立了新的先例。这是一次疯狂的旅程，但这是您的加密货币！