The real-world asset tokenization platform opened up and the crypto infrastructure provider Bitgo entered the competition to issue a stablecoin native stablecoin of Hyperliquid, USDH, carrying the number of contenders to eight.
The Hyperliquid Validator will begin voting for the USDH proposal from Thursday and will be able to dispose of their votes until Sunday. Other suitors include Etherna, Paxos, Frax, Agora, native market and sky.
The winning bid will decide how to manage itUSDC) According to In Defillama.
Oppenen’s bid for USDH
Opensen founder and CEO Jeremy on Wednesday Laid The platform proposal to how it will handle the USDH if it is to win the bid.
The RWA platform has pledged to distribute all the yields it will develop from the USDH reserve in the Hyperliquid ecosystem, which will include purchases.
Additionally the proceeds will be used from the mination and redemption in the USDH to buy a hyperliquid’s hype token and distribute it to hyperliquid validators.
The company has marked 3% of the native supply of Eden token to provide additional incentives, which may boost in the future.
The USDH reserves will be stored in a tokenized Treasury Bills funding, whose caution is under the Bank of New York Mellon.
The company cooperated with the Bank of New York Mellon, Chainlink, Aeon Pay and Monarq Asset Management for adoption.
Bitgo tout regulatory prowess
Meanwhile, bitgo Says It will obtain liquid assets supported by the US dollar, bank deposits, short -term bills of KAKA and more for USDH mining and redemption.
The company said it would use chainlink’s crosschain interoperability protocol to maintain interoperability between chains.
The yield from the underlying properties will be used to buy and stake hype token, with the company taking a 0.3% fee of the total reserve.
BitGo has pointed out the regulation of its main strength, as six of its companies have gained licenses from Dubai, Singapore, Denmark, New York and a crypto-assets license market from Germany.
Related: How HyperLiquid hit $ 330B on the monthly trading volume with only 11 employees
Native markets are leading the pack
At the time of writing, native markets received the most votes, with 33.73% of the delegate stake choosing its proposal.
Native markets, founded by community member Max Fiege, suggested dividing the proceeds from the reserves, with half of the proceeds used to buy hype tokens, while the other half were provided with the help funds. However, the proposal is Received a backlash from the community.
Haseeb Qureshi, governing the partner in Crypto Venture Fund Dragonfly, has submitted Doubt About the bid of native markets.
“Hearing from many bidders who are none of the validators who are interested in considering anyone besides the native markets. This is not a serious discussion, as if it has a backroom deal already made.” Qureshi said.
Nansen CEO Alex Svanevik declined The claim, saying that they were with their allies, was in contact with the bidders and encouraged them to put their proposal to be competitive with the process of bidding.
Paxos labs, that submitted a modified bid on Wednesdayis currently second with a vote part of 11.52%.
However, the 46.49% stake remains unresolved, which may change the outcome of who will get the USDH token.
A polymarket poll implies Participants in that market are more likely to expect native markets to win the proposal, with 90% of polling users voting for it.
Included in other bidders Ethena Labs, who submitted its proposal on Tuesdaywhile Sky, former marker, submitted its proposal on Monday.
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