USDH在超流动式上的Stablecoin：交易量和市场动态

探索USDH Stablecoin对超流油的影响，分析交易量，市场份额及其重塑分散交易所的潜力。

The buzz around USDH stablecoin and its impact on Hyperliquid is getting louder. Let's dive into the key developments, trading volumes, and what it all means for the future of decentralized exchanges (DEXs).

USDH Stablecoin周围的嗡嗡声及其对超流油的影响越来越大。让我们深入研究关键发展，交易量以及这对分散交流（DEX）的未来意味着什么。

USDH Stablecoin Launches on Hyperliquid: A Promising Start

USDH Stablecoin在Hyperliquid上发布：一个有希望的开始

USDH stablecoin officially launched on Hyperliquid and has quickly generated over $2 million in early trading volume. Currently trading at $0.99960, this launch represents just the first step in a broader plan to expand USDH across the Hyperliquid ecosystem. The USDH/USDC spot market is now live on HyperCore, with over $15 million USDH pre-minted in the last 24 hours. Minted directly on the HyperEVM and aligned with the Assistance Fund, USDH is designed to be a first-class stablecoin for the Hyperliquid network.

USDH Stablecoin正式在Hyproliquid上正式推出，并迅速在早期交易量中产生了超过200万美元。目前，此次发布目前的交易价格为0.99960美元，仅代表了更广泛的计划，以扩大整个液体生态系统的更广泛计划。 USDH/USDC现货市场现已居住在HyperCore上，在过去的24小时内预先预售了超过1500万美元。 USDH直接在HypereVM上铸造并与援助基金一致，旨在成为超流动网络的一流稳定菌。

Max Fiege, founder of Native Market’s, shared that “the next stage of Hyperliquid’s ascendance will be driven by native stablecoins,” and added that USDH will lead the way and support the ecosystem every single day.

本地市场的创始人马克斯·菲格（Max Fiege）分享说：“超流动性的下一个阶段将由本土stablecoins驱动”，并补充说，USDH将每天引导并支持生态系统。

Phased Rollout and Ecosystem Integration

分阶段推出和生态系统集成

HyperEVM integrations are underway, with USDH soon to be a quote asset on the spot market. Native minting on HyperCore will also be available, followed by USDH-margined perpetual order books via HIP-3. This phased rollout is designed to integrate USDH seamlessly into the Hyperliquid ecosystem.

HypereVM集成正在进行中，USDH即将成为现货市场上的报价。也将提供HyperCore上的本机铸造，然后通过HIP-3进行USDH-Margined永久订单。该分阶段的推出旨在将USDH无缝集成到超流动生态系统中。

Native Markets Wins the Bid: A Bet on Speed and Alignment

本地市场赢得了竞标：赌注速度和一致性

Native Markets secured the winning bid to issue Hyperliquid’s native stablecoin, beating out established firms. Experts suggest this choice reflects a preference for speed, alignment, and commitment over the safety of established issuers. Their proposal promised a fast rollout, direct integration with the platform, and a plan to return earnings to the ecosystem, even though the team is new and untested.

当地市场获得了获胜的竞标，以发行Hyplliquid的原住民Stablecoin，击败了已建立的公司。专家建议这种选择反映了对速度，一致性和承诺而不是已建立发行人的安全的偏爱。他们的提议承诺将快速推出，与平台直接集成，并计划将收入返还到生态系统，即使团队是新的和未经测试的。

Validators valued the plumbing, with compliance handled through Bridge (using Stripe’s KYC/AML system), off-chain reserves managed by BlackRock, and tokenized reserves on-chain through Superstate. The 50/50 split of reserve yield between HYPE buybacks and ecosystem growth also likely helped win support.

验证者对管道的估价，并通过桥梁（使用Stripe的KYC/AML系统）处理合规性，由BlackRock管理的链储备以及通过Superstate的链上链条储备。炒作回购和生态系统增长之间的储备收益率分配50/50也可能有助于赢得支持。

Market Dynamics and Competition in the Perp DEX Arena

PERP DEX竞技场的市场动态和竞争

The competition in the Perp DEX space is fierce. While Hyperliquid leads, new competitors like Aster, Lighter, and edgeX are leveraging incentives to attract users. Hyperliquid’s market share has seen a slight decline, with emerging platforms capturing recent market growth.

PERP DEX空间的竞争非常激烈。虽然超级流动的导线，但诸如Aster，Pirker和Edgex之类的新竞争对手正在利用激励措施吸引用户。 Hyperliquid的市场份额略有下降，新兴平台捕捉了最近的市场增长。

Daily trading volume on Perp DEXs has surged, with Hyperliquid contributing significantly. However, the ratio of open interest to trading volume (OI/Volume) suggests that while Hyperliquid has a high ratio indicating real user activity, some emerging platforms may be driven by short-term incentives.

PERP DEXS的日常交易量激增，超流动性贡献很大。但是，开放兴趣与交易量的比率（OI/量）表明，尽管超流动液的比例很高，表明实际用户活动，但一些新兴平台可能由短期激励措施驱动。

BlockchainFX: A Potential Disruptor?

BlockChainFX：潜在的破坏者？

BlockchainFX (BFX) is gaining attention with its “super app” concept, merging traditional finance with decentralized trading. While Hyperliquid focuses on perpetual futures, BFX aims to provide access to multiple asset classes on one platform. Its presale has generated significant interest, positioning it as a potential contender.

BlockChainFX（BFX）通过其“超级应用”概念引起人们的关注，将传统财务与分散交易合并。尽管Hyperliquid专注于永久期货，但BFX旨在在一个平台上提供对多个资产类别的访问。它的预售引起了极大的兴趣，将其定位为潜在的竞争者。

Final Thoughts

最后的想法

The launch of USDH on Hyperliquid marks a significant step in the evolution of DEXs. The interplay between trading volume, ecosystem integration, and competitive dynamics will be fascinating to watch. Will USDH become the stablecoin champion of Hyperliquid? Only time will tell, but one thing's for sure: the DEX landscape is heating up, and we're here for it!

USDH在超流动性上的推出标志着DEX的演变迈出了重要一步。交易量，生态系统整合和竞争动态之间的相互作用将引人入胜。 USDH会成为Hyplliquid的Stablecoin冠军吗？只有时间会说明，但是可以肯定的是：Dex景观正在加热，我们在这里！