USDH unveils launch plans, HYPE token prices surge by 3%
In a series of exciting announcements, Hyperliquid, the decentralised finance (DeFi) protocol, has revealed plans for its native stablecoin, USDH, to become permissionless and announced a validator vote to decide its launch.
The vote, which will occur after the next network upgrade (with no exact date provided as yet), will give governance token holders the power to decide on the release of USDH. A quorum of validators must approve a proposal for the selected team to gain the ability to launch USDH.
The USDH ticker is already reserved for the stablecoin and is intended to become the primary stablecoin of the Hyperliquid ecosystem. If USDH adoption grows rapidly, it could become a central settlement currency across the Hyperliquid ecosystem.
Teams seeking deployment rights for USDH must submit proposals through the Hyperliquid Discord forum, including their user address.
Hyperliquid's Governance and Fee Upgrades
The validator vote for USDH launch may create a precedent for future native stablecoins. This move towards decentralisation aligns with Hyperliquid's commitment to putting power in the hands of its community.
In addition to the USDH vote, Hyperliquid has also announced a significant update to its trading fee system. Taker fees on spot pairs between two quote assets have dropped by 80%, aiming to boost market activity.
Maker rebates and user volume incentives have also been increased to further encourage trading within the Hyperliquid ecosystem.
Price Surge and Revenue Growth
The combined announcements led to renewed demand for HYPE, the protocol's governance token. Over the past month, HYPE has risen 21.3%, while six-month gains exceeded 209%. The price of HYPE gained nearly 3% as traders welcomed the governance and fee upgrade news, reaching $46.68. Year-to-date growth stands at 94.8%, showing sustained investor interest.
The price rise coincides with Hyperliquid's strongest month of revenue so far, suggesting a strong link between governance activity and token performance in Hyperliquid.
Strengthening Network Security and Reliability
Staking requirements and slashing rules for validators will be introduced soon to strengthen the network's long-term security and reliability. These measures are designed to ensure that the Hyperliquid ecosystem remains secure and resilient, even as it grows and evolves.
As Hyperliquid continues to innovate and grow, it's clear that the protocol is committed to putting its community at the heart of its decisions. With the launch of USDH and the ongoing improvements to its trading fee system, Hyperliquid is setting itself up for an exciting future in the DeFi space.
