本地市场，超流动和USDH：新的Stablecoin竞争者？

当地市场赢得了竞标，以推出超级流动性的USDH，并承诺将获得美国国库和创新产量共享支持的新稳定。

The buzz around stablecoins just got a whole lot louder. Native Markets has snagged the coveted USDH ticker on Hyperliquid, paving the way for a new native stablecoin. Let's dive into what this means for the future of decentralized finance.

Stablecoins周围的嗡嗡声大声越来越大。本地市场已经在Hyperliquid上吸引了令人垂涎的USDH股票，为新的本地Stablecoin铺平了道路。让我们深入了解这对分散财务的未来意味着什么。

USDH: A Fresh Face in the Stablecoin Arena

USDH：Stablecoin竞技场的新鲜面孔

Hyperliquid's validators voted in favor of Native Markets, granting them the USDH ticker. Max Fiege, co-founder of Native Markets, announced the victory, thanking HYPE stakers and validators for their support. This win came after a fierce competition against major players like Ethena and Paxos, who offered aggressive revenue-sharing models. Native Markets stood out with its detailed reserve structure, compliance measures, and deep understanding of the Hyperliquid ecosystem.

Hyperliquid的验证者投票赞成本地市场，授予他们USDH股票。土著市场联合创始人Max Fiege宣布了胜利，感谢Hype Stakers和验证者的支持。在与Ethena和Paxos等主要球员的激烈竞争之后，这场胜利是在提供了积极的收入分享模型之后进行的。本地市场以其详细的储备结构，合规性措施以及对超流利生态系统的深刻了解而脱颖而出。

Why Native Markets?

为什么要原生市场？

Native Markets was created specifically to tackle the $200 million annual value leakage faced by the Hyperliquid protocol. Their proposal involves issuing USDH directly on Hyperliquid’s HyperEVM network, with reserves fully backed by U.S. Treasuries and cash. Superstate will manage on-chain assets through Bridge, while BlackRock will initially handle off-chain reserves. This setup aims to provide a secure and compliant framework for USDH.

原始市场是为了解决超流利协议面临的2亿美元的年度价值泄漏而创建的。他们的建议涉及直接在Hyperliquid的HypereVM网络上发行USDH，并在美国国库和现金中完全支持储备。 Suerstate将通过桥梁管理链资产，而BlackRock最初将处理链储备。该设置旨在为USDH提供安全和合规的框架。

The Road Ahead for USDH

USDH的前进道路

According to Fiege, the team is committed to deploying both the HIP-1 version of USDH and an ERC-20 token. The rollout will begin with a capped testing phase, allowing traders to mint and redeem tokens in transactions up to $800. Once the trials are complete, the USDH/USDC spot order book will open, and unlimited mints and redemptions will be enabled. Native Markets also plans to make its API available for large-volume traders during testing, ensuring robust liquidity and smooth integration into Hyperliquid’s trading environment.

根据Fiege的说法，该团队致力于部署HIP-1版本的USDH和ERC-20令牌。推出将从上限的测试阶段开始，使交易者可以在最高800美元的交易中造成和赎回令牌。试验完成后，USDH/USDC现货订单将打开，并将启用无限制的薄荷和赎回。当地市场还计划在测试过程中为大容易员提供其API，以确保流动性和平稳整合到Hyperliquid的交易环境中。

Paxos and Ethena: The Competition

Paxos和Ethena：比赛

Paxos, despite failing to gain validator support, revised its proposal to include deeper PayPal and Venmo integration, even offering a $20 million incentive plan. Ethena withdrew from the race due to community concerns about its non-native infrastructure. These developments highlight the intense competition and strategic considerations involved in launching a successful stablecoin.

尽管没有获得验证者支持，但Paxos还是修改了其包括更深层次的PayPal和Venmo集成的提议，甚至提供了2000万美元的激励计划。由于社区对其非本地基础设施的担忧，埃塞纳（Ethena）退出了比赛。这些事态发展凸显了推出成功的稳定的激烈竞争和战略考虑因素。

Criticism and Scrutiny

批评和审查

Not everyone is thrilled about the process. Haseeb Qureshi from Dragonfly VC called the RFP “a bit of a farce,” suggesting that validators were always leaning towards Native Markets. This raises questions about the fairness and transparency of the selection process.

并不是每个人都对这个过程感到兴奋。来自Dragonfly VC的Haseeb Qureshi称RFP为“有点闹剧”，这表明验证者总是倾向于本地市场。这引发了有关选择过程的公平性和透明度的疑问。

The Big Picture

大局

The launch of USDH is a significant step for Hyperliquid, aiming to strengthen its position in the competitive stablecoin market. While it might compete with Circle’s USDC, Hyperliquid has stated it will continue to support USDC and other dollar-pegged assets that meet specific requirements. Kraken has also announced plans to list USDH and the native HYPE token, adding to the bullish outlook.

USDH的推出是超级流动性的重要一步，旨在加强其在竞争性稳定市场中的地位。虽然它可能与Circle的USDC竞争，但Hyperliquid表示，它将继续支持USDC和其他满足特定要求的Dollar Pegggggggggggggggggg。 Kraken还宣布了列出USDH和本地炒作令牌的计划，这增加了看涨的前景。

My Take

我的看法

The success of USDH hinges on its ability to maintain its peg, build trust, and offer tangible benefits to the Hyperliquid ecosystem. The backing by U.S. Treasuries and the involvement of established firms like BlackRock and Superstate provide a solid foundation. However, the team must address concerns about the selection process and ensure transparency to foster long-term confidence. It's also critical to have robust security measures in place. As the recent YU stablecoin depegging event illustrates, vulnerabilities in minting functions can undermine even Bitcoin-backed stablecoins, regardless of the amount of collateral held in reserve. The YU depegging serves as a reminder of the potential risks inherent in stablecoins and underscores the need for stringent security measures and transparent governance.

USDH的成功取决于其维持钉子，建立信任并为超流液生态系统带来切实的好处的能力。美国国债的支持以及贝莱德和超级巨星等知名公司的参与为坚实的基础提供了坚实的基础。但是，团队必须解决对选择过程的担忧，并确保透明度促进长期信心。采取强大的安全措施也至关重要。正如最近的Yu Stablecoin Depegging事件所说明的那样，铸造功能中的脆弱性甚至可能破坏比特币支持的稳定的稳定性，而不管储备中持有的抵押品数量如何。 Yu Depegging提醒您，稳定剂固有的潜在风险，并强调了对严格的安全措施和透明治理的需求。

Overall, USDH has the potential to become a key player in the Hyperliquid ecosystem, but it will require careful execution and a commitment to transparency and security.

总体而言，USDH有可能成为超流动生态系统的关键参与者，但是它需要仔细执行以及对透明度和安全性的承诺。

Final Thoughts

最后的想法

So, will USDH become the next big thing in stablecoins? Only time will tell. But one thing's for sure: the race is on, and it's going to be an exciting ride. Keep your eyes peeled, folks!

那么，USDH会成为Stablecoins的下一个大事吗？只有时间会证明。但是可以肯定的是：比赛正在进行中，这将是一次令人兴奋的旅程。伙计们，睁大眼睛！