In summary
- Hayes has accumulated around $ 995,000 in ENA in the last two days, according to Arkham Intelligence.
- Ethena, backed by Blackrock, has committed to the 95% route of USDH’s income to hyperlycides and covers migration costs.
- The native markets lead the race with 90% probabilities, while Paxos reviewed their proposal and obtained an offer of Kraken list.
Arthur Hayes, co -founder of the Crypto Maelstrom Investment Fund, bought Ethena token this week, linking his latest movement to a project competing for the control of the USDH stablecoin ticket as hyperlycid validators in a decisive vote on Sunday.
Hayes has accumulated multiple sections of Ethena token in the last two days, including 578,956 tokens worth approximately $ 473,000 on Wednesday and two previous purchases for a total of approximately 672,800 ENA, or $ 521,000, according to data tracked by Arkham Intelligence.
The total, including those of Monday, amounts to approximately $ 995,000 in Tokens Ethena within a 48 -hour window.
Hayes purchases occur when Ethena is still a contender in the Usdh Stablecoin raceWith hyperlycid validators configured to decide the ticket on Sunday.
Ethena proposal, backed by BlackrockHe would use its USDTB stable to colatize the USDH through the Blackrock Buidl Fund, with 95% of the income committed to hyperlycides and the covered costs to change the USDC negotiation pairs.
Ethena’s proposal is a “strong offer from one of Crypto’s fastest growing and most impressive ecosystems,” David Lawant, Chief of Research of Falconx, wrote in a Blog Posted on Wednesday.
Lawant pointed out the USDE market capitalization of more than $ 13 billion and Ethena had prosecuted $ 23 billion in cumulative mints and reimbursements without security incidents or inactivity time.
Even so, the purchase of Hayes “is read as a personal positioning, instead of putting a backup behind Ethena specifically for the votes of the USDH,” Kirby NGO, founder of Hypurrcollective, a base collective for founders, builders, merchants and energy users in the hyperliquid ecosystem, told, told. Decipher.
“With the USDH proposal, decisive factors will probably be reduced to validator alignments with their current stakers, if the feeling of the prediction market translates into real votes in the chain,” said NGO.
Other contestants
Paxos, backed by PayPal, is also a main contender, according to Lawant. He He reviewed his proposal On Wednesday, expanding an emphasis on the regulatory pedigree to promise most of the reserve yield to the Hyperliquid Assistance Fund and differ any issuer until the product scale more than $ 1 billion.
Wednesday night, Paxos announced He had received a Kraken offer to list the USDH and exaggeration from the first day, with free USD input and output ramps, waiting for the standard exchange of the exchange.
Meanwhile, the native markets remain in front and the center.
Despite being a newly formed company, native markets remain the main contender, with 90% probabilities in their favor, according to Live data In countless markets.
Disclosure: Myriad is a prediction market developed by the Dastan Matrix Company of Decrypt.
Native markets inclined A USDH compatible with the genius handled through Bridge, Stablcoin Staripe emitter, with cash reserves and treasure bonds supervised by Blackrock outside the chain and subjects in the chain in the chain.
Its plan divides a uniform performance between Hyperliquid’s assistance fund and ecosystem growth, and promises a Hyperevm launch with perfect interoperability.
NGO explained that although prediction markets “help establish expectations”, the support of the validator “determines the valid candidates” and that “ultimately, anyone can help decide and establish the direction for the USDH when betting its weight and publicizing their votes delegating to the validator that best coincides with their vote.”
NGO added: “The final result of Sunday may depend on which team obtains the most confident and perceived long -term value for the ecosystem.”
Decipher He has communicated with Hayes, Paxos and Ethena to comment. A separate application was sent to native markets through an ecosystem operator (Max Feige).
Other contestants include Sky, the USDS issuer (formerly Dai de Makerdao), Frax Finance with an offer with a bank and agora, which warned against the dependence of the native markets of the bridge owned by the stripes while undertaking to channel all the net income back to Hyperliquid.
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