The Crypto Protocol Sky has become a fifth crypto project to launch a bid to help the decentralized PerS exchange hyperliquid launch and issue a stablecoin.
Sky co-founder Rune Christensen on Monday Na -Post The proposal of his project to back up Hyperliquid’s USDH Stablecoin, which offers Sky resources and promises a customizable token with a harvest that competes with US treasury bills.
“By using Sky to Power USDH, the Hyperliquid community can get unmatched benefits without any other Stablecoin project,” Christensen said in his pitch.
Sky, formerly known as manufacturer, created and backs USDS (USDS) and Dai (Dai), respectively in the fourth and fifth largest the largest stablecoins together worth nearly $ 12.5 billion, and its proposal Hyperliquid was posted on Friday.
Sky promises USDH yield, option for compliance with the Genius Act
Chrisensen’s broad proposal says Hyperliquid will receive a 4.85% return to all USDH on its platform, which he said “significantly beyond the T-Bill rate.”
He added that USDH can also convert to and from a version of USDS Stablecoin that gives it harvest of 4.75% and will be “native multichein” using the cross-blockchain protocol layerzero.
The Hyperliquid Community may also customize Stablecoin under Sky’s proposal, with Christensen who provides an example that can be done to comply with US Stablecoin laws under the Genius Actthat prohibits the stablecoin providers from the payment of the yield.
Christensen said Sky will also provide $ 25 million to create a project to “autonomously grow defi with Hyperliquid,” which will have exclusive tokens that can “potentially bring billions -billion” to the protocol.
Sky’s bid on the fifth for hyperliquid
Sky’s proposal is the fifth similar bid for Stablecoin from a major crypto project after Hyperliquid posted its dispute on Friday that it wanted pitches from “teams interested in deploying a hyperliquid-first, native stablecoin with the USDH ticker.”
It came after the first proposal from the native markets, a new adventure set by Hyperliquid Advocate Max Fiege to see Stripe’s Payment of stablecoin Bridge issue of processor USDH.
Related: Ethereum L2 Megaeth introduces yield-bearing stablecoin to fund protocol
Also in the mix are Stablecoin Protocol Frax, Stablecoin Issuer Paxos and Crypto Infrastructure Firm Agora, with a backlash from Crypto Fintech Moonpay.
Vaneck CEO makes an appeal to Hyperliquid
Meanwhile, Jan Van Eck, CEO of giant investment Vaneck and father of Agora co-founder Nick Van Eck, write on X on Monday to appeal to the Hyperliquid community that seemed to restore his son’s stablecoin bid.
“We are always happy to be part of your community ecosystem,” he wrote. “We have spoken to many of the leading Hyperevm builders and are constantly looking for new ways to contribute to Hyperliquid, whether through this proposal of Agora or others in the future.”
“But we don’t like being gang-taxled,” Van Eck said. “You don’t want us as a partner if we are easily pushed.”
The Hyperliquid Validator will vote for their favored proposal after the next network upgrade, which has not yet been announced.
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