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The USDH race of the Hyperliquid is now on the indigenous markets and paxos. Who will win the deal before September 14?
Hyperliquid [HYPE] Proposed stablecoin, USDH, has activated one of the most aggressive bidding wars in the crypto sector.
Top Uiteers love it Ethena [ENA]Paxos, Air [SKY] (previously maker), Frax and others are all fighting to become the official partner.
But the best competition in the race, indigenous markets, is a new player without experience, of which Dragonfly claims it is ‘resolved’ to win.
Save the process like a ‘farce’, Dragonfly VC Managing Partner Haseb Qureshi so -called that it was rigged in favor of native markets.
“Hearing several bidders that none of the validators is interested in considering someone other than native markets. It is not even a serious discussion, as if a back room agreement had already been done.”
Source: X
He mentioned Polymarket opportunities, bidders and the immediate proposal from the indigenous markets after Hyperliquid was driven to the request, which suggests that the team had prior knowledge before the announcement was made public.
Tight race between paxos and native markets
However, at the time of writing, the match is limited to Paxos and native markets.
The chances that Paxos win the bid rose to 47% after the assessed Proposal, only deposited a few hours later. Yet the market was praise Indigenous markets for a likely victory at almost 60%.
Source: Polymarket
Most potential issues promise 95% -100% hype value structure, in addition to support by regulated entities such as BlackRock.
Source: Ambcrypto
All proposals from potential issues must be completed on 10 September. Hyperliquid -Validators must mention their favorite potential issuer on 11 September.
The final to vote Validators do on 14 September to allow strikers to adapt to the validators who reflect their choice.
But what does Hyperliquid want to achieve with the USDH? And why now?
Circle’s USDC currently dominates the decentralized Exchange (DEX) and the chain, with $ 5.5 billion in USDC.
However, the yield ($ 100 million) won is not shared with hyperliquid but with rival Coinbase (according to the agreement with Circle).
Source: Mutual companies
Apart from the growth of ecosystem, the Stablecoin must help deal with regulatory risks. Especially on the on/off slope, according to James EvansInvestment analyst in mutual companies.
“That risk could arise as an attack on the on/off slopes of Hyperliquid. So in addition to being a product decision, having a conforming stablecoin can be a first step to build the legitimacy of the regulations.”
Some, such as Arthur Hayes, have reverse Ethena for the USDH bid. But others have pointed out that paxos and Ethena have existing stablecoin products that would lead to conflicting interests.
In the midst of the biddering wars for USDH, hypeholders came out as the most important beneficiary. The Altcoin has printed a new highlight of $ 55, an increase of around 20% since the bid started at the weekend.
Source: Hype/USDT, TradingView