Just woke up and have no idea what's going on with @HyperliquidX? We're seeing a governance battle to become the provider of Hyperliquid's native stablecoin. Here's a super simple summary. Tl;dr Hyperliquid has about $5 billion in stablecoin deposits. More than Base, Polygon, and most of the major DeFi chains. That's about 8% of the total supply of $USDC. Problem is that 95% of those stablecoins are $USDC. That creates two issues: 1. It's not decentralized. They can be frozen at any moment. 2. All the revenue from the $5 billion backing those stablecoins goes to @circle, not Hyperliquid. So the team is solving this the right way. They're allowing a public vote for the Hyperliquid stablecoin provider. At present the leading proposals are: @withAUSD -> 100% revenue share @Paxos -> 95% revenue share @Frax -> 100% revenue share It's reasonable to expect proposals from other big providers as well. What comes next Governance proposals must be posted by September 10 at...
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