the battle for usdh is fun to watch bc it’s basically a reverse auction where major stablecoin issuers are bidding away their margins to win distro on the hottest dex. paxos offering 95% yield sharing, frax going zero-take, sky deploying their $8 billy balance sheet. its all smart recognition that owning flow matters more than owning fees. hyperliquid’s $400b monthly volume gives them genuine leverage to extract better deals for their eco, and the validator vote structure lets them pick the proposal that maximizes value for $hype holders while maintaining an aire of democratic legitimacy what’s most fun is how this validates a new model where successful protocols can essentially tax the broader crypto infra stack. circle’s scrambling to launch native usdc integration because they know losing hyperliquid means losing hundreds of millions in annual revenue, but also signals that their “default choice” status isn’t permanent. and each proposal rn represents a different theory of...