本地市场，Stablecoin和Hyproliquid：一个新时代？

当地市场上的USDH赢得了超液体的胜利，这表明了Stablecoin竞争的转变，挑战了既定的球员，并强调了协议本地团队的力量。

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

本地市场，Stablecoin和Hyproliquid：一个新时代？

The 'Native Markets, Stablecoin, Hyperliquid' landscape is heating up! Native Markets' USDH win on Hyperliquid signals a shift in stablecoin competition, challenging established players and highlighting the power of protocol-native teams.

“本地市场，Stablecoin，超流动性”景观正在加热！当地市场上的USDH赢得了超液体的胜利，这表明了Stablecoin竞争的转变，挑战了既定的球员，并强调了协议本地团队的力量。

USDH Triumphs: A Native Markets Victory

USDH的胜利：当地市场胜利

Native Markets, a Hyperliquid ecosystem team, clinched the USDH stablecoin ticker after a community vote, besting bids from crypto giants like Paxos, BitGo, Ethena, and Frax. This victory, Hyperliquid’s first major governance contest, wasn't without its critics. Some industry observers questioned the fairness of the process, suggesting a pre-arranged outcome. Haseeb Qureshi of Dragonfly Capital, for instance, called the request-for-proposal “a bit of a farce.”

一支超流动性生态系统团队本地市场在社区投票后赢得了USDH Stablecoin Ticker，击败了Paxos，Bitgo，Ethena和Frax等加密巨头的出价。这次胜利是超级流动性的首场重大治理大赛，并非没有批评者。一些行业观察家质疑该过程的公平性，表明预先安排的结果。例如，Dragonfly Capital的Haseeb Qureshi称之为“请求”“有点闹剧”。

Despite the skepticism, the Hyperliquid validator community overwhelmingly supported Native Markets. The win underscores the growing power of protocol-native teams with strong validator backing to outmaneuver established stablecoin players in governance battles.

尽管怀疑了，但超流动验证者社区压倒性地支持了当地市场。这场胜利强调了协议本机团队的不断增长的力量，并在Outmaneuver上提供了强有力的验证者，在治理斗争中建立了Stablecoin球员。

What’s the Deal with USDH?

USDH有什么关系？

Native Markets plans to launch USDH on Hyperliquid’s HyperEVM, with reserves fully backed by cash and U.S. Treasuries. BlackRock will manage the off-chain reserves, while Superstate will handle the on-chain assets via Stripe-owned Bridge. This launch marks Hyperliquid’s first natively issued dollar stablecoin, aiming to rival Circle’s USDC, which currently dominates the platform with nearly $6 billion in reserves.

当地市场计划在Hyperliquid的HypereVM上推出USDH，并以现金和美国国债的完全支持。贝莱德将管理链储备，而Sustertate将通过Stripe拥有的桥处理链的资产。此发射标志着超流动性的首个本地发行的美元稳定币，旨在与Circle的USDC竞争，该公司目前以近60亿美元的储备金主导该平台。

Stablecoin Wars: A Changing Landscape

Stablecoin战争：不断变化的景观

The USDH race reflects broader shifts in the stablecoin sector. Some argue that stablecoins are becoming commoditized, with exchanges potentially abstracting away tickers and simply displaying a generic “USD.” If this happens, differentiation will depend more on liquidity, compliance, and integration with major platforms.

USDH种族反映了Stablecoin行业的更广泛的转变。一些人认为，稳定的人正在商品化，交易所可能会抽象出股票者，并只是展示通用的“美元”。如果发生这种情况，差异化将更多地取决于流动性，合规性和与主要平台的集成。

For Hyperliquid, securing native issuance could solidify its position as a leading decentralized derivatives exchange. For competitors like Circle, USDH represents a direct challenge in DeFi’s rapidly growing market.

对于超流布，确保本地发行可以巩固其作为领先的分散衍生物交换的地位。对于像Circle这样的竞争对手，USDH代表了Defi快速增长的市场的直接挑战。

Pump.fun's Rise and the Meme Coin Factor

泵。

Interestingly, the rise of platforms like Pump.fun highlights the continuing importance of community-driven and cultural narratives in crypto. Pump.fun even outperformed Hyperliquid in revenue at one point, proving the power of meme coins and easy-to-use platforms, especially within vibrant ecosystems like Solana.

有趣的是，诸如Pump.Fun之类的平台的兴起突出了加密货币中社区驱动和文化叙事的持续重要性。泵。在某一时刻，即使在收入方面超过了超流利，证明了模因硬币和易于使用的平台的力量，尤其是在索拉纳（Solana）等充满活力的生态系统中。

Final Thoughts

最后的想法

The 'Native Markets, Stablecoin, Hyperliquid' situation is an interesting one, right? So, what does this all mean? Native Markets' USDH victory signals a potential power shift in the stablecoin world. It shows that being native to a platform and having strong community support can be a game-changer, even against industry giants. Keep an eye on Hyperliquid and how USDH plays out – it could be the start of something big. Who knows, maybe we'll all be using USDH to buy our morning coffee soon! (Okay, maybe not, but it's fun to think about.)

“本土市场，稳定，超流利”的情况是一个有趣的情况，对吗？那么，这全是什么意思？当地市场的USDH胜利标志着Stablecoin世界的潜在权力转移。它表明，即使是针对行业巨头，也可以改变平台并获得强有力的社区支持。请密切关注超流动性以及USDH的发挥作用 - 这可能是大事物的开始。谁知道，也许我们所有人都会尽快使用USDH购买早晨的咖啡！ （好吧，也许不是，但是考虑一下很有趣。）