Hyperliquid prepares a governance-driven launch of his indigenous stablecoin, USDH, in his next network upgrade, according to a 5 September update On the Dex Discord channel.
The protocol described USDH as a “hyperliquid first and in accordance with” Dollar Pegeted Activum, but unlike conventional launches, open the process for competition between development teams.
According to the protocol, interested teams must submit proposals to implement the Stablecoin. As soon as a validator quorum approves a candidate, the chosen team still has to win a gas auction before the implementation goes live.
In the meantime, this step would significantly influence the existing Stablecoin providers on Hyperliquid.
Omar Kanji, partner at Dragonfly, said The move can weigh heavily on the USDC of Circle, currently the most important settlement currency for derivatives trade on hyperliquid. He noted that $ 5.5 billion in USDC deposits are on the platform today.
According to him, a full migration to USDH could generate an extra $ 220 million in annual income for Hype -Toks holders, based on a revenue assumption of 4%.
At the same time, Kanji noted that the shift would cut with an equivalent amount in the income of the circle. He added that this shift would also be a reduction of 7% in the excellent range of USDC.
Other planned upgrade
In addition to the Stablecoin launch, Hyperliquid reforms its market structure to improve trading efficiency.
The protocol confirmed that it will lower the branch costs, maker discounts and contributions from user volume by 80% for spot pairs with two quotation activa.
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This step would enable the Dex to deepen liquidity and lower barriers to traders by lowering the costs on this scale.
Hyperliquid is also planning to expand access to spotcitemates by making them permissionless. That rollout starts on the test network and eventually adds the stake requirements and reducing fines to maintain security.
Together these measures were designed to coordinate user stimuli and at the same time decentralize participation in the exchange.
Hyperliquid’s growth
The planned updates arrive as hyperliquid records that accelerate growth on his trading platform.
According to Defillama factsThe monthly trade volume of the DEX reached a new highest point of around $ 400 billion in August and pushed its market share above 60%.
As the activity on the platform extends, the hype of the governance -token has reflected the momentum.
The Token won more than 22% in the past month and reached a record high of $ 51 before he stabilized almost $ 47 on the press, according to CryptoSlate facts.