LSESU Blockchain Society

happening

[LSESU Blockchain Society @LSESUBlockchain]

The LSE Web3 Lab is a pioneering initiative from the LSE, acting as a dynamic bridge between Web3 ecosystem and world-class talent within the world’s top universities.
We are creating an environment where industry players can connect with the next gen of leaders & thinkers

[Snowmaker_椿 @Snowmaker_CJ]

1/ 今天 Hyperliquid 把它的官方稳定币 USDH 卖给了 Coinbase，同时拿到了 USDC 储备 90% 的利息分成，但这件事比新闻标题里写的有意思得多。

表面看，USDH 是失败的。

上线 8 个月，供给峰值只有不到 1 亿美元。即使上限被提高到 5 亿，实际利用率也长期停在 18% 左右。同一时间，Hyperliquid 上的 USDC 从大约 20 亿涨到接近 50 亿。

更关键的是，Hyperliquid 从来没有真正把 USDH 推到核心交易场景里。

没有 BTC-USDH，没有 ETH-USDH，也没有足够多的主流官方交易对。对交易者来说，稳定币不能拿来开主流仓位，就很难形成真实需求。

所以 USDH 的失败，不能只归因于 Native Markets 没做起来。

它更像是一个被放在台面上的筹码：存在感足够强，但流动性又不至于强到反客为主。

2/ 八个月前，Hyperliquid 公开招标官方稳定币 USDH。6 家公司竞争，核心条件之一是：愿意把多少 USDC 储备收益分给 Hyperliquid。

当时几个投标方案大概是：
- Paxos：95-100% + 2000 万美元激励
- Frax：100%，零抽成
- Agora：100% 净收入
- Ethena：95% + 至少 7500 万美元激励，后来退出
- Sky：4.85% 储蓄利率 + 2500 万美元基金
- Native Markets：50%

最后赢的是 Native Markets。
这也是整个故事最微妙的地方。Native Markets 当时刚成立不久，团队很小，没有公开融资记录。链上钱包在 RFP 前几个小时注资，提案在 RFP 发出约 90 分钟后提交。

这个流程看起来"基本是为 Native Markets 量身定做的

这些细节不一定能证明什么，但至少说明：Hyperliquid 从一开始就在测试稳定币发行方对它的真实出价。

3/然后到了今天。USDH 卖给 Coinbase，AQAv2 出现，结构直接变了。

Hyperliquid 不再需要在 对齐但没流动性 的 USDH，和 有流动性但收益外流 的 USDC 之间二选一。

AQAv2 之后，它基本上把 USDC 变成了一个协议对齐版本的稳定币。

交易者继续用 USDC，订单簿不用拆，流动性不碎。但 USDC 储备利息的大头，开始流向 Hyperliquid。

47 亿 USDC × 3.8% × 90% ≈ 每年 1.6 亿美元以上，每天大约 44 万美元，进入协议收入 / HYPE 回购框架。

USDH 自己最高只有不到 1 亿规模。AQAv2 对应的是接近 47 亿 USDC 基数。

也就是说，Hyperliquid 用一个峰值不到 1 亿的 USDH，撬动了 47 倍规模的储备收益权。

这才是 USDH 最有价值的部分。它未必是一个成功的稳定币产品，但它证明了 Hyperliquid 手里那张牌有多值钱：如果你想进入这个订单簿，就要把储备收益拿出来分。

4/Coinbase 进来之后，还有另一层意义。

Coinbase 是美国最大上市加密公司之一，过去几年在华盛顿投入最重的加密公司之一。Circle 也质押 50 万 HYPE 准备做验证节点，Jeremy Allaire 亲自站台。

这不只是商业合作。对 Hyperliquid 这种链上 perp 协议来说，稳定币发行方、上市交易所、合规公司同时进入，等于把"美国监管风险"这个叙事压低了一大截。

5/真正值得关注的是，Hyperliquid 可能把稳定币收益分成做成了一个可复制的协议机制。

过去 18 个月，这条线其实很清楚：
- 2024 年 11 月，Paxos 的 USDG 联盟开始把稳定币储备收益分给合作伙伴
- 2025 年 9 月，Hyperliquid 通过 USDH 招标，把"储备收益分成"变成可竞标条件
- 2026 年 5 月，AQAv2 让 USDC 直接让出 90% 储备收益
这件事正在从创新变成 table-stakes

以后大型协议再和稳定币发行方谈合作，很难只接受"我给你流动性，你给我品牌背书"这种条件。协议会问得更直接：
我的用户给你贡献了多少稳定币余额？这些余额产生的国债收益，为什么不分给协议？

6/这也是 Hyperliquid 最聪明的地方。

应用方自己发稳定币这条路，其实已经被反复验证得很难走。dYdX 放弃了、GMX 没真正做、Aave 的 GHO 卡在 5 亿多美元、Curve 的 crvUSD 卡在 3 亿多美元、USDH 也只到 1 亿左右。

原因很简单：交易者要的是流动性，不是协议情怀。
Hyperliquid 没有继续硬推 USDH，而是换了一种打法，自己不一定发稳定币，但谁来发，都得竞标自己的流动性入口。

