USDH治理摊牌：投票，验证者和defi中的价值捕获

Hyproliquid的本地Stablecoin Ticker的USDH竞赛正在加热！验证者正在宣布投票，而大型球员正在争夺一块defi派。这是低点。

USDH Governance Showdown: Votes, Validators, and Value Capture in DeFi

USDH治理摊牌：投票，验证者和defi中的价值捕获

The buzz around USDH, Hyperliquid's native stablecoin ticker, is reaching a fever pitch! With validators publicly declaring their intended votes and governance proposals flying thick and fast, it's a crucial moment for decentralized finance.

超级流动性的本地stablecoin ticker周围的嗡嗡声正在发烧！验证者公开宣布他们的预期选票和治理提案迅速而迅速，这是分散财务的关键时刻。

The USDH Stakes: More Than Just a Ticker

USDH赌注：不仅仅是一个股票

Hyperliquid, a major player in the DeFi perpetual futures market, is looking to keep yield within its ecosystem by auctioning off the right to issue USDH. Currently dominating 75% of the DeFi perpetual futures market, it uses around $5.6 billion in stablecoin liquidity, 95% of which is USDC. That translates to roughly 10% of Circle’s business, which is about $200 million in annual revenue. The fight for USDH isn't just about a ticker; it's about controlling a vital component of Hyperliquid's on-chain economy—operating as a margin, pricing unit, and liquidity center.

超级流动性是Defi Perpetual Futures Market的主要参与者，他希望通过拍卖发行USDH的权利来将产量保持在其生态系统之内。目前，它占据了75％的永久期货市场，使用约56亿美元的Stablecoin流动性，其中95％是USDC。这大约是Circle业务的10％，年收入约为2亿美元。 USDH的斗争不仅仅是一个股票。这是关于控制Hyproliquid上链经济的重要组成部分 - 作为边缘，定价单元和流动性中心的运营。

The Contenders: Who's in the Running?

竞争者：谁在跑步？

The competition is fierce, with heavyweights like Ethena, Paxos, Sky (formerly MakerDAO), and Frax Finance throwing their hats in the ring. Each contender brings a unique value proposition:

比赛非常激烈，重量级人物等重量级人物，例如Ethena，Paxos，Sky（以前是Makerdao）和Frax Finance，将帽子扔进了戒指。每个竞争者都带来一个独特的价值主张：

• Ethena: Backed by BlackRock, Ethena proposes using its USDtb stablecoin collateralized via BlackRock’s BUIDL fund, pledging 95% of revenue to Hyperliquid.
• Paxos: Emphasizing regulatory pedigree, Paxos is pledging a larger share of reserve yield to Hyperliquid’s Assistance Fund and deferring any issuer take until the product scales past $1 billion.
• Native Markets: The current frontrunner, pitching a GENIUS-compliant USDH managed through Bridge, with reserves in cash and Treasuries overseen by BlackRock off-chain and Superstate on-chain.
• Sky (MakerDAO): As the originator of decentralized stablecoins, DAI launched by MakerDAO pioneered the paradigm of over-collateralized minting.
• Frax Finance: Proposes pegging USDH with frxUSD at a 1:1 ratio, backed by BlackRock's yield-based BUIDL on-chain treasury bond fund.

Governance in Action: Validators and Votes

行动中的治理：验证者和投票

Hyperliquid's governance model is putting decentralized voting to the test. Validators are crucial, and community members are delegating their votes to align with their preferred candidates. As Kirby Ong from HypurrCollective points out, validator support determines the valid candidates. Ultimately, anyone can help to decide and set the direction for USDH by staking their weight and making their votes known by delegating to the validator that best matches their vote.

Hyperliquid的治理模型正在将分散投票投票参加测试。验证者至关重要，社区成员正在委派其选票，以与他们的首选候选人保持一致。正如来自hydurCollective的Kirby Ong指出的那样，验证器支持确定了有效的候选人。最终，任何人都可以通过将自己的体重放置并委派授权给验证者，以最能与他们的投票相匹配，从而帮助决定并为USDH设定指导。

The Bigger Picture: DeFi Stablecoins and the Future of Value

更大的前景：defi stablecoins and Value的未来

The USDH bidding war highlights a crucial shift in the DeFi landscape. The key lies not in the ability to issue, but in the transaction and application scenarios. Put bluntly, whether it's overcollateralized or fully backed, issuing a stablecoin pegged to the US dollar is no longer a difficult task. The real challenges lie in "what can it be used for? Who will use it? Where can it circulate?"

USDH竞标战争突出了Defi景观的关键转变。关键在于发行的能力，而在于交易和应用程序方案。直言不讳，无论是过度的还是完全支持的，发出与美元挂钩的稳定币不再是一项艰巨的任务。真正的挑战在于“它可以使用什么？将使用它？它可以在哪里流通？”

Wrapping Up: Keep Your Eyes on the Ball

总结：盯着球

Whether it favors Native Markets, Paxos, Ethena, or another contender, Hyperliquid’s experiment has already reshaped the conversation around stablecoins, governance, and value capture in DeFi. So, buckle up, DeFi enthusiasts! The next few days promise to be a wild ride as the USDH governance process unfolds. And hey, maybe we'll all be using USDH to buy virtual lattes in the metaverse soon. Who knows? The future is decentralized!

无论是偏爱本地市场，Paxos，Ethena还是另一个竞争者，Hyperliquid的实验都已经重塑了defi中稳定的对话，治理和价值捕获。所以，扣紧，defi爱好者！随着USDH的治理过程的展开，接下来的几天有望成为狂野的旅程。嘿，也许我们所有人都会尽快使用USDH在Metaverse中购买虚拟拿铁。谁知道？未来是分散的！