Update: Ethena > Paxos (by a hair) This might be hasty (bias acknowledged), but after reading Guy’s post my gut says Ethena’s proposal is stronger because it goes beyond USDH and frames a broad ecosystem-level partnership with HYPE. Stablecoins are commoditized Everyone’s treating USDH like the pitch itself. But stablecoins are commodities. Being the 5th team to promise 95%+ revenue share isn’t interesting. Inning 1 is “why you’d be a decent issuer.” The real meat is: who compounds value back into HYPE and the broader ecosystem over time while staying incentivized to grow? 100% rev-share isn’t even optimal, if the issuer has no upside, they won’t be sustainably aligned. (Otherwise socialism would work lol) Why Ethena stands out Ethena is the best 1+1=3 proposal as of today. They’re wiring a whole partnership around HYPE that flips on real cash flows, deeper markets, and faster distribution. And importantly, they plan to do this regardless of winning but anchoring USDH lets those...
Show original
2.99K
13
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.