Hyperliquid的USDH传奇：Paxos，PayPal和本地市场起义

深入了解了Hyperliquid的本地Stablecoin USDH的战斗，其中包括Paxos的提议，PayPal的支持和当地市场令人惊讶的胜利。

The race to control Hyperliquid's native stablecoin, USDH, has been a wild ride. From Paxos' regulatory prowess to PayPal's mainstream appeal, and ultimately Native Markets' victory, the story encapsulates the evolving dynamics of DeFi and stablecoins.

控制Hyplliquid的本地Stablecoin USDH的竞赛是一场疯狂的旅程。从Paxos的监管实力到Paypal的主流吸引力，以及最终的原生市场胜利，故事封装了Defi和Stablecoins不断发展的动态。

The USDH Quest: A Stablecoin Showdown

USDH任务：Stablecoin摊牌

Hyperliquid, a decentralized exchange known for its high-performance on-chain order book, sought a native stablecoin (USDH) to reduce reliance on giants like USDC and USDT. This triggered a fierce competition among industry players, each vying for a piece of Hyperliquid's burgeoning ecosystem. The winner was Native Markets.

高流动性是一种以其高性能的链订单书而闻名的去中心化交易所，他寻求一份本地稳定（USDH），以减少对USDC和USDT等巨头的依赖。这引发了行业参与者之间的激烈竞争，每个参与者都争夺了一块超流动的生态系统。获胜者是本地市场。

Paxos and the PayPal Power-Up

Paxos和PayPal Power

Paxos, a regulated firm with experience issuing stablecoins, presented a compelling v2 proposal. A key highlight was public support from PayPal, potentially integrating USDH into PayPal's massive user base (over 400 million users and 35 million merchants). This integration promised free on/off-ramps for USDH and the listing of Hyperliquid's HYPE token on PayPal and Venmo.

Paxos是一家受监管的公司，具有发行Stablecoins的经验，提出了令人信服的V2提案。一个关键的重点是PayPal的公众支持，可能将USDH集成到PayPal的大量用户群中（超过4亿用户和3500万商人）。这种集成承诺在USDH上免费/外坡道，并在PayPal和Venmo上列出了Hypliquid的Hype Sigken。

The proposal outlined that approximately 95% of the yield from reserves (US Treasurys, cash, and repos) would flow back into HYPE buybacks and reinvestment, with roughly 5% retained for operational costs. The company would take no fees until USDH reached $1 billion in total value locked (TVL), then capping its share at 5% beyond $5 billion, with all early revenue reinvested into Hyperliquid’s growth and Assistance Fund.

该提议概述了储备金（美国财政部，现金和存储库）的收益率约为95％，将返回炒作回购和再投资，大约5％保留了运营成本。该公司将不收取任何费用，直到USDH达到10亿美元的总价值锁定（TVL），然后将其份额限制在5％以上，超过50亿美元，所有早期收入都将其重新投资到Hyperliquid的增长和援助基金中。

Native Markets' Surprise Victory

当地市场的惊喜胜利

Despite Paxos' high-profile proposal and PayPal's backing, Native Markets, a startup supported by Stripe's Bridge subsidiary, emerged victorious. This relatively new player secured the USDH ticker through a governance vote by Hyperliquid's validators. The market on Polymarket reflected this, with traders betting on a 93% probability that Native Markets would win the bid.

尽管Paxos的备受瞩目的提案和PayPal的支持，但由Stripe的Bridge子公司支持的一家初创公司却取得了胜利。这个相对较新的玩家通过Hyperliquid的验证者的治理投票确保了USDH股票。 Polymarket市场反映了这一点，交易员押注了93％的土著市场赢得竞标的可能性。

Native Markets' offering included innovations like synthetic dollar instruments, USDe-linked savings, card spending solutions, reward-bearing collateral, and modular prime broking. These features resonated with the Hyperliquid community, especially after Ethena Labs withdrew its bid. Native Markets cited regulatory flexibility and deployment speed as key reasons for its selection.

本地市场的产品包括综合美元乐器，USDEN-C-SAVINGS，卡支出解决方案，奖励抵押品和模块化质量经纪等创新。这些功能引起了混血社区的共鸣，尤其是在埃塞纳（Ethena）实验室撤回其出价之后。本地市场将监管灵活性和部署速度视为其选择的关键原因。

What Does It All Mean?

这是什么意思？

The USDH saga highlights several key trends:

USDH传奇强调了几个关键趋势：

• Partnerships Matter: PayPal's backing significantly boosted Paxos' proposal, showcasing the importance of mainstream fintech integrations.
• Community Focus: Native Markets' win suggests that Hyperliquid's validators prioritized a proposal deeply aligned with the ecosystem's needs.
• Stablecoin Competition is Fierce: Issuers are willing to offer aggressive revenue-sharing terms to secure stablecoin mandates.
• DeFi and TradFi Convergence: The integration of stablecoins into payment networks like PayPal is bridging the gap between traditional finance and decentralized finance.

My Two Satoshis

我的两个satoshis

While Paxos' proposal offered regulatory credibility and PayPal's extensive network, Native Markets' victory underscores the power of community alignment in DeFi. It also signals a potential shift towards stablecoins that are more deeply integrated with their respective ecosystems.

尽管Paxos的提议提供了监管信誉和PayPal的广泛网络，但土著市场的胜利强调了社区在DEFI中的一致性。它还标志着潜在向稳定剂的转变，该稳定剂与各自的生态系统更深入地融合在一起。

Hyperliquid validators may have leaned towards Native Markets due to the promise of integrating synthetic dollar instruments to hedge flows on Hyperliquid and enhance its HIP-3 market designs, coupled with greater regulatory flexibility and deployment speed.

由于有望将合成美元仪器集成到超级流动性上并增强其HIP-3市场设计，再加上更高的监管灵活性和部署速度，因此超流利验证者可能已经倾向于本地市场。

The Future of USDH

USDH的未来

The launch of USDH is a strategic move for Hyperliquid. With over $5.7 billion in USDC already on the network, capturing even a fraction of that liquidity with USDH could significantly boost Hyperliquid's revenue and position it as a major player in DeFi. It remains to be seen whether USDH can successfully rival established stablecoins like USDC and USDT, but the stage is set for an exciting chapter in the stablecoin wars.

USDH的推出是超流动性的战略举动。网络上已经有超过57亿美元的USDC，即使在USDH中捕获了这种流动性的一小部分，可以显着提高Hyperliquid的收入，并将其定位为DEFI的主要参与者。 USDH是否能够成功地与USDC和USDT这样的Stablecoin匹敌，但阶段是在Stablecoin Wars的激动人心的一章，还有待观察。

So, what's next? Keep your eyes peeled on Hyperliquid and USDH. It's gonna be lit!

那么，下一步是什么？让您的眼睛剥落在超流动和USDH上。它会点亮！