₿ill.i.am

The last few days have been incredible to witness. I've never seen a community rally around and engage with passion like this before. Following direct discussions with individuals in the community and validators we have taken onboard some of the concerns, namely: -Ethena is not a Hyperliquid native team -We have other product lines outside of USDH -Our ambitions extend beyond working with just one partner exchange These are valid and we accept the pushback. It appears the decision is a near certainty now and we will respectfully be withdrawing our proposal to allow validators to signal their support elsewhere if they want to. Congratulations to the Native Markets team. You deserve this. While some are complaining about their lack of credibility I think their success here perfectly embodies everything which is so special about Hyperliquid and their community. No one gives a fuck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding. To everyone within and outside the community who supported our proposal: thank you. It's a privilege and honour to build alongside you. Also worth calling out the other proposals which were a testament to the quality of teams now in this space and it is great to see us all elevate each other to a higher level. So what happens with Ethena on Hyperliquid going forward? Well we are simply going to do everything we said we would. If it wasn't obvious from our post, clipping 5% on tbill yields into a declining interest rate environment isn't exciting to us at all. In fact it was the least interesting part of our plans. Developing new products with native teams including: -hUSDe native synthetic dollars, -USDe enabled savings and card spending products, -enabling hedging flows on Hyperliquid, -and the wide design space of HIP-3 markets uniquely enabled by Ethena: a) reward-bearing trading collateral, b) modular prime broking, c) perpetual swaps on equities ...is what actually excited us. And we will be putting our full force behind making that a success despite the outcome here. In short, we will do what we have always done since day one: outcompete everyone else on product regardless.

Over the past week, the community engaged with teams’ proposals for the USDH ticker for a Hyperliquid-first, Hyperliquid-aligned, compliant, and natively minted USD stablecoin. While USDH is no more than a reserved ticker at the protocol level, it has come to represent a community rallying around a common cause and a successful experiment in decentralized governance. Thoughtful dialogue, proposal iteration based on user feedback, and community stewardship are values that will continue to drive Hyperliquid forward. Regardless of the vote’s result, it will be exciting to see many of these proposals go live and contribute to growing the Hyperliquid ecosystem. Thank you to all participants who dedicated their precious time to be a part of this governance process. Each validator has stated their intended vote and reasoning in the Discord governance forum. Voting will begin on September 14 at 10:00 UTC, and stakers have until then to stake to a validator who matches their vote. There are 2 steps to change the validator you stake to: 1) Unstake from the validator and 2) Stake to a new validator who matches your vote. There is a 1-day cooldown after staking to a new validator before you can unstake from them. Important: Do not transfer HYPE from your staking balance to spot balance - this removes HYPE from your staking balance, and you will then be unable to participate in the vote. Voting is fully onchain through a transaction on the Hyperliquid blockchain and based on stake. When quorum (2/3) is reached, the designated address will be able to bid on the ticker in the spot deploy gas auction. As a reminder, the Foundation validators will effectively abstain by voting for the team with the most non-Foundation votes based on validator commitments made on September 11 weighted by stake on September 14.