If Ethena wins, I will gain over 10 times the return.
Written by: Naruto11.eth
Compiled by: AididiaoJP, Foresight News
If you have been in the crypto space for even just 3 months, you should already know what Hyperliquid is by now. If you don’t, in short: it is one of the most successful projects in the cryptocurrency space, generating the most revenue, with a loyal community, and is the future of decentralized finance.
Currently, everyone's attention is focused on the proposals from Hyperliquid and USDH.
What is USDH?
Essentially, it is the "Hyperliquid-prioritized native stablecoin."
So far, there have been multiple proposals, and even WLFI wants to get involved. For brevity, we will skip the weaker proposals.
Here are the main competitors:
And the latest Polymarket data:
Native Markets
Native Markets: Co-founded by @fiege_max and his team, it has received the most votes on Polymarket.
Some interesting ideas proposed by Native Markets:
The construction of USDH complies with the GENIUS Act and manages institutional reserves through custodianship, designed to be independent of the issuer.
Hyperliquid Foundation: 50% of reserve income flows directly and unchangeably to the Hyperliquid Foundation, while the other 50% is reinvested into the growth of USDH. This follows the precedent of fee sharing from Hyperliquid (HIP-3, deployer fees), community ownership, and long-term alignment with Hyperliquid.
Developed the CoreRouter smart contract, a pioneering smart contract for atomic minting of USDH and cross-chain transfer to HyperCore.
Overall, many people currently support the Native proposal.
Ethena
Ethena: I just learned from @gdog97_ this morning that this is actually a very strong proposal, with many community members and external parties backing it. Ethena also has such a strong team and rich experience in handling stablecoin issuance. Here are some brief points:
USDH is initially 100% backed by USDtb (custodied by Anchorage Digital Bank in compliance with the GENIUS Act), indirectly supported by BlackRock BUIDL. Emphasizing institutional + compliance + sufficient early liquidity.
One point I personally like about the proposal: the current supply of USDtb is larger than the total cumulative supply of all other pure treasury-backed stablecoin issuers that have submitted applications so far. Including USDe, Ethena's product scale is about 10 times that of all other such issuers combined, excluding Sky. So far, Ethena has minted and redeemed over $23 billion in tokenized dollar assets, with no security issues or downtime.
Community benefits: Committed to distributing no less than 95% of the net income from USDH reserves to Hyperliquid (foundation + HYPE buyback; later can be shared with staked HYPE and validators through voting).
Ethena will bear all transaction costs for migrating from USDC to USDH.
Security provided by an elected Hyperliquid body, which has the authority to freeze and reissue to avoid any type of severe damage or failure.
Liquidity and microstructure advantages: Achieving instant liquidity exchange for USDH, USDC, and USDT through Ethena's market maker relationships and fee tiers; aiming for no liquidity disadvantage compared to USDT trading pairs on CEX.
GENIUS Act advantages: Currently the only clearly defined path to achieve full GENIUS compliance through ADB; NYDFS and MTL paths may be slower and uncertain.
Strong ecosystem showcase, I believe: $13 billion in USDe balance sheet, the largest natural counterparty for perpetual contracts; committed to providing $750 million to $1.5 billion in incentives for HIP-3 frontend.
What truly wins everyone's heart? Each point valued at $800 may be realized through Ethena.
Agora
Agora: I personally support the proposals from @withAUSD and @NickvanEck. The stablecoin infrastructure provided by Agora for USDH is actually very impressive, here are some key points:
Reserves managed by State Street Bank ($49 trillion AUM) and VanEck ($130 billion AUM); liquidity management banks (Cross River, Customers Bank) have institutional-level allocations and early credibility.
100% of net income returns to Hyperliquid: all reserve income and buyback funds. Simple, maximizing value accumulation.
Hyperliquid-prioritized and neutral issuer: USDH is natively issued on Hyperliquid; Agora has no competing chains, brokerage, or exchanges (frictionless alignment).
Complies with the GENIUS Act requirements.
Strong distribution network: Rain + LayerZero + EtherFi. This brings new users and more liquidity to Hyperliquid. Especially the use of crypto cards.
$10 million in initial liquidity on the first day.
My thoughts: @NickvanEck and other team members will bring a wealth of experience from the traditional finance world and from @vaneck_us itself, which is why I believe they can win the vote and make USDH great. I am also a loyal fan of the @withAUSD team.
