超流动，USDH Stablecoin和本地市场：一个新时代？

当地市场赢得了发行Hyplliquid的USDH Stablecoin的竞标，引发了辩论并标志着Defi治理的转变。获取内部勺子！

Hyperliquid, USDH Stablecoin, and Native Markets: A New Era?

超流动，USDH Stablecoin和本地市场：一个新时代？

Hold onto your hats, DeFi enthusiasts! The race to issue Hyperliquid's USDH stablecoin has concluded, and the results are raising eyebrows. Native Markets, a newcomer, snagged the coveted role, signaling a potential shift in how decentralized finance operates.

戴上帽子，defi爱好者！发行超流动性的USDH Stablecoin的竞赛已经得出结论，结果正在引起眉毛。新来者本地市场抓住了令人垂涎的角色，这表明了分散的金融运作方式的潜在转变。

Native Markets Secures USDH Ticker: A DeFi Upset?

本地市场确保USDH股票：一种不适的烦恼？

In a competition that drew heavyweights like Paxos and Frax, Native Markets, backed by co-founder Max Fiege and DeFi veterans, emerged victorious. This win grants them exclusive control over USDH, a stablecoin poised to inject billions in liquidity into the Hyperliquid exchange. It's like a David-and-Goliath story, but with more blockchain.

在一场吸引了由Paxos和Frax等重量级人物的比赛中，由联合创始人Max Fiege和Defi退伍军人支持的本地市场取得了胜利。这场胜利使他们对USDH的独家控制权，这是一个准备向超流动交易所注入数十亿美元的流动性的稳定币。这就像一个大卫和戈利亚的故事，但有更多区块链。

The USDH Proposal: What's the Plan?

USDH提案：计划是什么？

Native Markets plans to issue USDH directly on HyperEVM, splitting reserves between on-chain partners like Superstate and off-chain custodians like BlackRock. A savvy move? Half of the reserve yield will fund HYPE token buybacks, while the other half supports ecosystem development. Analysts are buzzing about the potential to generate hundreds of millions annually, benefiting both the exchange community and Native Markets.

土著市场计划直接在HypereVM上发布USDH，在诸如Superstate之类的链上合作伙伴和贝莱德（Blackrock）等链托管人等链上的储备之间进行拆分。精明的举动？储备收益率的一半将资助炒作令牌回购，而另一半则支持生态系统的发展。分析师嗡嗡作响，每年产生数亿美元的潜力，从而使交易所和本地市场受益。

Controversy and Community Reaction: Was It a Fair Fight?

争议和社区反应：这是一场公平的战斗吗？

Not everyone's popping champagne. Dragonfly's Haseeb Qureshi and others voiced concerns that the vote favored Native Markets despite stronger bids from established institutions. Whispers of validator concentration and potential backroom deals circulated. However, Ethena founder Guy Young defended the outcome, calling it a true reflection of Hyperliquid's grassroots governance.

并非每个人都在弹出香槟。 Dragonfly的Haseeb Qureshi和其他人表示担心，尽管既定机构的出价更强，但投票支持本地市场。验证者集中注意力和潜在的倒地交易的耳语流传。然而，埃塞纳（Ethena）创始人杨（Guy Young）为结果辩护，称其为超流动性基层治理的真正反映。

Native Markets' Next Steps: Deployment and Testing

本地市场的下一步：部署和测试

Native Markets isn't resting on its laurels. Fiege announced the imminent deployment of both HIP-1 and ERC-20 versions of USDH. Initial testing will involve capped mint and redeem transactions of $800, followed by a USDH/USDC spot market. Circle, feeling the heat, has already announced native USDC deployment on Hyperliquid. Talk about competition!

本地市场并没有依靠桂冠。 Fiege宣布了USDH的HIP-1和ERC-20版本即将部署。初步测试将涉及造成薄荷和赎回交易的$ 800，然后是USDH/USDC现货市场。 Circle感受到热量，已经宣布了在Hyperliquid上的本地USDC部署。谈论比赛！

A Turning Point for Hyperliquid and DeFi

超流动和defi的转折点

This ruling marks a pivotal moment for Hyperliquid, aiming to reduce reliance on traditional stablecoin issuers and internalize yield. For DeFi, it showcases the power of validator-led governance, even amidst decentralization and fairness debates. As Mert Mumtaz, the CEO of Helius, suggested, this may also signal a commoditization of stablecoins, where tickers become abstracted, and exchanges handle the backend swaps.

这项裁决标志着超流动性的关键时刻，旨在减少对传统的稳定发行人的依赖并内在化的产量。对于Defi，它展示了验证者主导的治理的力量，甚至在权力下放和公平辩论中。正如Helius的首席执行官Mert Mumtaz所建议的那样，这也可能表明stablecoins的商品化，在该商品中，股票者被抽象而来，并且交换处理后端掉期。

My Take: A Bold Move with Potential Pitfalls

我的看法：大胆的举动，潜在的陷阱

While Native Markets' win is undoubtedly exciting, execution is everything. The DeFi space is littered with ambitious projects that fizzled out due to security vulnerabilities, regulatory hurdles, or simply failing to deliver on promises. Native Markets needs to address the decentralization concerns head-on and ensure the stability and security of USDH to gain long-term trust.

尽管本地市场的胜利无疑令人兴奋，但执行却是一切。 Defi空间散布着雄心勃勃的项目，这些项目由于安全漏洞，监管障碍或仅仅没有兑现承诺而导致的。当地市场需要正面解决权力问题，并确保USDH的稳定性和安全性获得长期信任。

The Future of USDH and Hyperliquid

USDH和超流动的未来

Hyperliquid's gamble on Native Markets and USDH could pay off big time, fostering independence and driving innovation. Or, it could become a cautionary tale. Only time will tell. But one thing's for sure: the world of DeFi just got a whole lot more interesting.

Hyperliquid在本地市场上的赌博和USDH可以偿还大量时间，促进独立并推动创新。或者，它可能成为一个警示性的故事。只有时间会证明。但是可以肯定的是：Defi的世界变得更加有趣。

So, what do you think? Is this the start of a beautiful friendship between Hyperliquid and Native Markets? Or will the USDH ticker become a symbol of unrealized potential? Let me know in the comments!

那么，您怎么看？这是超级流动和本地市场之间美丽友谊的开始吗？还是USDH股票将成为未实现潜力的象征？在评论中让我知道！