Native Markets was one of the teams that submitted proposals to issue and manage high-lipid US dollar Stablecoin (USDH), and officially charged the USDH ticker on Sunday after a community vote.
The project will unfold USDH's first high lipid improvement proposal (HIP) and ERC-20 tokens, as well as the Ethereum Network's token standard. He also outlined the next steps.
“Next, we'll start with the test phase of mint and redemptions up to $800 per transaction in the first group. After that, we'll start opening the USDH/USDC spot order book and redemptions for the uncaped mint.”
The odds for the native market to win the tickers exceeded 99% on Saturday, following the withdrawal of synthetic stubcoin issuer Ecena from the race from Thursday, in forecast market Polymet.
sauce: Max Feezy
Following the USDH bidding war, the crypto community and industry executives have closely followed, leading to accusations of an integrated selection process and reflections on the future of the entire stubcoin sector.
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Crypto industry executives have expressed mixed reactions to the USDH bidding process and the outcome of the vote.
“USDH RFP has begun to feel a bit of a farce,” Hashevi Kleshi, managing partner at venture capital firm Dragonfly, said Tuesday.
“I've heard from multi-bidders that none of the validators are interested in considering people outside of the native market. There's no serious discussion, as if backroom deals were already happening,” Quershi added.
Mert Mumtaz, CEO of Remote Procedure Call (RPC) node provider Helius, said the bidding war revealed that Stablecoins has been commoditized.
Mumtaz speculates that the US dollar Stablecoin Thicker will be abstracted in the future, and the exchange will only show the general “USD” to front-end users.
These exchanges do all the work of exchanging ridiculous stub coins from different sects behind the scenes, a backend process that users don't see or interact with, Mumtaz concluded.
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