The decision of Hyperliquid to launch his Stablecoin has fueled one of the most competitive board fights in recent memory.
Last week the decentralized exchange, which was imposed on Circle’s USDC for the liquidity of Circle, plans to introduce USDH as its native stablecoin. The move immediately attracted a wave of bidders, each fighting to spend the right to spend token and to conquer billions of potential value.
At least eight organizations have already submitted proposals, including established players such as Paxos, Ethena, Agora, and Open.
Validators on the Hyperliquid network will eventually decide who secures the mandate, but in the meantime have gone to polymarket to place their bets on the outcome.
Polymarket gamblers prefer new market
According to the chances of Polymarket, one group, indigenous markets, stands out as the clear favorite in a market above the $ 1 million trade volume as Van de Pers.
Crypto traders on the decentralized Marktplaats gave the newcomer a 90% chance of winning the Validator mood, but that percentage has fallen to 84% at the time of this report.
Native markets was specifically formed for competing for USDH and is led by Max Fiege, an investor within the hyperliquid ecosystem.
The company is pitch A hybrid reserve model proposes in which off-chain assets would be managed by BlackRock, while the reserves would be held on-chains by Superstate using Bridge, a platform of a line.
Indigenous markets also promised to split the yield from reserve activa, with half reserved for hype -token buy and half for USDH expansion.
In the meantime, the proposal structure of the Native Market has generated both interest and skepticism by members of the community.
In Agoras proposalNick van Eck, the founder of Agora, pointed out that the proposal of the indigenous markets in the long term could be harmful to hyperliquid.
According to him:
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“Stripe has recently announced their plans for pace, a new layer 1 -blockchain. Stripe strives to control activity of different players. How long does it take to stripe and Bridge users and perps from other financial applications directly to pace instead of hyperliquid?”
Despite these worries, Haseb Qureshi from Dragonfly Capital suggested That indigenous markets may have had a prior notice of the process-for-proposals process, considering how quickly the entry appeared.
He wrote:
“All others clambed at the weekend to put something together. So this entire USDH RFP was in fact tailor -made for native markets.”
Alex Svavenik, the CEO of Nansen, however prevent This claim by emphasizing that validators have been deep involved with all bidders.
According to him, the process is much more competitive than critics suggesting, whereby validators are actively looking for the best long -term option for hyperliquid.
Rival proposals get a momentum
While Hyperliquid -Validators may be inclined in the indigenous markets, observers point to Paxos, Ethena and Agora as candidates with stronger institutional track records.
In addition, these rival companies have refined their offers and newcomers are introducing new bids for the USDH Stablecoin.
Paxos revealed a revision on 10 September plan Centered on a partnership with PayPal.
According to the company, this collaboration would include USDH in PayPal and Venmo products, a list of the hype on the slopes of PayPal and $ 20 million in incentives for the Hyperliquid ecosystem.
Paxos have also established strict income caps to ensure the community of its long -term lines. It wrote:
“Paxos does not accept anything until we reach $ 1 billion in TVL and are limited by 5% post $ 5 billion TVL. All reimbursements earned by Paxos through this milestone are held in hype -tokens.”
Speaking about the updated proposal, Max Fantle, a Paxos director, said:
“PayPal and Venmo have 400m+ users. Paxos is the only neutral, regulated issuer who can unlock a completely new institutional customer segment for Hyperliquid who cannot reach any other emitting.”