Sky，Makerdao和USDH Stablecoin Saga：Defi Power Play

Sky（以前是Makerdao）参加了竞赛，为超级流动性的USDH Stablecoin提供动力，引发了激烈的竞争，并可能重塑了Defi景观。

The DeFi world is currently witnessing a high-stakes competition, with Sky (formerly MakerDAO) throwing its hat into the ring to power Hyperliquid's new USDH stablecoin. This move has major implications for the stablecoin market and could shift the balance of power.

Defi世界目前正在目睹一场高风险的比赛，Sky（以前是Makerdao）将其帽子扔进了戒指，以推动Hyperliquid的新USDH Stablecoin。这一举动对稳定市场具有重大影响，并可能改变权力的平衡。

Sky Enters the USDH Fray

天空进入USDH Fray

Sky's proposal to power USDH is a bold move. Rune Christensen, co-founder of Sky, highlights the natural alignment between Sky and Hyperliquid, emphasizing their shared focus on real profits and building decentralized infrastructure. Sky's offer includes 4.85% returns on all USDH held in Hyperliquid, a rate higher than current Treasury bill yields. This money will go towards buying back HYPE tokens and the platform’s Assistance Fund.

Sky向USDH供电的提议是一个大胆的举动。 Sky的联合创始人符文·克里斯滕森（Rune Christensen）强调了天空与超流动性之间的自然对齐，强调了他们共同关注真正的利润和建立分散的基础设施。 Sky的报价包括在超级流动性中持有的所有USDH的4.85％回报率，高于目前的国库账单收益率。这笔钱将用于回购炒作令牌和平台的援助基金。

Sky's plan also boasts $2.2 billion in instant redemption liquidity through its Peg Stability Module, enabling large traders to quickly convert USDH at scale. The firm also intends to invest $25 million in "Hyperliquid Genesis Star" to boost DeFi development on the platform and move its buyback engine, generating over $250 million annually, to Hyperliquid.

Sky的计划还通过其PEG稳定性模块拥有22亿美元的即时赎回流动性，使大型交易者能够迅速按大规模转换USDH。该公司还打算将2500万美元投资于“超流动的创世纪之星”，以在平台上提高Defi开发，并将其回购引擎移动，每年产生超过2.5亿美元的价格，以达到超流利。

A Crowded Field of Contenders

拥挤的竞争者领域

Sky faces stiff competition from other protocols vying for the USDH issuance, including Paxos, Frax, Agora, and Native Markets. Each contender is offering attractive terms: Paxos promising 95% of reserved earnings and zero fees for USDC migration, Agora pledging 100% of net revenue for HYPE buybacks, Native Markets offering a share of reserve proceeds to Hyperliquid’s Assistance Fund, and Frax Finance presenting a community-based model returning 100% of treasury profits to users. The Hyperliquid community will decide the winner via an on-chain vote on September 14, 2025.

Sky面临着其他协议的激烈竞争，这些协议争夺USDH发行，包括Paxos，Frax，Agora和本地市场。每个竞争者都提供有吸引力的术语：Paxos有望获得保留收入的95％，USDC迁移的零费用，Agora保证炒作回购的净收入100％，本地市场为超流利品的援助基金提供了储备金的一部分，以及呈现基于社区的Frax Finance的型号，向用户提供了100％的基于社区的型号。超流动社区将通过2025年9月14日的链投票决定获胜者。

Circle's Dominance Under Threat

圈子的统治地位受到威胁

The introduction of USDH poses a potential challenge to Circle and its USDC stablecoin. Hyperliquid accounts for a substantial portion of USDC's market capitalization. If USDH gains traction, Circle could lose a significant portion of its transaction-driven revenue. Circle is taking defensive measures, including rolling out CCTPv2 and the Circle Payment Network (CPN) to enhance USDC's speed, cost-effectiveness, and interoperability.

USDH的引入对Circle及其USDC Stablecoin构成了潜在的挑战。超流动性占USDC市值的很大一部分。如果USDH获得了吸引力，Circle可能会失去其交易驱动的收入的很大一部分。 Circle正在采取防御措施，包括推出CCTPV2和Circle支付网络（CPN），以提高USDC的速度，成本效益和互操作性。

Looking Ahead

展望未来

The race to power USDH is more than just a competition between protocols; it's a battle for influence in the stablecoin market. Sky's entry, with its significant balance sheet and attractive terms, adds another layer of complexity. The outcome of the September 14 vote will have far-reaching implications for the future of DeFi.

为USDH竞争不仅仅是协议之间的竞争；这是在Stablecoin市场中争取影响力的战斗。 Sky的进入，具有重要的资产负债表和有吸引力的术语，增加了另一层复杂性。 9月14日投票的结果将对Defi的未来产生深远的影响。

It’s an exciting time in the crypto world, folks! Grab your popcorn and get ready to witness who will win this stablecoin showdown. Will it be Sky, or will another contender steal the crown? Only time will tell!

伙计们，这是一个令人兴奋的时刻！抓住你的爆米花，准备见证谁将赢得这场稳定的摊牌。是天空，还是另一个竞争者偷王冠？只有时间会证明！