Hyperliquid 从一个 perp DEX，变成了一个让稳定币发行方竞价进入的流动性平台。

7/USDH 到底是一开始就被设计成谈判筹码，还是认真尝试后发现推不动，这个很难下定论。

但结果已经很清楚：USDH 作为产品没跑出来；USDH 作为筹码，帮 Hyperliquid 把 USDC 的储备收益谈了回来。
用不到 1 亿美元的峰值供应，换来每年 1.6 亿美元以上的协议收入。

这可能是链上协议第一次真正把"和稳定币巨头谈条件"做成了产品。

[LSESU Blockchain Society @LSESUBlockchain]

We like Tangem! 🧡

Tap into Crypto freedom

Everyone should try it 👀

[Tangem @Tangem]

Big thanks to LSE London 🇬🇧 for having us! @LSESUBlockchain

David and Marcos delivered a great lecture on crypto security and self-custody in real life.

[LSESU Blockchain Society @LSESUBlockchain]

Bonjour👓🥖

[Moya @Moya_2025]

See you in Paris🔥 @LSESUBlockchain
#HackEurope

[LSESU Blockchain Society @LSESUBlockchain]

Our TOP G!
@KevinApetrei @Moya_2025

[Moya @Moya_2025]

This is our first hackathon. We built a narrative-driven terminal for intent trading, winning 2nd place from @pear_protocol track and 3 bounties from @encodeclub, way beyond what we expected.

It's easy to come up with a thesis; it's hard to turn it into a trade.

On TAGO Leap, you can turn tweets into multi-asset hedged trades.

How to use it:
1. Deposit from any chain into a perp dex using @lifiprotocol
2. Find a tweet you want to trade on
3. Execute multiple trades in a batch using @pear_protocol
4. Wait until it profits or closes through automatic risk and TP management using @SaltSovereignty

Based on current perp dex infrastructure, we make trading self-custodial and permissionless. On top of that, we make structured trading accessible to the non-institutional traders.

---------------------------------------------------------
Thoughts behind the product:

Although @KaitoAI's api was banned a few days ago, X remains the core distribution channel in crypto, with valuable analytical content.

InfoFi is still alive, bot posting is dead. Traders now have cleaner information on X, as it should have been from the beginning.

However, there's massive disagreement about this, which we believe is an undiscovered market opportunity.

Another key catalyst is the intense competition in perp dexs, AI, and AI trading bots.

Coming from a research/ideation/growth background, I found user onboarding in perp dexs is no longer just about:
- an easy bridge/deposit button and letting users improvise
- gurus making artificial fomo (they are delta-0 hedged across multiple perp DEXs)

It's about fitting daily use cases:
- Users get random trade ideas naturally while scrolling X
- When ideas pop up, let users trade NOW

This applies beyond perp dexs. The same competition will soon hit prediction markets, which we will integrate!

@LSESUBlockchain @KevinApetrei @Loki31908422024

[Kevin Apetrei @KevinApetrei]

Absolutely buzzing to have won 3 bounties at the @encodeclub @HyperliquidX hackathon 🤝​ Built a narrative-driven trading terminal with:

-> X-integrated feeds
-> One-click onboarding to Hyperliquid via @lifiprotocol
-> Execution via @pear_protocol, with automated risk and TP management using Salt

[Moya @Moya_2025]

This is our first hackathon. We built a narrative-driven terminal for intent trading, winning 2nd place from @pear_protocol track and 3 bounties from @encodeclub, way beyond what we expected.

It's easy to come up with a thesis; it's hard to turn it into a trade.

On TAGO Leap, you can turn tweets into multi-asset hedged trades.

How to use it:
1. Deposit from any chain into a perp dex using @lifiprotocol
2. Find a tweet you want to trade on
3. Execute multiple trades in a batch using @pear_protocol
4. Wait until it profits or closes through automatic risk and TP management using @SaltSovereignty

Based on current perp dex infrastructure, we make trading self-custodial and permissionless. On top of that, we make structured trading accessible to the non-institutional traders.

---------------------------------------------------------
Thoughts behind the product:

Although @KaitoAI's api was banned a few days ago, X remains the core distribution channel in crypto, with valuable analytical content.

InfoFi is still alive, bot posting is dead. Traders now have cleaner information on X, as it should have been from the beginning.

However, there's massive disagreement about this, which we believe is an undiscovered market opportunity.

Another key catalyst is the intense competition in perp dexs, AI, and AI trading bots.

Coming from a research/ideation/growth background, I found user onboarding in perp dexs is no longer just about:
- an easy bridge/deposit button and letting users improvise
- gurus making artificial fomo (they are delta-0 hedged across multiple perp DEXs)

It's about fitting daily use cases:
- Users get random trade ideas naturally while scrolling X
- When ideas pop up, let users trade NOW

This applies beyond perp dexs. The same competition will soon hit prediction markets, which we will integrate!

