Welcome to this first newsletter. This week has been one of the most important since the TGE, with lots of news, each as important as the next.

💵 The $USDH Vote

$USDH is a simple ticker, but it has been in high demand, so the Hyperliquid team decided to hold a validator vote to choose which team would have the right to purchase it. There was a lot of demand from big projects, notably Paxos, which created Binance's BUSD (ATH market cap of $23 billion) and now manages over $1 billion in assets, as well as the Hyperliquid withdrawal, and deposit side of PayPal and Venmo.

In exchange for the $USDH ticker, they offered a HYPE and $USDH listing on Venmo Paypal and Kraken, but above all a HYPE buyback with 100% of revenues (from treasury bonds) up to $1 billion and 95% of HYPE buybacks above $5 billion. In addition to $20 million in incentives for the ecosystem.

There was also Ethena, the USDe giant, which proposed backing USDH in USDe, which is itself backed by US Treasury bonds with a 95% buyback in HYPE. It also offers to cover the cost of converting all USDC bridges on Hyperliquid into USDH. There were other proposals, such as those from the giant Sky (formerly MakerDao), Frax, Agora (supported by Vaneck), and others.

The winner was ultimately Native Market, a new company created by Max Fiege, an OG of Hyperliquid. The team also includes a former Paradigm employee and the COO of UniSwap. Their proposal is to back USDH with treasury bonds with the help of BRIDGE, which was recently acquired by payment giant Stripe. They proposed allocating 50% of revenues to the buyback of $HYPE and 50% to growing the Hyperliquid ecosystem.

🌐 The Stablecoin Space

Next, still in the stablecoin space, Circle, which is behind USDC, has released a native version on HyperEVM, so you can bridge USDC to HyperEVM from other chains and soon from HyperCore. The number of USDC bridges already exceeds 10.9 million. Circle has also announced that it wants to become a validator and is looking to hire an innovative team with HIP-3. They have already acquired more than 80K HYPE.

📊 ATH This Week

The investment fund VanEck plans to file an application for authorization for a HYPE staking ETF in the United States and a similar ETF in Europe. DaTs have continued to buy HYPE. Hyperion DeFi owns 1,335,772 HYPE purchased for $55.5 million, while HYCL bought 10,000 HYPE this week and now owns 38,961 HYPE.

And finally, let's talk about ATH. This week, we had an ATH for: Hyperliquid's TVL, the number of USDC bridges on Hyperliquid, UniTs TVL, the price of HYPE and the floor price of Hypurr NFT.

Stay informed.
HYPERLIQUID NEWS