Crypto Titans Clash: Who Will Crown USDH King? 🤑

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In the shadowed arena of decentralized finance, where the air is thick with the scent of ambition and the clinking of digital coins, another gladiator has stepped forward. Sky, the crypto protocol once known as Maker, has thrown its gauntlet into the ring, becoming the fifth contender to vie for the honor of birthing Hyperliquid’s USDH stablecoin. Ah, the spectacle of it all! 🪙✨

On a Monday that shall henceforth be remembered as “The Day of the Bold Proposal,” Sky’s co-founder, Rune Christensen, unveiled his project’s bid with the flourish of a courtier presenting a jewel to the tsar. “Behold,” he proclaimed, “with Sky’s might, USDH shall rise, a stablecoin of unparalleled yield, rivaling even the vaunted US treasury bills!” 🏰💰

“By harnessing Sky’s power,” Christensen intoned, his words dripping with the gravitas of a man who has seen the inner workings of the crypto gulag, “the Hyperliquid community shall attain advantages so sublime, so unattainable by lesser projects, that they shall weep with gratitude.” 🥲👑

Sky, the progenitor of USDS and Dai-stablecoins whose combined worth hovers around $12.5 billion like a specter over the crypto steppe-now seeks to add USDH to its pantheon. Yet, it is not alone in this quest. Four other suitors have emerged from the mists, each bearing gifts and promises, all vying for Hyperliquid’s favor. The stakes? Nothing less than the soul of USDH. 🌪️🎭

Sky’s Promise: Yield, Compliance, and a Dash of Genius

Christensen’s proposal, a tome as sprawling as the Russian steppes, promises Hyperliquid a 4.85% return on all USDH-a figure he declares “significantly above the T-Bill rate.” Ah, the audacity of it! 🤑📈

But wait, there is more! USDH, under Sky’s stewardship, shall be “natively multichain,” thanks to the sorcery of LayerZero. And should the Hyperliquid community desire, the stablecoin could be tailored to comply with the GENIUS Act, a law so draconian it bans stablecoin issuers from paying yield. Irony, thou art crypto. 🤡⚖️

And lest we forget, Sky offers a bounty of $25 million to “autonomously grow DeFi on Hyperliquid,” with tokens so exclusive they might “potentially bring in billions.” Billions, you say? In this economy? 🌽💸

A Crowd of Suitors, Each With Their Own Tale

Sky’s bid is but one in a chorus of five, each with its own tale of glory and ambition. Native Markets, a fledgling venture backed by Hyperliquid advocate Max Fiege, proposes that Stripe’s Bridge issue USDH. Frax, Paxos, and Agora-the latter with the crypto fintech MoonPay in its corner-also throw their hats into the ring. A veritable feast of proposals, each more tantalizing than the last. 🎩🎪

VanEck’s Plea: A Father’s Pride, A Son’s Ambition

Amidst this frenzy, Jan van Eck, CEO of the investment behemoth VanEck and father to Agora co-founder Nick van Eck, took to X with a plea as heartfelt as it was strategic. “We yearn to join your ecosystem,” he wrote, his words echoing through the digital void. “We have courted the HyperEVM builders, and we seek to contribute, whether through Agora or another path.” 🧔👨‍👦

But beware, Hyperliquid, for van Eck adds with a wink, “We are no pushovers. You would not want us as partners if we were easily swayed.” A warning wrapped in silk, indeed. 🥊🤝

And so, the stage is set. The validators of Hyperliquid shall soon vote, their decision as weighty as the gavel of a judge in a show trial. Who shall emerge victorious? Only time-and the merciless whims of the crypto gods-will tell. ⏳🎲

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2025-09-09 06:00