@LSESUBlockchain @KevinApetrei @Loki31908422024

[Athena Y @Athenaweb33]

Quantity isn't the issue. We don’t need a higher count of stablecoins；we need deeper liquidity and more meaningful utility.
U for everyone ✨

[TON中文 @TONMandarin]

🚀 这 6 个项目现已进入投资讨论阶段，并将成为下一代 Telegram 消费级应用。

$TON 才刚刚开始。

✨ 特别致谢：

合作伙伴：
@tappscenter
@TFund_official
@OpenAD_Protocol
AWS
@safepal
@Web3LabsClub
@uxuycom
@tonkeeper
@Beosin_com
@aveai_info
社区与 VC 合作伙伴：
@BeckerVentures
@starbaseacc
@Cypher9Ventures
@Echo3labs
@BSKolClubCN
@OurTinTinLand
@OpenBuildxyz
@CocosStudioWeb3
@Kingnet_AI
@0xUClub
@852web3
@LSESUBlockchain
@PKUBlockchain
@0xSZUBA
@SmileCobra_GAME
@InfinityLabs_
媒体支持：
@MetaEraHK
@ChainCatcher_
@BlockTempo

[Clemens @_clemens__]

Same, @LSESUBlockchain , same

[Base UK @baseduk_]

🗣️🗣️🗣️Shout it from the top of the mountain

[LSESU Blockchain Society @LSESUBlockchain]

BULLISH

[Clemens @_clemens__]

Thanks for having me @LSESUBlockchain - super bullish on the next generation of onchain builders and contributors 🤝🟦

[LSESU Blockchain Society @LSESUBlockchain]

Awesome💙🧢🔵🟦
Base app is now my fav app!

[Kevin Apetrei @KevinApetrei]

Just hosted our first event at @LSESUBlockchain on our vision and an introduction to Blockchain and DeFi concepts such as Credit Markets and their quantitative applications within our research hub.

Had an amazing turnout of 40+, maxing out the capacity for the event! We’re unleashing the idea of blockchain to all of @LSEnews!

@_clemens__ from @baseduk_ @base supported us in this big launch and gave an enticing argument for careers in crypto as opposed to TradFi!

Thank you everyone who attended, we’re gearing up some very interesting initiatives for the new year.

[Base UK @baseduk_]

A new society entered the UK student blockchain scene 🔥🟦

[LSESU Blockchain Society @LSESUBlockchain]

WAGMI

我们都会成功(wǒ měn dōu huì chéng gōng)

💙
@Moya_2025
@KevinApetrei
@_clemens__
@Cryptocald
@JamesZhu20167
@thefakebentham
…

[Moya @Moya_2025]

@LSESUBlockchain 我们关注的不只是编程和黑客松，而是更多去探索区块链的商业和金融属性：

1. 让更多世界顶尖的经济/金融学生了解crypto行业，作为除开传统金融以外的另一个就业方向

2. 成为校园阶段里投研+交易的核心社区

3. 和投资基金合作，推动链上投资

@LSEnews 是商界的人才储备库，我们致力于为crypto行业培养，输送有潜力的投研，BD，交易，mkt人才，补齐校招渠道的缺口

感谢 @baseduk_ 和 @_clemens__ 的支持，我们会持续建造社区

欢迎感兴趣的朋友dm！

#Crypto #London #Coinbase #LSE_Blockchain

[LSESU Blockchain Society @LSESUBlockchain]

@baseduk_ @encodeclub 💙💙

[Kevin Apetrei @KevinApetrei]

We're gearing up for something big with @LSESUBlockchain as we expand our team to 20+ members.

Our priorities might be slightly different to those of other Blockchain Societies across the world.

We're not solely focused on blockchain development and engaging in hackathons, but trying to promote the financial perspective to students:

1. We want Finance and Economics students to learn about crypto and DeFi and consider it as an interesting option for future careers as opposed to TradFi/Banking.

2. Aiming to make LSESU Blockchain a Research and Trading Hub in London, bringing together students to push forward trading analysis, quant/DeFi reports.

3. Create a student-led infrastructure working with investment funds across the UK to bring them on-chain and invest in blue-chip crypto + DeFi products.

There is very little competition for careers in DeFi, and extremely high opportunity.

We're really excited to have @baseduk_ and @_clemens_ supporting us, who will help us skyrocket this movement.

If you're a student in London, or at @LSEnews, please reach out! Or if you're a UK-based crypto startup or firm, send me a DM and we can work together.

[LSESU Blockchain Society @LSESUBlockchain]

SOON

[Clemens @_clemens__]

@KevinApetrei @base @LSESUBlockchain session soon

[LSESU Blockchain Society @LSESUBlockchain]

Shout out to our co-president 🔥👊

[Moya @Moya_2025]

@LSESUBlockchain we will host an AMA session every Wednesday 6pm.

Show up anytime to learn more about us!

#LSE_Blockchain #Coinbase #BNBChain

https://t.co/QghowhQFe7

[LSESU Blockchain Society @LSESUBlockchain]

💙💙
BASED

[Base UK @baseduk_]

@lbsblockchain
@LSESUBlockchain
@blockchainox

See you soon 👀🟦

[LSESU Blockchain Society @LSESUBlockchain]

@baseduk_ @lbsblockchain @blockchainox BASED💙