Official timeline for Hyperliquid stablecoin proposals + vote now released:
- Proposals due Sep 10 at 10:00 UTC
- Validators to state who they’re voting for by Sep 11 at at 10:00 UTC
- Validators vote on Sep 14 btwn 10:00 - 11:00 UTC
*Make sure to stake with a validator whose view you support, as the validator’s stake = their voting power
(Side note: is it time to run back the CRV/CVX wars)
Hyperliquid finally gearing up to launch its own stablecoin:
- There’s $5.5b of USDC on deposit on Hype, implying + $220m of incremental rev (~17% bump) for token holders (at 4% rates) when fully swapped to USDH
- For Circle (CRCL) shareholders, not so great news. Assuming a full swap, that’s a 7% hit to USDC o/s and a $220m hit to top line. Trading flat at $118 pre market but imagine that changes once digested
H/t @DegenerateNews for the image and kouei for the Dune dash
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