E60. The most intense stablecoin bidding in Hyperliquid's history: USDH, the stablecoin camp, and ecological opportunities ft. @mdzzi After Aster's hundredfold TGE, what opportunities remain in the Perp DEX track? Why does the bidding for USDH signify that the stablecoin battle has entered its second phase? Will public chains and DEX replicate this model to drive the next wave of native stablecoin trends? In this episode, we invite Teacher Cha Bu Si Cha @mdzzi, a veteran community player who has long focused on decentralized exchanges and the Hyperliquid ecosystem, to deeply review this bidding competition with us and discuss the upcoming opportunities in HYPE, the Perp DEX ecosystem, and stablecoins @day1globalpod @rubywxt1. Many players will soon join the Perp track: Lighter, EdgeX, StandX, Ethereal, Byreal, Backpack... At the same time, MegaETH has also announced that it will build its on-chain stablecoin USDM together with Ethena. If you want to understand the profit distribution between stablecoins and exchanges, the true face of on-chain governance, and the opportunities that ordinary users can seize, this episode is not to be missed. Welcome to listen and share. Timeline 00:48 - Hyperliquid holds the public bidding for the USDH stablecoin, with Native Markets standing out. 06:44 - Circle occupies 95% of Hyperliquid's stablecoin share but distributes profits to Coinbase, causing community dissatisfaction. 12:03 - Public bidding becomes efficient marketing, forcing Circle to respond and promote the buyback of HYPE. 18:29 - Governance mechanism analysis: 19 validators control 70% of the circulation, with voting power highly concentrated among top nodes, a governance model of democratic centralism. 23:44 - Highlights of various proposals: Native Markets' 100% buyback commitment, Sky's promise to migrate $8 billion in assets, Pixels teaming up with PayPal. 27:36 - The entrepreneurial background and community influence of Max, the core figure behind Native Markets. 33:25 - The stablecoin ticker is not just a name, but a governance event that consolidates community consensus. 39:25 - Although the bidding is concentrated among top nodes, the overall impact on the Hyperliquid brand and ecosystem is positive. 46:00 - Public chains and applications are competing to explore native stablecoin models; will this become the norm in the future? 50:16 - Opportunities for ordinary users: on-chain brokers, capital utilization, lending, and airdrop ecosystems. 56:31 - Summary: A bidding competition with no losers; all participants gain traffic and exposure. Disclaimer & Risk Warning: The views of the host or guests in the podcast only represent personal opinions and may sometimes hold positions in the projects discussed in the podcast. This podcast is for informational purposes only and should not be considered investment advice. Always DYOR (Do Your Own Research).