Hyperliquid的USDH Stablecoin竞赛：高赌注和社区力量

Hyperliquid的USDH Stablecoin发射激发了激烈的竞争，展示了社区的力量和分散财务的未来。

Hyperliquid's USDH Stablecoin Race: High Stakes and Community Power

Hyperliquid的USDH Stablecoin竞赛：高赌注和社区力量

The race to become the issuer of Hyperliquid's first native stablecoin, USDH, has been a whirlwind! With billions in stablecoin flows at stake, it's a battleground of innovation, community sentiment, and strategic maneuvering.

成为Hyperliquid首个本地Stablecoin USDH的发行人的竞赛一直是旋风！数十亿美元的Stablecoin流动危险，它是创新，社区情绪和战略性操纵的战场。

The Players and Their Pitches

球员及其球场

Hyperliquid, a decentralized exchange making waves with its high trading volume and lean team, is poised to launch USDH, a dollar-pegged asset crucial for its ecosystem. Several companies threw their hats in the ring, each with a unique approach:

超级流动性是一种分散的交易所，其交易量高，精益团队有望推出USDH，这是其生态系统至关重要的美元资产。几家公司将帽子扔进了戒指，每个公司都采用一种独特的方法：

• Native Markets: Focused on being Hyperliquid-native, pledging to mint USDH directly on HyperEVM and share reserve yield. Their odds were looking pretty good for a while there.
• Paxos: Emphasizing regulatory compliance and integration with platforms like PayPal and Venmo. They're the seasoned pros in the stablecoin game.
• Sky: Championing multichain functionality via LayerZero, aiming to make USDH accessible across different networks from the get-go.
• Frax Finance: Proposing a partnership with a federally regulated US bank, backing USDH with tokenized US Treasurys. Giving everything back to the community was their mantra.
• Agora: Partnering with VanEck as asset manager, committing 100% of net revenue to HYPE buybacks. They weren't shy about voicing concerns regarding potential conflicts of interest.
• Curve, OpenEden, and BitGo: Late entries adding further intrigue to the competition.

Ethena's Exit and the Rise of Community Voice

Ethena的退出和社区声音的兴起

One of the most surprising turns was Ethena Labs withdrawing its bid. Founder Guy Young acknowledged the community's concerns about Ethena's alignment with Hyperliquid's native ethos. This move highlights the growing influence of community sentiment in decentralized governance. It's a reminder that in DeFi, it's not just about size, but about genuine commitment and alignment with the ecosystem.

最令人惊讶的转弯之一是Ethena Labs撤回了竞标。创始人盖伊·杨（Guy Young）承认社区对埃塞纳（Ethena）与超流动性的本地精神保持一致的担忧。这一举动强调了社区情绪在分散治理中的影响力日益增长。这提醒您，在Defi中，它不仅与大小有关，还关乎与生态系统的真正承诺和一致性。

Hyperliquid Outshining Traditional Finance

超级流动超过传统金融

Hyperliquid isn't just making waves in the DeFi space; it's giving traditional finance giants a run for their money. Its annualized net income surpasses that of Nasdaq, with a fraction of the workforce. This demonstrates the efficiency and potential of decentralized exchanges to compete with established players.

溢流不仅仅是在Defi空间中挥舞着波浪；它使传统的金融巨头赚钱。其年度净收入超过了纳斯达克的净收入，而劳动力只有一小部分。这表明了分散交流与知名球员竞争的效率和潜力。

The GENIUS Act and the Future of Stablecoins

天才法与稳定的未来

The broader context includes the GENIUS Act, signaling a US push for dollar-pegged stablecoins. Projections estimate the stablecoin market could explode to $2 trillion by 2028, underscoring the importance of liquidity, interoperability, and regulatory alignment.

更广泛的环境包括《天才法》，这表明美国推动了美元的stablecoins。预测估计，到2028年，Stablecoin市场可能会爆炸至2万亿美元，强调了流动性，互操作性和监管一致性的重要性。

My Two Satoshis

我的两个satoshis

The USDH race is a microcosm of the broader DeFi landscape. It showcases the power of community, the potential for innovation, and the ongoing evolution of decentralized governance. Hyperliquid's success highlights the efficiency gains possible through blockchain technology. While predicting the winner of the USDH vote is tough, it's clear that the community's voice will play a crucial role. It's about more than just a stablecoin; it's about shaping the future of finance.

USDH种族是更广泛的Defi景观的缩影。它展示了社区的力量，创新的潜力以及分散治理的持续发展。 Hyperliquid的成功突出了通过区块链技术的效率提高。在预测USDH投票的获胜者的同时，很明显，社区的声音将发挥至关重要的作用。这不仅仅是一个稳定的股币；这是关于塑造财务的未来。

The Bottom Line

底线

So, who will win the USDH crown? Only time will tell! But one thing's for sure: this competition is heating up, and it's an exciting time to be watching the Hyperliquid ecosystem evolve. Buckle up, folks, because the future of DeFi is looking wild!

那么，谁将赢得USDH冠军？只有时间会证明！但是可以肯定的是：这场比赛正在加热，这是观看超流动生态系统发展的激动人心的时刻。伙计们，搭扣，因为Defi的未来看起来很疯狂！