USDH, a Native Stablecoin of Hyperliquid, started with a USDC transaction pair on Wednesday and recorded almost $ 2 million in the initial transaction.
While USDH lives, Hyperliquid has the first $ 1 asset, providing a stable account and collateral for the entire network.
The Aboriginal Market will manage Exchange’s stabilizers and supervise billions of dollars in potential. A cryptocurrency new company led by Hyper Clicade Investor MAX FiEGE, led by Anish Agnihotri, president of the Mary-Meterine Lader and Blockchain Researcher of the former Uniswap laboratory, was selected through an effective test vote on September 14.
According to the original proposal of Native Markets, Stablecoin is supported by cash and the US Treasury and manages the reserves by relying on Stripe’s tokenization platform.
The USDH is a hyperevm, an Ethereum execution layer of Hyperliquid, and can be circulated across the network and reduces the dependence on external Starble coins such as Circle ‘s USDC (USDC) and maintains yield in the ecosystem.
Hyperliquid was a distributed derivative exchange that launched over -advertising tokens in November 2024 in November 2024.
relevant: Crypto Company
Bid war
The bid war against Hyperliquid’s right to the Stablecoin began on September 5 when Hyperliquid announced that it opened a governance process for awarding USDH watches.
Since then, the Aboriginal Market has submitted bidding and promised to share the preliminary income evenly between the repurchase of over -advertising tokens and the development of funding ecosystems by default by Hyperevm.
For the next time and for several days, Paxos, Sky, Frax Finance, Agora, Curve, Openeden, Bitgo and Ethena have submitted suggestions. But the latter withdrew the bid and approved the basic market.
The process was not controversial. Some critics, such as the venture capital company, Dragonfly HaSeeb QURESHI’s management partner, argued that large companies such as PAXOS, Ethena and Agora suggested more powerful proposals, but they seemed to prefer the Aboriginal market.
On September 9, QURESHI told X to X, saying, “I heard from several bidders that many bidders were not interested in considering people other than the basic market, and that the fact that the proposal of the encryption startup was released was released.
He also mentioned the Aboriginal market as “new startups,” and suggests that there is no performance to justify the winning of bidding quickly.
Despite the critics, the native market was the top priority on September 14, and obtained Hyperliquid’s first major governance decision with more than two -thirds of the voting votes.
According to Coingecko’s data, Hype, the default cryptocurrency of Hyperliquid, has decreased by about 7%over the last seven days.
Hyperliquid is also seeing a new competition with ASTER, a decentralized permanent exchange run on the BNB chain.
On Wednesday, according to Defillama data, ASTER’s daily permanent trading volume reached $ 30 billion, more than double the hyper -clicade, which was about $ 10 billion at the time of writing.
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