The Etherna Labs became a sixth bidder for Hyperliquid’s USDH Stablecoin, announcing its proposal on a blog Tuesday Post. The competition will decide who controls the billions of liquidity and income in one of the decentralized financial exchanges (DEFI) derivatives to replace.
The team behind USDE and USDTB suggests a version of USDH that is fully -back by USDTB, a stablecoin tied to BlackRock fund and soon to be released by Anchorage Digital Bank. If selected, Ethena pledged to restore 95% of the Hyperliquid community reserve reserve and implement the care through an elected “Guardian Network” validator.
The protocol also pledged to occupy the costs of moving Hyperliquid markets from the USDC to USDH and made at least $ 75 million in ecosystem incentives, a figure it said could increase to $ 150 million.
https://www.youtube.com/watch?v=ndkoqwegfgw
Etherna’s plan includes partnerships with securitize to bring tokens and equality to Hyperevm and launch a hyperliquid-native synthetic dollar called Husde. It also suggested instant liquidity routes through the existing stablecoin infrastructure.
To address security risks, Ethena suggested that the USDH administration was handled by selected hyperliquid validator, a “caretaker network,” instead of leaving control only to the giver.
Followed by Etherna’s bid Measures from paxosFrax Finance, Agora, Native Markets and Sky (former Makerdao).
Related: How HyperLiquid hit $ 330B on the monthly trading volume with only 11 employees
The process of USDH bidding
Hyperliquid announced on Friday the opening of a community process to select a providers for the USDH.
The First The proposal came from native markets, an adventure established by Hyperliquid Advocate Max Fiege. The plan will see a USDH released through the stablecoin payment processor of stripe, bridge, but it encounters meaningful Pushback from the community.
The latest proposal before Etherna was from the Crypto Protocol Sky. On Monday, Sky co-founder Rune Christensen outlined a plan for a USDH supported by Sky’s resources with a 4.85% harvest.
Agora, a crypto infrastructure company supported by Vaneck and Moonpay, also threw a hat in the ring, suggesting a return 100% of USDH Reserve income In the Hyperliquid community.
Etherna’s bid comes shortly after it has claimed the position of the world Third-largest largecin issuerBehind the tether and circle. Its USDE token exceeds the $ 10 billion supply under ten months, the fastest recorded, and has grown $ 12.9 billion At the market value at the time of writing, according to data from the token terminal.
In a post on the Blog of Tuesday, Ethena also said her promises to Hyperliquid were not a winning condition. It called Hyperliquid “one of the most impressive and important stories that has appeared in the last 20 years” and has promised to create multibillion-dollar value for the network beyond the USDH.
The proposals will decide after the next hyperliquid network upgrade, if validators will make a formal vote. The upgrade date has not been announced.
As the bids roll, the native hype of Hyperliquid hit a full time of $ 55.04 today, according to Co ringecko.
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