本地市场，超级流动和USDH：稳定的新时代？

当地市场赢得了USDH股票方面的票价，这标志着Stablecoin治理和竞争的转变。这对Stablecoins的未来意味着什么？

The race for the USDH ticker on Hyperliquid has concluded, and Native Markets has emerged victorious. This win signals a potentially significant shift in the stablecoin landscape, with implications for decentralized exchange governance and the broader crypto ecosystem. Let's dive into what this means.

超级流动性的USDH股票竞赛已经得出结论，而本地市场也取得了胜利。这次胜利标志着Stablecoin景观的潜在重大转变，对分散的交换治理和更广泛的加密生态系统产生了影响。让我们深入了解这意味着什么。

Native Markets Secures USDH: A Win for the Underdog

本地市场确保USDH：失败者的胜利

Native Markets, a relatively new player, secured the USDH ticker on Hyperliquid after a competitive bidding process. This victory is particularly noteworthy because they outmaneuvered established stablecoin issuers like Ethena Labs and Paxos. The Hyperliquid community, through its validator vote, chose Native Markets, highlighting a growing desire for native solutions within the ecosystem.

一位相对较新的球员本地市场在竞争激烈的竞标过程后确保了USDH股票的股票。这次胜利尤其值得注意，因为他们超过了Ethena Labs和Paxos等建立的Stablecoin发行人。超流动性社区通过其验证者的投票选择了本地市场，强调了对生态系统中本土解决方案的日益增长的渴望。

Hyperliquid's Validator-Driven Governance: A Game Changer

Hyperliquid的验证者驱动治理：改变游戏规则的人

Hyperliquid's approach to selecting its stablecoin issuer is revolutionary. By allowing its validators to directly choose, it's democratizing stablecoin governance, reducing reliance on centralized decision-making. This process attracted significant attention, with various proposals offering different liquidity commitments, revenue-sharing arrangements, and ecosystem incentives. The move signifies a growing trend towards decentralized governance in the crypto space.

Hyperliquid选择其Stablecoin发行人的方法是革命性的。通过允许其验证者直接选择，它使稳定的治理民主化，从而减少了对集中决策的依赖。这个过程引起了极大的关注，各种建议提供了不同的流动性承诺，收入分享安排和生态系统激励措施。此举意味着在加密货币领域的分散治理的增长趋势。

USDH: A Native Stablecoin for Hyperliquid

USDH：超流动的本地稳定剂

Native Markets' proposal emphasized a native alignment with Hyperliquid, focusing on cash reserves and U.S. Treasuries managed off-chain by BlackRock. Tokenized reserves will be handled on-chain by Superstate through Bridge, Stripe's stablecoin infrastructure provider. This issuer-agnostic approach via Bridge differentiates it from competitors that offered traditional fiat-backed or collateralized debt position models. The team also pledged to split all reserve yield equally between Hyperliquid’s Assistance Fund and ecosystem growth.

当地市场的提议强调了与超流动性的土著对齐，重点是贝莱德（Blackrock）管理的现金储备和美国国库。 Superstate将通过Stripe的Stablecoin基础设施提供商Bridge桥梁在链子上处理标记的储量。这种通过桥梁的发行人不知所措使IT与提供传统的菲亚大学支持或抵押债务状况模型的竞争对手区分开来。该团队还承诺将所有储备金的收益平均分配在Hypliquid的援助基金和生态系统增长之间。

Challenges Ahead: Breaking Through the Dominance of USDC and USDT

未来的挑战：突破USDC和USDT的主导地位

While Native Markets has secured the USDH ticker, its biggest challenge lies ahead: competing with the established dominance of USDC and USDT. As Vincent Liu, chief investment officer at Kronos Research, pointed out, adoption and liquidity remain king. Transparency around reserves and strong, unified governance will be crucial for USDH to gain lasting trust and prove its ability to compete while maintaining stability.

尽管本地市场已经获得了USDH股票，但其最大的挑战在于：与USDC和USDT的既定统治地位竞争。正如Kronos Research首席投资官Vincent Liu指出的那样，收养和流动性仍然是国王。储备金和强大的统一治理周围的透明度对于USDH获得持久的信任至关重要，并证明其在保持稳定性的同时竞争能力。

Criticism and Commoditization: The Future of Stablecoins

批评和商品化：Stablecoins的未来

The USDH bidding war wasn't without its critics. Some industry executives voiced concerns about a potentially rigged selection process. Mert Mumtaz, the CEO of Helius, even speculated that stablecoin tickers might become abstracted away in the future, with exchanges handling the swapping of different stablecoins behind the scenes. This highlights a potential trend towards the commoditization of stablecoins.

USDH的竞标战争并非没有批评家。一些行业高管对潜在的选择过程表示担忧。 Helius的首席执行官Mert Mumtaz甚至推测Stablecoin Tickers将来可能会抽象出来，交易所处理在幕后交换不同的Stablecoins。这凸显了稳定蛋白商品化的潜在趋势。

The Road Ahead for USDH

USDH的前进道路

Native Markets plans a phased rollout for USDH, starting with a Hyperliquid Improvement Proposal (HIP) and a capped testing phase. Once initial checks are complete, the USDH/USDC spot order book will open on Hyperliquid, followed by full minting and redemption functionality for all users. It's going to be interesting to watch how they navigate the challenges and opportunities ahead.

本地市场计划从USDH进行分阶段推出，从超流动的改进建议（HIP）和限制的测试阶段开始。一旦完成初始检查，USDH/USDC点订单订单簿将在Hyperliquid上打开，然后为所有用户提供完整的铸造和赎回功能。观察他们如何应对未来的挑战和机遇将很有趣。

So, will USDH become a major player in the stablecoin game? Only time will tell. But one thing's for sure: the competition is heating up, and Hyperliquid's innovative approach is shaking things up. Buckle up, folks, it's gonna be a wild ride!

那么，USDH会成为Stablecoin游戏的主要参与者吗？只有时间会证明。但是可以肯定的是：竞争正在加热，超级流动性的创新方法正在震撼。搭扣，伙计们，这将是一个疯狂的旅程！