Oh, the high society of digital finance! 
Like basking in the Russian sun, Sky, or as they call themselves now, MakerDAO, enter the illustrious ball on equal footing with the aristocracy of finance. Taking center stage with an impressive Bank statement amounting to $8 billion, it boasts a credit rating only slightly shy of a poet’s capital aspiration. But what’s a ball without a bit of intrigue?
The Hyperliquid exchange, swollen with a voluminous $400 billion in trading from the last moon, has, quite playfully, extended open invitations for a parlor game-a battle royale, if you will, to create the hallowed USDH. Among these aspirants gallops Sky, seemingly equipped with an arsenal intended to outshine both treasury bills and their meager interest. Imagine the audacity!
It seems-finally-a stablecoin is daring to claim a universal taste. Not simply content with stability in exchange but greedy for yield. Sky, our decisive hero, seeks to foster life within Hyperliquid.
– Rune, a tweet dated September 8, 2025
It’s the gala! Validators are due to consummate their decisions come September 14. Still, in all honesty, it appears Hyperliquid abstains from influencing this deliberation.
Like with all grand entries, Sky does not simply wear its best attire-it comes bearing gifts: a hefty 4.85% return on held USDH, instant liquidity to the tune of $2.2 billion, and a charming $25 million of investment in the DeFi cosmos of Hyperliquid. As if a court lady would settle for less!
Yet, other contenders persist in forming their own balls. Paxos, without much flair, promises reserve revenues for HYPE buybacks and a costless migration voyage. Meanwhile, Frax, playing the role of the community darling, bestows earnings, flatly and flowing, to its people. Agora, proud with grand names backing it, stresses its neutrality. As for Native Markets, apparently their close ties with Stripe have invited whispers and raised eyebrows.
The validators, wearing their electorate costumes, face an assembly rivaling Bazar’s trade array. Their fates and those of USDH are knit together. Do they choose a legacy titan, a sprightly DeFi upstart, or perhaps even a corporate giant, with its blockchain ambitions pompously doffed? One might find it comparable to deciding whether to invite a provincial noble or a neighboring duchess to the winter’s evening soirée.
And thus, the stage is set. In the quiet echoes of villages, perhaps, the shrewd Ethena also contemplates her entry. And short of a miracle, the ballet of barons and courtesans will likely yield far more drama -and guaranteed interest rates-than the prose of our usual days. 
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2025-09-09 08:47