The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? - Ep. 899
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This has been, like, the first time that, like, governance has been, like, fun, you know, like, feels like years. And I think, you know, frankly, like, the competitiveness of the proposals is gonna deliver, like, a really awesome outcome from the hyperliquid community regardless of what happens.
Hey, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Mantle is pioneering blockchain for banking, a revolutionary new category at the intersection of TradFi and Web3. Follow Mantle underscore official to learn more. So I'm here with Nick Van Eck, CEO and cofounder of Agora, and Beau Cotecha, cofounder of Paxos Labs. Welcome, Nick and Beau.
Thank you. Thanks for having us.
So in case you were busy, you know, touching grass this weekend or you're living under a rock, there was a frenzy when the Hyperliquid Foundation announced that it was going to have voting for the SDH ticker in Hyperliquid for a stablecoin. So that prompted a slew of proposals over the weekend, including by both of your companies, Agora and Paxos. And, you know, quick glance, they seem to be the ones that are getting the most engagement. There there's some others that also have high engagement. You know? But just for listeners who like I said, if you if you happen to actually enjoy your weeken
Yeah. I think the reason why it's so important is one of the few tick it was, you know, the only ticker that was actually, like, reserved by, the team. And I think this is really going to be the community aligned stablecoin. And so there is a huge opportunity for an issuer or one of the proposers to really take part in in offering a public good to the hyperliquid community, which is one of the most active and engaged communities in the entire space. Right? And I think one that everyone, certainly, at least on this call, believe is gonna continue to grow and be a large part of, you know, transf
I I mean, I think Nick's spot on. Right? Like, I think the community alignment is there. I think having launched stablecoins previously at Axos, having launched products previously, especially for something like a crypto native ecosystem, being able to build with your users, I think, is so powerful. We were gonna go work in Hyperliquid no matter what. We were gonna launch products in Hyperliquid. We already have products live in Hyperliquid. But the ability to actually build with community feedback is such a powerful mechanism. Really, this proposal has enabled that. We've gotten more feedback
And so for both of you, if your team does not win, you will still build a stable coin in the hyper liquid ecosystem, or or what would be your plans then?
Of course. Yeah. I I was I was asked this question earlier today, like, of course. You know, I don't think there's an option not to. Right? This is one of the most active ecosystems in the space, and you you need to be here. Right? It's it's the number one trading ecosystem. So, you know, obviously, if if we don't win USDH, we'd have to figure out what we wanna do, whether it's, like, something with AUSD or other white labeled partners that are either active in the ecosystem today or would want to come to the ecosystem. So it'd be a little bit of a TBD, but I think we would a 100% be there.
Yeah. We're gonna be there. Funny enough, I believe it was Thursday night or Wednesday night, we did buy a USD ticker in hyper liquid auction. And so it just feels lucky coincidence that the very next day that they dropped this, maybe could have saved me some money there, but it's all good. And so I mean, you know
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