Ethena，USDH和USDTB：超流利的Stablecoin摊牌

Ethena Labs VIES控制了Hyperliquid的USDH Stablecoin，并在激烈的竞争中支持BlackRock的USDTB。发现主要参与者，建议和Defi的未来。

The race to control Hyperliquid's USDH stablecoin is heating up, with Ethena Labs emerging as a strong contender. Backed by BlackRock's USDtb, Ethena's proposal promises revenue sharing, migration support, and robust security measures. Let's dive into the key developments and what they mean for the future of DeFi.

控制Hypliquid的USDH Stablecoin的竞赛正在加热，Ethena Labs成为强大的竞争者。在贝莱克（Blackrock）的USDTB的支持下，埃塞纳（Ethena）的提案承诺收入共享，移民支持和强大的安全措施。让我们深入了解关键的发展及其对Defi的未来意味着什么。

Ethena's Bold Bid for USDH

Ethena大胆竞标USDH

Ethena Labs, known for its fast-growing stablecoin USDe, is throwing its hat into the ring to issue Hyperliquid’s upcoming USDH stablecoin. This move is supported by a partnership with BlackRock’s BUIDL fund through USDtb, a token issued with Anchorage Digital Bank.

Ethena Labs以其快速增长的Stablecoin USDE而闻名，他正在将其帽子戴在戒指上，以发行Hyperliquid即将推出的USDH Stablecoin。这一举动得到了与BlackRock的Buidl Fund通过USDTB建立合作伙伴关系的支持，USDTB是由Anchorage Digital Bank发行的代币。

Hyperliquid, a leading decentralized exchange, is preparing to launch USDH as its native stablecoin. With significant stakes involved—Hyperliquid processed around $400 billion in perpetuals trading volume in August and has a stablecoin market cap of over $5.7 billion—the competition for the mandate is fierce.

高流动性是一种领先的分散交易所，正准备推出USDH作为本地Stablecoin。涉及大量赌注 - 八月份的Hypreperliquid在永久性交易量中处理了约4000亿美元，并且稳定的市值超过57亿美元，这项授权的竞争是激烈的。

Key Proposals and Incentives

关键建议和激励措施

Ethena is offering a package designed to appeal to both Hyperliquid validators and its community. A central part of its proposal is a pledge to redirect 95% of net USDH reserve revenues back to the ecosystem through the purchase and distribution of HYPE tokens, validator rewards, and ecosystem development funding.

Ethena提供了一个旨在吸引超流动验证者及其社区的包装。提案的一个核心部分是通过购买和分发炒作令牌，验证者奖励和生态系统开发资金将95％的USDH储备金收入的95％重定向到生态系统。

To jumpstart adoption, Ethena has earmarked $75 million in incentives, potentially expanding to $150 million, to support market development under the HIP-3 proposal. This incentive program would fund new markets, front-end integrations, and liquidity initiatives that tie together USDH, USDe, and hUSDe.

为了开始采用，Ethena已指定7500万美元的激励措施，可能扩大到1.5亿美元，以支持HIP-3提案下的市场发展。这项激励计划将资助将USDH，USDE和HUSDE将新市场，前端整合和流动性计划提供资金。

Security and Governance

安全与治理

Security is another pillar of Ethena's plan. They propose introducing a guardian network of Hyperliquid validators, including infrastructure partners like LayerZero, to oversee USDH operations. This approach aims to avoid a single point of failure and ensure transparent governance of the new stablecoin.

安全是Ethena计划的另一个支柱。他们建议介绍超流利验证器的监护网络，包括诸如lyezero之类的基础架构合作伙伴，以监督USDH操作。这种方法旨在避免单点失败，并确保新Stablecoin的透明治理。

Ethena also plans to integrate with Securitize to enable tokenization of real-world assets and bring USDtb onto HyperEVM. This integration would allow for seamless minting and redemption flows, giving institutional users a clearer path to tap into Hyperliquid’s ecosystem.

Ethena还计划与证券化集成，以实现现实世界中资产的令牌化，并将USDTB带入HypereVM。这种集成将允许无缝的铸造和救赎流，从而为机构用户提供了更清晰的途径，可以利用超流动性的生态系统。

The Competitive Landscape

竞争格局

Ethena’s bid brings it into a crowded field of suitors. Paxos, Frax, Agora, Native Markets, and Sky are also vying for control, each with unique proposals.

Ethena的出价将其带入了一个拥挤的求婚者领域。 Paxos，Frax，Agora，本地市场和天空也都在争夺控制，每个人都有独特的建议。

The outcome will be decided by Hyperliquid’s validators. Winning the mandate could solidify Ethena’s position as a major player in the stablecoin market.

结果将由Hyplliquid的验证器决定。赢得任务可以巩固Ethena在Stablecoin市场中的主要参与者的地位。

Strategic Investments and Partnerships

战略投资和合作伙伴关系

Ethena Labs has also made a strategic investment of millions of dollars in Based, a key participant in the Hyperliquid ecosystem. This partnership aims to promote the adoption of USDe, USDtb, and other unreleased Ethena products on Hyperliquid. Based plans to support USDe and USDtb as payment options on its debit card and embed savings functionality.

Ethena Labs还进行了数百万美元基础的战略投资，这是超流动生态系统的关键参与者。该合作伙伴关系旨在促进在超流动性上使用USDE，USDTB和其他未发行的Ethena产品。基于支持USDE和USDTB作为其借记卡和嵌入储蓄功能的付款选项的计划。

Final Thoughts

最后的想法

The battle for USDH is more than just a competition for a ticker; it's a fight for the future of stablecoins and DeFi. With Ethena's robust proposal and strategic partnerships, the stakes are high, and the outcome will undoubtedly shape the landscape of decentralized finance for years to come. So, grab your popcorn and enjoy the show—it's gonna be wild!

USDH的战斗不仅仅是股票的竞争。这是为Stablecoins和Defi的未来而战。凭借Ethena的强大提议和战略合作伙伴关系，股份很高，毫无疑问，结果将在未来几年内塑造分散融资的景观。因此，抓住您的爆米花并享受节目 - 它会变得疯狂！