Oh, what a scrumptious brouhaha brewing in the crypto cauldron! Hyperliquid, that mischievous minx of a platform, has everyone in a tizzy with its USDH stablecoin shenanigans. Protocols are flocking like seagulls to a chip shop, each waving their shiny trinkets and promises. Paxos, Frax, Agora, and Native Markets were already in a right old scrap, but then-boom!-along comes Sky (formerly known as MakerDAO, darling) with its whopping $8 billion balance sheet, ready to steal the show. 🌪️
Sky, you see, is no stranger to this stablecoin malarkey. Already juggling USDS and DAI (worth a cool $13 billion, mind you), it’s the fourth and fifth biggest kid on the stablecoin block. But why stop there? Rune Christensen, the cheeky chappie behind Sky, popped up on X (formerly Twitter, if you’re still living in the Stone Age) to declare, “By using Sky to power USDH, the Hyperliquid community will gain unbeatable advantages that no other stablecoin project can offer.” Oh, Rune, you smooth-talking scoundrel! 💫
USDH powered by Sky
A stablecoin, my dear friends, should be more than just a boring old medium of exchange. It should be a golden goose, laying highly efficient returns while building a DeFi empire! By using Sky to power USDH, the Hyperliquid… 🏰✨
– Rune (@RuneKek) September 8, 2025
And what a golden goose it promises to be! Sky’s offering a juicy 4.85% return on all USDH held in Hyperliquid-more than those snooze-fest Treasury bills. The money? Oh, it’s going to buy back HYPE tokens and fill the platform’s Assistance Fund. Generous, isn’t it? But wait, there’s more! Sky’s throwing in $2.2 billion in instant redemption liquidity (fancy talk for “big traders can swap USDH like hotcakes”) and $25 million for “Hyperliquid Genesis Star” to kickstart DeFi development. And the cherry on top? Moving its $250 million buyback engine to Hyperliquid. Blimey, Sky’s not holding back! 🚀
The Competition’s Got Their Knickers in a Twist
Hyperliquid, with its $5.5 billion in USDC deposits (7.5% of the total supply, no less), is the belle of the ball. But the other suitors aren’t going down without a fight. Paxos is dangling 95% of reserved earnings and zero fees for USDC migration. Agora’s pledging 100% of net revenue for HYPE buybacks. Native Markets, the first to bat its eyelashes, promises a share of reserve proceeds for Hyperliquid’s Assistance Fund. And Frax Finance? Well, they’re all about sharing 100% of the treasury’s profits with users. A community-based model, they call it. How quaint! 🤝
The real fireworks, though, are on September 14, 2025, when the Hyperliquid community casts its vote. This isn’t just any old vote-it’s the DeFi equivalent of the Super Bowl, Wimbledon, and the Oscars rolled into one. Whoever wins gets to wield enormous power in the stablecoin market. So grab your popcorn, folks, because this is going to be a spectacle! 🎉
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2025-09-09 17:08