Key Takeaways
In the grand theater of digital currencies, Hyperliquid’s USDH contest has dwindled to a duel between the fledgling Native Markets and the seasoned Paxos. Which champion shall seize victory by the 14th of September?
Ah, stablecoins-those chameleons of the crypto realm! Hyperliquid’s proposal for the USDH stablecoin has ignited a ferocious bidding battle worthy of a Tolstoy novel, with dueling factions drawn from Ethena [ENA], Paxos, Sky [SKY] (once the noble Maker), Frax, and others. All clamoring to claim the crown of official partner.
Yet, the leading contender is not the war-hardened veteran, but Native Markets-a sprightly newcomer whose reputation is as fresh as morning dew and whose experience? Barely a whisper on the wind. Dragonfly, ever the skeptic, has thundered accusations of foul play, declaring the contest rigged in favor of this greenhorn. Apparently, the dice were loaded, and the cards stacked.
“Whispers from the shadows tell me none of the validators entertain notions beyond Native Markets. The charade is so blatant, it’s as if the backroom negotiations were conducted over chess and vodka long before us mere mortals heard a peep.”
Paxos vs. Native Markets
As the fateful day draws near, the contest tightens, leaving only Paxos and Native Markets side by side in the ring. Paxos’ prospects swelled to a hopeful 47%, only to retreat slightly, while markets place nearly 60% odds on Native Markets’ triumph-but, as every seasoned gambler knows, the wheel spins unpredictably.
These valiant issuers promise near-total (95%-100%) HYPE value accrual, dabbling with the likes of BlackRock-a name heavy enough to turn the gravest of bankers green with envy.
The clock ticks mercilessly: proposals must bow by September 10th, validators declare their favorite on the 11th, and the final verdict arrives on the 14th, allowing stakers to rally behind the chosen nobles. A proper drama with acts worthy of the greatest stage!
But for what purpose does Hyperliquid wield the USDH? And why must the curtain rise at this hour?
Behold, Circle’s USDC reigns supreme in the decentralized exchange’s empire, holding court with $5.5 billion in wealth. Yet, the spoils-those $100 million in yields-are funneled, not to Hyperliquid’s coffers, but to the rival kingdom of Coinbase, by ancient accord with Circle.
Beyond growth, the stablecoin stands as a bulwark against the creeping menace of regulators. James Evans, a sage analyst from Reciprocal Ventures, beseeches us to heed the lurking perils upon the on/off ramps.
“Such risks might manifest as assaults on Hyperliquid’s gateways. Thus, the creation of a compliant stablecoin emerges not merely as commerce, but as a quest for legitimacy beneath the scrutinizing eyes of regulators.”
The chorus of opinion sings various tunes: Arthur Hayes champions Ethena’s bid, but others murmur that Paxos and Ethena wield existing stablecoins-a tangled web of interests sure to produce conflict, like cousins quarreling over the family silver.
Meanwhile, amid these gladiatorial bouts, the holders of HYPE bask in newfound glory, their coin ascending to a majestic peak of $55-a handsome 20% surge since the contest’s fray commenced. Glory, ambition, and perhaps a pinch of luck!
So here we stand, dear reader: a tale woven with intrigue, alliances, suspicion, and the indomitable human spirit to conquer-cryptocurrency style. Shall the unknown vanquish the seasoned, or shall the mighty Paxos repel the audacious challenger? Stay tuned, for this epic is far from sated. 🧐💰
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2025-09-10 17:30