Sky
Sky (formerly MakerDAO): @SkyEcosystem and @RuneKek also proposed a great proposal. Everyone knows MakerDAO and their importance to the cryptocurrency ecosystem. Here are some things I learned:
Sky is the fourth largest stablecoin project: $8 billion + USDS, $13 billion in collateral, over 7 years of normal operation, with no security incidents.
But Sky also has liquidity advantages: achieving $2.2 billion in instant redemption of USDC through the Peg Stability Module (PSM) + seamless switching to USDH margin perpetual contracts and spot trading pairs. Sky will deploy its $8 billion + balance sheet into Hyperliquid.
Using LayerZero.
All 4.85% returns on USDH on Hyperliquid are used for the buyback of the HYPE buyback fund. Optional sUSDS integration and instant access to Sky's savings rate (currently 4.75%).
Committed to investing $25 million to establish a DeFi incubator for "Hyperliquid Genesis Star" token mining, similar to Spark (which has a TVL of $1.2 billion). Sky's annual profit of $250 million + from buybacks may migrate to Hyperliquid. This increases liquidity and sets a standard for protocol buybacks.
Most of the rest is the same. Complies with GENIUS requirements, risk management and transparency, real-time monitoring and long-term planning: USDH becomes its own "Sky-generated asset."
There is a tweet that really resonated with me, and I think Sky's positioning is quite good.
Frax Finance
Frax Finance: Here are some brief points from the @fraxfinance team.
Frax commits to distributing 100% of treasury income to Hyperliquid. No revenue sharing, whether in tokens or any form.
In their updated proposal, they stated they have a federally regulated U.S. bank (name not yet disclosed) + comply with the GENIUS Act requirements.
Holding U.S. Treasuries through Blackrock, superstate, wisdomtree, etc.
Frax distribution: Connectivity across 20+ chains, but USDH remains native to Hyperliquid. Rewards flow programmatically + transparently on-chain; governance options for recipients.
Community-first.
Expected economic effects: $55 billion in deposits + 4% annual interest rate on U.S. Treasuries = $220 million annual income. All flowing back to Hyperliquid:
Enhancing HYPE staking rewards.
Buyback fund repurchases.
Trader rebates or USDH holding rewards.
Paxos
Paxos: The last excellent competitor is @paxos. They submitted a V2 version for the USDH proposal, similar to $PYUSD.
Here are some brief points about Paxos and its proposal:
Paxos promotes Hyperliquid globally.
Distribution efforts: HYPE will be available on PayPal and Venmo, and USDH will provide free fiat deposit and withdrawal channels.
Committed to investing $20 million in incentives, with PayPal also committing $20 million in incentives within the Hype ecosystem.
Checkout integration: PayPal Checkout, Braintree, Venmo P2P, Hyperwallet mass payments, Xoom remittances (100+ countries).
Revised aid fund income structure:
Starting with 20% allocated to the buyback fund (TVL $1 billion), gradually increasing, reaching 70% allocation to the aid fund once USDH > $5 billion.
Axos charges 0% before $1 billion, capping at 5% after $5 billion, with fees held in HYPE form.
Governance votes on each significant event, supervised by the community.
More importantly:
Users can even trade Hyperliquid liquidity without being aware of it.
Paxos, as the asset issuer, will introduce RWA into the HIP-3 perpetual contracts.
Paxos will build HyperEVM "Earn" products + tokenized HLP structured products aimed at retail and institutional scale.
These are the six main proposals. While I like these proposals, I would lean more towards Ethena for their strong and serious proposal, or Agora for their traditional financial relationships that can elevate Hyperliquid to a higher level.
Many people are betting on Native, and there are constant rumors that the winner has even been decided before the bidding starts. When you connect the rapid establishment of Native with the lack of real weight in its proposal compared to Agora or Ethena, it does make some sense.
In the past four days, I have spoken with several Hyperliquid members and read many of their views on Twitter, and almost everyone has stated that this is not the case. Validators have not made any decisions on any proposals, and no proposal's winner could be predetermined before this.
However, I personally believe, and agree with @hosseeb's view, that there is some truth to this, or at least it was the initial expectation, and the winner has been somewhat predetermined. In any case, this is actually a great marketing opportunity for Hyperliquid and all participating companies.
What will happen now? No one knows, and we will soon see who wins. My money is on Ethena. What about you?
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