Hyperliquid的USDH Stablecoin：在竞争市场中大胆的举动

Hyperliquid与USDH进入Stablecoin Arena，面临Aster的竞争，即将来临的令牌解锁。它会成功吗？

Hyperliquid is shaking things up with its new native stablecoin, USDH. But with rivals like Aster nipping at its heels and a massive token unlock on the horizon, can Hyperliquid maintain its edge? Let's dive into the details.

超级流动的人正在用其新的本地Stablecoin USDH震动事情。但是，随着诸如Aster之类的竞争对手的高跟鞋咬nipping，并且在地平线上解锁了巨大的令牌，超流动可以保持其边缘吗？让我们研究细节。

USDH: A New Stablecoin on the Block

USDH：街区上的新稳定币

Hyperliquid recently launched USDH, a stablecoin designed to boost its on-chain ecosystem. Native Markets, the team behind USDH, has made it available on Hyperliquid's spot and derivatives markets. Traders can now pair USDH with HYPE (Hyperliquid's governance token) and USDC, providing a stable unit of account right on the platform. To kick things off, the team locked 200,000 HYPE for three years, showing they're serious about liquidity and governance.

Hyproliquid最近推出了USDH，这是一种旨在增强其链生态系统的Stablecoin。 USDH背后的团队本地市场已在超级流动性的现场和衍生品市场上提供。现在，交易者可以将USDH与Hype（Hypliquid的治理令牌）和USDC配对，并在平台上提供稳定的帐户单位。为了开始问题，该团队将200,000次炒作锁定了三年，表明他们对流动性和治理很认真。

Native Markets pre-minted $15 million USDH through HyperEVM, working with the network's Assistance Fund to ensure smooth initial liquidity. According to Native Markets, USDH is backed by cash and short-term U.S. Treasuries, managed with a mix of off-chain holdings and on-chain transparency tools. Plus, a portion of the returns from these reserves will fund periodic HYPE buybacks, strengthening the token's economics.

本地市场通过HypereVM预先付出了1500万美元，与网络的援助基金合作，以确保初始流动性平稳。根据本地市场的数据，USDH以现金和短期美国国债的支持，并结合了链子持有和链透明度工具。另外，这些储备金的一部分回报将资助定期炒作回购，从而增强令牌的经济学。

This move came after Native Markets won a community vote to issue Hyperliquid's first stablecoin, beating out proposals from competitors like Paxos and Agora. Talk about a victory!

此举是在土著市场赢得了社区投票以发行Hyplliquid的第一个Stablecoin之后，击败了Paxos和Agora等竞争对手的提议。谈论胜利！

Competition Heats Up

竞争升温

But it's not all smooth sailing for Hyperliquid. The launch of USDH comes at a time when the platform faces increasing competition. Aster, backed by Binance founder Changpeng Zhao's family office, YZi Labs, has seen a surge in trading activity. DeFiLlama data shows Aster generated $147 billion in perpetual volume in a recent week, surpassing Hyperliquid's $81 billion. Ouch!

但这并不是全部顺利进行超流水的航行。 USDH的推出是在平台面临日益竞争的时候。由Binance创始人Changpeng Zhao的家庭办公室Yzi Labs的支持，Aster的交易活动激增。 Defillama数据显示，最近一周，Aster产生了1,470亿美元的永久量，超过了Hypliquid的810亿美元。哎哟!

While Hyperliquid still leads on a 30-day basis ($296 billion versus Aster's $162 billion), analysts at Maelstrom warn that this lead could shrink. Starting in November, Hyperliquid will gradually unlock about 237.8 million HYPE tokens, worth roughly $12 billion, over 24 months. This unlock could put pressure on HYPE's market performance, especially since it's already down more than 20% recently.

尽管Hyperliquid仍以30天的速度（与Aster的1,620亿美元相比，2.96亿美元），但Maelstrom的分析师警告说，这一领先优势可能会缩小。从11月开始，Hyproliquid将在24个月内逐渐解锁约2.378亿个炒作令牌，价值约120亿美元。这种解锁可能会对炒作的市场表现施加压力，尤其是因为最近已经下降了20％以上。

The Stablecoin Landscape: A Broader View

Stablecoin景观：更广阔的视野

The stablecoin market is booming, with the global supply jumping by $30 billion in just three months to reach $295 billion. PayPal's PYUSD, for example, is making waves through partnerships like the one with Spark, aiming to inject $1 billion into Spark's lending protocols. PYUSD is pegged 1:1 to the U.S. dollar and backed by cash and U.S. Treasuries, offering a transparent and compliant alternative to other stablecoins.

Stablecoin市场正在蓬勃发展，全球供应在短短三个月内增长了300亿美元，达到2950亿美元。例如，贝宝（Paypal）的PYUSD正在通过像Spark这样的合作伙伴关系来浪潮，旨在将10亿美元注入Spark的贷款协议。 Pyusd以1：1的态度将美元固定在1：1上，并以现金和美国国债的支持，提供了其他稳定股的透明且合规的替代方案。

Another player, Ethena (ENA), is making moves in the synthetic stablecoin space. Despite recent market dips, Ethena's market capitalization stands at $4.05 billion, with a 24-hour trading volume of $295.8 million. M2 Capital recently invested $20 million in ENA tokens, signaling confidence in its potential. Ethena's USDe offers yields through basis trades, attracting users with APYs of 8-12%.

另一位玩家ethena（ENA）正在合成稳定空间中进行动作。尽管最近的市场下降，但埃塞纳的市值为40.5亿美元，交易量为2.958亿美元。 M2 Capital最近向ENA代币投资了2000万美元，这表明了其潜力的信心。 Ethena的USDE通过基础交易提供了收益率，吸引了8-12％的APY的用户。

Final Thoughts

最后的想法

Hyperliquid's USDH launch is a strategic move to strengthen its ecosystem, but it's entering a competitive arena. With rivals like Aster and the complexities of token unlocks, Hyperliquid has its work cut out for it. The broader stablecoin market is thriving, with innovative projects like PYUSD and Ethena pushing the boundaries. Will Hyperliquid's USDH find its place among these giants? Only time will tell. But one thing's for sure: the stablecoin game is getting more exciting by the day!

Hyperliquid的USDH发射是加强其生态系统的战略举动，但它进入了竞争激烈的领域。凭借Aster等竞争对手和令牌解锁的复杂性，Hyproliquid的工作削减了。更广泛的Stablecoin市场正在蓬勃发展，Pyusd和Ethena等创新项目推动了界限。 Hyperliquid的USDH会在这些巨人中找到它的位置吗？只有时间会证明。但是可以肯定的是：Stablecoin游戏一天变得更加令人兴奋！

So, buckle up, crypto enthusiasts! It’s gonna be a wild ride. And who knows, maybe one day we'll all be paying for our morning coffee with USDH. Or maybe not. Either way, it's fun to watch the future unfold, right?

因此，搭扣，加密爱好者！这将是一个疯狂的旅程。谁知道，也许有一天我们都会用USDH付款。也许不是。无论哪种方式，观看未来的发展都是有趣的，对吗？