天空高风险：USDH竞标战争

Hyproliquid的USDH Stablecoin发射引发了激烈的竞标战，Sky带领了这一指控。发现主要参与者，建议和对Defi的潜在影响。

The race to power Hyperliquid's new USDH stablecoin is on, and the competition is intense! Sky (formerly MakerDAO) is throwing its hat in the ring, promising juicy returns and a hefty dose of liquidity. Buckle up, because this bidding war is about to get wild!

竞争超级流动性的新的USDH Stablecoin的竞赛正在进行中，比赛很激烈！ Sky（以前是Makerdao）将其帽子戴在戒指上，有希望的多汁回报和大量的流动性。系好，因为这场竞标战将变得疯狂！

The Players and Their Pitches

球员及其球场

Hyperliquid's plan to launch its own stablecoin, USDH, has sent the crypto world into a frenzy. Several major players are vying for the chance to issue and manage it. Sky, known for managing USDS and DAI stablecoins, has joined Paxos, Frax Finance, Agora, and Native Markets in this high-stakes game.

Hyperliquid推出自己的Stablecoin USDH的计划使加密货币世界陷入了疯狂。几个主要参与者正在争夺发行和管理它的机会。 Sky以管理USD和Dai Stablecoins而闻名，他加入了Paxos，Frax Finance，Agora和本地市场。

• Sky: Is offering a sweet 4.85% reward on all USDH on Hyperliquid. They're also promising $2.2 billion in instant offchain redemption liquidity and are ready to deploy their $8 billion balance sheet. Sky co-founder Rune Christensen even suggested moving Sky's buyback system to Hyperliquid, using over $250 million in profits to build SKY liquidity.
• Paxos: Is offering 95% of reserved earnings and zero fees for USDC migration.
• Frax Finance: Is proposing a community-based model, giving users back 100% of the treasury's profits.
• Agora: Has pledged 100% of net revenue for HYPE buybacks.
• Native Markets: Promises a share of the reserve proceeds to Hyperliquid’s Assistance Fund.

Why the Hype?

为什么炒作？

Hyperliquid, a leading decentralized perpetual exchange, boasts over $5.5 billion in USDC deposits. A native stablecoin like USDH could reduce reliance on external issuers and better align incentives within the Hyperliquid ecosystem. Plus, a migration to USDH could redirect a significant amount of annualized reserve yield to HYPE holders.

高流动性是一种分散的永久交换，拥有超过55亿美元的USDC存款。像USDH这样的本地稳定者可以减少对外部发行人的依赖，并在超流动生态系统中更好地保​​持激励措施。另外，向USDH的迁移可以将大量的年度储备收益率转移到炒作持有人身上。

Sky's Bold Moves

天空的大胆动作

Sky is making a big splash with its proposal. Rune Christensen believes that Sky's focus on real profits and decentralized infrastructure aligns perfectly with Hyperliquid's vision. By using Sky to power USDH, the Hyperliquid community could gain unbeatable advantages.

天空对其提议造成了巨大的兴趣。符文·克里斯滕森（Rune Christensen）认为，Sky对真正的利润和分散基础设施的关注完全与超级流动性的愿景完全吻合。通过使用Sky为USDH供电，超流动社区可以获得无与伦比的优势。

I think Sky's offer of 4.85% returns on USDH is a smart move, as it will attract users and boost adoption. Also, $2.2 billion in instant redemption liquidity will be key for large traders. Sky moving its buyback engine, which makes more than $250 million a year, to Hyperliquid is another strategic decision. All this will grow the Hyperliquid platform.

我认为，Sky的USDH收益为4.85％是一个明智的举动，因为它将吸引用户并提高采用。此外，对于大型交易者来说，即时赎回流动性将是至关重要的22亿美元。 Sky将其回购引擎每年赚取超过2.5亿美元，这是另一个战略决定。所有这些都将增长超流利平台。

The Road Ahead

前面的道路

Hyperliquid's validators will decide the USDH stablecoin issuer through a governance vote. This vote is a closely watched development in DeFi, as the winning protocol will gain significant power in the stablecoin market.

Hyperliquid的验证者将通过治理投票决定USDH Stablecoin发行人。这项投票是DEFI的一项密切关注的发展，因为获胜协议将在Stablecoin市场中获得重要的权力。

Final Thoughts

最后的想法

The USDH bidding war is a testament to Hyperliquid's growing influence in the DeFi space. With major players like Sky vying for the chance to power its stablecoin, the future looks bright. So, grab some popcorn and enjoy the show because this is crypto and it's gonna be wild!

USDH的竞标战是超流动性在Defi空间中日益增长的影响的证明。随着大型球员像Sky Vying竞争有机会为其稳定的机会提供动力，未来看起来很光明。因此，抓住一些爆米花并欣赏表演，因为这是加密货币，它将很疯狂！