So far this is the strongest USDH proposal by @ethena with $75 million (potentially growing to $150 million) in incentives to support HIP-3 markets! and 95% net revenue for @HyperliquidX
1. Backing & Support
- Fully collateralized by USDtb, Ethena's compliant payment stablecoin, issued in partnership with Anchorage Digital Bank (an OCC-chartered crypto bank) and backed by BlackRock’s BUIDL fund.
- Proven track record: Ethena has successfully minted and redeemed over $23 billion of tokenized dollar assets (USDe and USDtb) with no security incidents or downtime.
- Strong auditing and compliance: USDtb’s smart contracts were audited with zero medium/high-level findings, and its issuance aligns with upcoming GENIUS regulations.
2. Revenue & Incentive Model
- 95% of net revenue generated from USDH reserves will benefit the Hyperliquid community, via HYPE token purchases, assistance funds, or rewards to staked HYPE holders.
- Additional validator votes can determine future modifications to this allocation.
3. Governance & Security
- A guardian network—comprising elected Hyperliquid validators (e.g., LayerZero)—would oversee USDH’s security and governance, including freezing or reissuance in case of security threats.
- Ethena pledges to cover all transaction costs for migrating from USDC to USDH, should the community decide to redenominate core trading pairs.
- Liquidity mechanisms include plans to integrate USDH with USDe liquidity pools, offering favorable fee tiers to market makers.
4. Performance KPIs
- Proposed metrics to align Ethena’s incentives with ecosystem health include:
Reaching $5 billion in USDH supply.
- Maintaining tight peg stability within 20 basis points of $1 (USDH/USDC) for 99.5% uptime, measured one week post-launch.
- Future adjustments to revenue sharing based on performance, potentially redirecting up to 5% to an Ethena-governed entity for ecosystem growth.
5. Ecosystem Contributions & Additional Initiatives
Ethena pledges significant ecosystem support beyond USDH:
- $75 million (potentially growing to $150 million) in incentives to support HIP-3 markets and builder front-ends integrating Ethena products.
- hUSDe: A hybrid stablecoin designed for Hyperliquid hedging and spot exposure; to be integrated into Ethena’s ecosystem along with USDH.
6. Partnerships:
- Securitize will deploy tokenized real-world assets (like stocks and funds) onto HyperEVM, at no cost, if USDH is approved.
- Anchorage Digital Bank will launch native USDtb on HyperEVM for seamless operations.
Ethena aims to support prime brokerage services, equity perpetual swaps, and a broader suite of financial services through deep liquidity and institutional infrastructure.
https://t.co/7LYh32lPf0
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Periode: 4-16 September 2025
Pengumuman pemenang: 18 September 2025
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